PORTLAND, Oregon and PUNE, India, January 22, 2018 /PRNewswire/ --
According to a recent report published by Allied Market Research, titled, "Industrial and Commercial LED Lighting Market by Application and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global industrial and commercial LED lighting market was valued at $29.60 billion in 2016, and is projected to reach at $79.49 billion by 2023, growing at a CAGR of 14.9% from 2017 to 2023.
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Europe dominates this market at present, followed by North America. In 2016, Germany dominated the market in Europe; similarly, the U.S. led the overall market in the North America, while China dominates the market in Asia-Pacific presently.
Factors such as high efficiency, favorable government conditions, and compact & robust nature of LEDs drive the industrial and commercial LED lighting market. However, high initial cost hampers growth of the market.
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In 2016, the residential segment dominated the end-user segment, in terms of revenue. Furthermore, based on application, indoor lighting led the global market, followed by commercial in 2016. However, industrial application segment is expected to depict highest CAGR throughout the forecast period.
KEY FINDINGS OF THE STUDY
- Indoor lighting segment generated the highest revenue in the global industrial and commercial LED lightings market in 2016.
- In 2016, the residential use generated the highest revenue among the end-user segment.
- LAMEA is anticipated to exhibit the highest CAGR during the forecast period.
- In 2016, Europe accounted for the highest market share, followed by North America.
The key players profiled in the report are Eaton Corporation Plc., Cree Inc., DECO Enterprises, Inc., Dialight Plc., OSRAM Licht AG, General Electric Company, Koninklijke Philips N.V., Toshiba Corporation, Zumtobel Group AG, and IBM.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research