LED industrial lighting: Key market research findings
- Growing adoption of smart lighting systems
- Rising need for energy-efficient LED bulbs
Technavio has released a new market research report on the global LED industrial lighting market, which is expected to grow at a CAGR of 22% between 2016 and 2020. Growing need for intelligent lighting systems that help industries optimize the use of light has accelerated the demand for LED lights. Rising demand for power-efficient lighting systems across industries, increasing concern over the depletion of non-renewable sources of power, and the declining price of LED lights are some of the major factors that drive growth in the global LED industrial lighting market. APAC is the major revenue-contributing region in the market, owing to the presence of a large number of LED lighting manufacturing units and industries in the region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“There is growing transition from conventional lighting to smart lighting, owing to increased focus on energy consumption and government mandates regarding energy consumption. LED lighting systems are have come out to be apt solutions for smart lighting because they conserve less energy and have a longer lifespan. Moreover, the installation of smart lighting systems can save on energy by 50% and cut down on costs by 25%,” says Sunil Singh, Lead Analyst, Energy, Technavio Research
LED lighting systems have multiple advantages which include less energy consumption, better lifespan, energy savings, and they are easy to control in terms of brightness and intensity. These benefits differntiate LED lighting systems from other lighting technologies such as CFL and LFL. The long life span of LED lighting system ensures less TCO, which helps in the profitability of the industries. Moreover, the flexible LED technology enables the effective use of lighting controls and thus increases potential power savings
The leading vendors in the global LED industrial lighting market are Cree, GE Lighting, LG Innotek, Nichia, Lumileds, OSRAM Opto Semiconductors, Samsung Electronics, and Seoul Semiconductor. The market is highly fragmented with the presence of a large number of domestic and international vendors. Intense competition prevails in this market because these vendors are currently focusing on innovation and new manufacturing processes to gain a competitive edge over other market players.
A more detailed analysis is available in the Technavio report, Global LED Industrial Lighting Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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