Forecast Report on Global Market for Industrial and Commercial LED Lighting
Research and Markets has announced the addition of the "Global Industrial And Commercial LED Lighting Market - Forecast to 2019: Dominated by few organized players namely Philips, Osram, Cree, Cooper and GE" report to their offering.
LED lighting technology delivers high efficiency, high level of brightness, long lifespan and high reliability than incandescent, fluorescent and HID lights. LED light minimizes the operating and maintenance cost and is also considered as environment friendly lighting, as it does not emit harmful gases. LEDs emit very less heat compared to incandescent bulbs and CFLs.
The industrial and commercial LED lighting market is driven by various factors such as high efficiency and durability, government ban on incandescent lamps and attractive payback, as it consumes minimum electricity and reduces electricity bills. The global industrial and commercial LED lighting market was valued at 12,927.9 million in 2012 and is expected to grow at a CAGR 30.8% during the forecast period from 2013 to 2019. However, dominance of fluorescent lamps and high initial cost of deployment for LED lamps are some of the factors inhibiting the growth of this market.
In terms of end-users, commercial segment was the largest and accounted for 52.5% share in 2012. Increasing awareness among end-users to reduce energy consumption and CO2 emission are the factors driving the growth of industrial and commercial LED lighting market during the forecast period.
In addition, governments of various countries have been imposing ban on production and sale of incandescent lights. In 2012, the Chinese government announced that it would phase out the use and production of incandescent lights and imposed a ban on imports and sales of 100-watt and higher incandescent bulbs. This is expected to fuel the growth of market during the forecast period.