INDUSTRIAL AND COMMERCIAL LED LIGHTING MARKET ANALYSIS

Market Challenges And Opportunities

• Significant dominance of fluorescent lamps 
• High initial cost

Global Industrial and Commercial LED Lighting Market - Opportunities:

LED technology to dominate the publication trend compared to fluorescent technology

By analyzing patent filing trends over the last decade from 2000 to 2009, it is evident that LED technology filings dominated the publication trends by a wide margin as compared to fluorescent technology. in March 2020, With the recently granted D4i certification, Signify upgraded its portfolio of compact Philips Xitanium Sensor Ready Xtreme LED drivers for outdoor applications. This certification program aims to standardize the market, encourage greater use of IoT connectivity in lighting, and support smart city or building projects.

Research and development activities among market players

Key market players are focusing on research and development activities in order to expand their product portfolio. For instance, In February 2020, Toshiba, a Japan based multinational company launched LED Lighting products in North America.

Global Industrial and Commercial LED Lighting Market - Drivers:

High efficiency and durability of LED light are expected to drive growth

High efficiency and durability of LED lights are expected to drive growth of the global industrial and commercial LED lighting market during the forecast period. LED is considered as a feasible alternative to conventional lighting due to its longer life span and higher energy-saving potential. LED lighting products are increasingly replacing conventional lighting products, owing to various benefits such as greater energy efficiency, high eco-friendly properties, small size, and lower heat output. LED lighting is an advanced and futuristic source of lighting as it reduces power consumption by up to 80% and generates about 90% less heat than incandescent bulbs. The life span of LED bulbs is about 10 times higher than that of compact fluorescent lamps and much higher than incandescent lamps. According to DOE, the widespread use of LEDs could save 348 TWh (compared to no LED use) of electricity which is equivalent to annual electricity output of 44 large electric power plants generating 1,000 MW each and result in a total saving of US$ 30 billion at today’s electricity prices.

Government regulations are expected to boost the market

Government regulations on incandescent lamps are expected to boost the global industrial and commercial LED lighting market growth over the forecast period. Incandescent lamps consume more energy than LED lamps and thus, several governments have introduced stringent regulatory restrictions on their use. As a matter of fact, some countries have essentially banned the use of incandescent lamps. For instance, on February 20, Legrand acquired Focal Point, a privately held manufacturer of architectural lighting products with its headquarters in Chicago, Legrand is now a full-service provider of architectural lighting solutions thanks to this acquisition, the fifth in its Lighting Sector.