Global Industrial and Commercial LED Lighting Market to 2028: High Durability, Extended Shelf-life and Less Energy Waste of LEDs Drive Growth
DUBLIN, March 24, 2023 /PRNewswire/ -- The "Industrial and Commercial LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global industrial and commercial LED lighting market size reached US$ 43.6 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 93.2 Billion by 2028, exhibiting a CAGR of 13.5% during 2022-2028.
Light-emitting diode (LED) lights are semiconductor devices that emit infrared or visible light. They are highly energy efficient as LED lights produce less waste and more useful lumens compared to other lighting technologies. They are considered environment-friendly lighting solutions as the production of LEDs does not require the utilization of mercury.
In addition, they offer several advantages, such as high durability, long shelf life, low voltage operations, various dimming features, and design flexibility. As LED lights are highly efficient in cold temperatures, they are widely used in the industrial and commercial sectors worldwide.
Besides this, various benefits offered by industrial and commercial LED lighting in the hospitality sector, such as high durability, extended shelf-life, and less energy waste, are contributing to the growth of the market. Moreover, governments of several countries are undertakinginitiatives to promote the use of LED lighting in the industrial and commercial sectors for minimizing power dissipation, which is propelling the growth of the market.
In addition, there is an increase in the utilization of smart lighting in various organizations to adjust the amount of light using control zones. This, coupled with the growing number of warehouse facilities around the world, is positively influencing the market. Apart from this, the escalating demand for industrial and commercial LED lights in warehouse facilities to enhance productivity and ensure safe working conditions for workers is creating a positive market outlook.
Additionally, the rising employment of industrial and commercial LED lighting to illuminate building structures, digital signage, statues, landscapes, and columns is offering lucrative growth opportunities to industry investors.
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SOURCE Research and Markets