Overview and Scope
The industrial and commercial light-emitting diode (LED) lighting market consists of sales of LED bulbs, fixtures, retrofit kits, smart LED lighting systems, and lighting control systems. 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.
Sizing and Forecast
The industrial and commercial light-emitting diode (LED) lighting market size has grown rapidly in recent years. It will grow from $41.09 billion in 2023 to $49.03 billion in 2024 at a compound annual growth rate (CAGR) of 19.3%. The growth in the historic period can be attributed to the growing popularity of LED lighting among industries, rising demand for various cost-saving lighting, rise in demand for energy-efficient LED lighting, increase in government programs to adopt LEDs, and rising necessity to replace conventional lighting systems.
The industrial and commercial light-emitting diode (LED) lighting market size is expected to see rapid growth in the next few years. It will grow to $100.08 billion in 2028 at a compound annual growth rate (CAGR) of 19.5%. The growth in the forecast period can be attributed to the declining manufacturing cost of LEDs, growing traction for intelligent lighting systems, demand for LED lighting products, increasing construction of new structures, and high-efficacy mid-power LED to serve commercial indoor lighting. Major trends in the forecast period include growing technological advancements, increasing investments in industry-grade LED technologies, increasing investments in the modernization of infrastructure, lighting technologies are evolving, and rapidly developing lighting technology.
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Segmentation & Regional Insights
The industrial and commercial light-emitting diode (LED) lighting market covered in this report is segmented –
1) By Product Type: LED Lamps, LED Fixtures
2) By Installation: New Installation, Retrofit
3) By Distribution Channel: Direct Sales, Wholesalers
4) By Application: Indoor Lighting, Outdoor Lighting
5) By End User: Commercial Offices, Retail, Hospitality And Leisure, Healthcare, Industrial, Architectural, Other End Users
North America was the largest region in the industrial and commercial light-emitting diode (LED) lighting market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the industrial and commercial light-emitting diode (LED) lighting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing construction activities are expected to propel the growth of the industrial and commercial light-emitting diode (LED) lighting market going forward. Construction activities encompass a broad range of tasks involved in creating, modifying, maintaining, and demolishing structures and infrastructure. These activities are essential for building residential, commercial, industrial, and civil engineering projects. The increase in construction activities is due to population growth, urbanization, economic development, and the need for updated infrastructure and modern living and working spaces. Industrial and commercial LED lighting is indispensable in contemporary construction projects, offering efficient, sustainable, and aesthetically pleasing lighting solutions across interior and exterior applications. For instance, in June 2024, according to the US Census Bureau, a US-based government agency, the value of construction activities increased from $1,970.8 billion in 2023 to $2,099.0 billion in 2024, with a growth rate of 10.0%. Therefore, the increasing construction of new structures is driving growth in the industrial and commercial light-emitting diode (LED) lighting market.
Key Industry Players
Major companies operating in the industrial and commercial light-emitting diode (LED) lighting market are Samsung Electronics Co. Ltd., Panasonic Corporation, Eaton Corporation plc, Koninklijke Philips N.V., Stanley Black & Decker Inc., Signify Holding B.V., Osram Licht AG, Hubbell Inc., Acuity Brands Inc., Havells India Ltd., Hafele Gmbh & Co., Zumtobel Group AG, Lutron Electronics Co. Inc., Thorn Lighting Ltd., Cree Lighting USA LLC, General Electric Lighting, Dialight plc, Progress Lighting, Siteco GmbH, Kichler Lighting LLC, WAC Lighting, LEDiL, Maxim Lighting International Inc., Csl Lighting Inc.
The industrial and commercial light-emitting diode (led) lighting market report table of contents includes:
1. Executive Summary
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