Industrial and Commercial LED Lighting Global Market Report 2024

The industrial and commercial led lighting market size has grown exponentially in recent years. It will grow from $53.57 billion in 2023 to $65.33 billion in 2024 at a compound annual growth rate (CAGR) of 22.0%. The growth during the historical period can be attributed to energy efficiency and sustainability initiatives, government regulations and incentives, cost reductions in LED manufacturing, long lifespan and low maintenance costs, and the rising awareness of lighting quality.

The industrial and commercial led lighting market size is expected to see exponential growth in the next few years. It will grow to $140.35 billion in 2028 at a compound annual growth rate (CAGR) of 21.1%. The anticipated growth in the forecast period can be attributed to the increasing focus on smart cities, IoT integration in lighting systems, trends in human-centric lighting, retrofitting traditional lighting systems, and the demand for customization and design flexibility. Key trends in the forecast period encompass technological advancements in LED lighting, the rapid adoption of smart lighting systems, a transition to human-centric lighting, advanced lighting controls, and the integration of Li-Fi.

The industrial and commercial LED lighting market is witnessing substantial growth due to the increasing construction of new structures and the remodeling of existing buildings. This growth is fueled by various factors such as economic development, housing needs, and industrial advancements. New constructions and renovations require the incorporation of new materials and products, including LED lighting. For instance, in February 2022, privately-owned housing starts in the United States experienced a 6.8% increase, reaching 1,769,000, compared to the revised estimate of 1,657,000 in January. The growing construction activity is expected to drive significant demand for LED lighting in industrial and commercial structures.

Energy efficiency and cost-saving demands are anticipated to drive the growth of the industrial and commercial LED lighting market. Energy efficiency and cost savings involve optimizing energy use to achieve maximum output while minimizing expenses. Industrial and commercial LED lighting contribute to enhancing energy efficiency and realizing significant cost savings through their energy-efficient technology and extended lifespan. In March 2023, the Department for Energy Security and Net Zero reported a total of 204,100 installations across various programs in 2022, with industrial LED lighting playing a crucial role. The demand for energy efficiency and cost savings is thus fueling the growth of the industrial and commercial LED lighting market.

The industrial and commercial LED lighting market is witnessing a key trend of technological advancement. Major players in this market are focusing on developing technologically advanced products to strengthen their market position. Companies are introducing smart LED lights that are Wi-Fi-enabled and can be controlled through an external device via a mobile app. For instance, in August 2021, the Dutch multinational lighting corporation Signify launched a new range of Wiz smart light products that are highly superior. These smart LED lights are Wi-Fi-enabled, eliminating the need for a specialized hub, and can be controlled through the Wiz mobile app or voice assistants such as Amazon Alexa and Google Assistant. These smart lights offer safety, comfort, energy efficiency, and cost-effectiveness, making them suitable for various applications in homes, commercial spaces, and industrial settings.

Major companies in the industrial and commercial LED lighting market are concentrating on advanced solutions such as flameproof lighting to address safety and regulatory requirements while meeting evolving industry needs. Flameproof lighting refers to specialized fixtures designed to prevent the ignition of explosive atmospheres, ensuring safety in hazardous industrial environments. For instance, in January 2023, Wipro Lighting, an India-based smart and connected LED lighting solutions company, introduced Blazeline, an innovative range of flameproof lighting solutions. This product line is dedicated to offering the industry's most durable and dependable flameproof lighting, tailored for hazardous zones. Wipro Lighting emphasizes energy efficiency, premium quality, innovative designs, and optimal optics, ensuring superior in-house design, technical assistance, and consistent upgrades. Blazeline is designed for suitability in various hazardous zones, showcasing Wipro's commitment to safety and quality.

In February 2022, Hubbell's commercial and industrial lighting business was acquired by GE Current, a US-based LED lighting manufacturer, for an undisclosed sum. This acquisition expands GE Current’s product portfolio in lamps, fixtures, and controls, catering specifically to commercial and industrial applications such as signage, roadways, horticulture, and transportation markets.

Major companies operating in the industrial and commercial led lighting market report are Samsung Electronics Co. Ltd., General Electric Company, Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Eaton Corporation PLC, Koninklijke Philips NV, Emerson Electric Co., Wipro Ltd., Legrand S.A., Signify N.V., Osram Licht AG, Hubbell Incorporated, ams-OSRAM AG, Acuity Brands Inc., Stanley Electric Co. Ltd., Havells Ltd., Leviton Manufacturing Company Inc., Zumtobel Group, IDEAL INDUSTRIES INC., Lutron Electronics, The Jaquar Group, Syska Hennessy Group, Dialight PLC, Digital Lumens Inc., Deco Lighting Inc., Litetronics International Inc., Current Lighting Solutions LLC.

Asia-Pacific was the largest region in the industrial and commercial LED lighting market in 2023. The regions covered in the industrial and commercial led lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial and commercial led lighting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of products in the industrial and commercial LED lighting market are LED lamps and LED fixtures. LED lamps, utilizing light-emitting diodes (LEDs), have a longer lifespan compared to other light sources such as incandescent and compact fluorescent lighting (CFL). Installation methods for industrial and commercial LED lighting include new installation and retrofit, and distribution channels encompass direct sales, online stores, specialty stores, and others. These lighting solutions are commonly used in retail, manufacturing, hospitality, warehouses, storage, office buildings, and other industrial applications.

The industrial and commercial LED lighting market research report is one of a series of new reports that provides industrial and commercial LED lighting market statistics, including industrial and commercial LED lighting industry global market size, regional shares, competitors with an industrial and commercial LED lighting market share, detailed industrial and commercial LED lighting market segments, industrial and commercial led lighting market trends and opportunities, and any further data you may need to thrive in the industrial and commercial LED lighting industry. This industrial and commercial LED lighting market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The industrial and commercial LED market consists of sales of landscape lights, recessed lights, pendant lights, outdoor commercial lights, shoebox lights, LED wall-pack lights, LED warehouse, lighting, cleanroom luminaires, and task lights and lamps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.