The Rising Construction And Remodeling Of Buildings Is Expected To Drive The Industrial And Commercial LED Lighting
The Business Research Company's industrial and commercial LED lighting market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Aug. 24, 2022 /PRNewswire/ -- The increasing construction of new structures and remodeling of existing buildings are significantly driving the growth of the industrial and commercial LED lighting markets. The construction of new structures and the remodeling of existing buildings require new materials and products to be used in the structures, including LED lighting. This will result in a significant demand for LED lighting in industrial and commercial structures. For instance, according to the new residential construction statistics by the US Census Bureau and the US Department of Housing and Urban Development, in February 2022, privately-owned housing starts touched 1,769,000, which is 6.8% over the revised estimate of 1,657,000 in January. There was an increase of 22.3% in February 2022 compared to 1,447,000 housing starts in February 2021.
The global industrial and commercial LED lighting market size is expected to grow from $35.55 billion in 2021 to $43.20 billion in 2022 at a compound annual growth rate (CAGR) of 21.50%. The global industrial and commercial LED lighting market growth is expected to reach $94.38 billion in 2026 at a compound annual growth rate (CAGR) of 21.58%.
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Industrial And Commercial LED Lighting Market Overview – (https://www.thebusinessresearchcompany.com/report/industrial-and-commercial-led-lighting-global-market-report)
The industrial and commercial LED lighting market consists of sales of industrial and commercial LED lighting by entities (organizations, partnerships, and sole proprietors) that refer to LED lighting products used in factories, industries, and other commercial spaces. Industrial and commercial LED lighting offers high quality lighting solutions that are needed for industrial and commercial applications. Certain industrial LED lighting bulbs offer four to forty times the life of traditional lighting solutions, resulting in significant cost savings.
Wi-Fi Enabled LED Lights Are A Key Trend In The Market – (https://www.thebusinessresearchcompany.com/report/industrial-and-commercial-led-lighting-global-market-report)
As per the industrial and commercial LED lighting market analysis, technological advancement is a key trend gaining popularity in the market. Companies are developing and offering smart LED lights that are Wi-Fi-enabled and can be controlled by an external device via a mobile app. The smart LED lights offer safety, comfort, energy efficiency, and are cost-effective. They can be used in various applications, such as home, commercial, and industrial settings. For instance, in August 2021, Signify, a Dutch multinational lighting corporation, introduced a new range of Wiz smart light products that are highly superior. The new Wiz smart light range includes a new smart LED downlighter, the T-Beamer, T-Bulb, and Batten.
Industrial And Commercial LED Lighting Market Segmentation
The global industrial and commercial LED lighting industry report is segmented -
1) By Product Type: LED Lamps, LED Fixtures
2) By Installation: New Installation, Retrofit
3) By Distribution: Direct Sales, Online Stores, Specialty Stores, Others
4) By Application: Retail, Manufacturing, Hospitality, Warehouses and Storage, Office Buildings, Others
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