According to a recent report by Reports and Data, the global Commercial LED Lighting Market is projected to reach USD 149.66 billion by 2030, with a revenue compound annual growth rate (CAGR) of 12.8% over the forecast period. The growth in market revenue is attributed to the increasing demand for energy-efficient lighting systems among consumers, which offer low replacement and maintenance costs.
Furthermore, the adoption of smart lighting is expected to boost the market's revenue growth in the coming years. Smart lighting systems are advanced electronic devices that can connect, share, and interact with users and other smart devices in their vicinity. As the global population grows, there is a rising need for smart cities and spaces that are energy-efficient and cost-effective, which is driving the adoption of smart lighting systems. Smart lighting offers several benefits in smart homes, such as enhanced security, longer light durability, customizable lighting, lower energy consumption, and reduced operating expenses. These advantages are likely to drive the revenue growth of the Commercial LED Lighting Market from 2021 to 2030.
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Top Companies Operating in the Global Commercial LED Lighting Market Report:
Samsung Electronics Co., Ltd., Signify Holdings, Nichia Corporation, OSRAM, Opple lighting Co. Ltd., Lumileds Holding B.V., Orient Electric Ltd., Syska, Dialight PLC, and Heliospectra AB.
Driving Factors of Commercial LED Lighting Market:
- Energy Efficiency: LEDs are highly energy-efficient and consume up to 90% less power than traditional incandescent bulbs, resulting in significant energy savings for consumers and businesses.
- Environmentally Friendly: LED lights are free of toxic chemicals and are 100% recyclable, making them an eco-friendly lighting solution.
- Cost-Effective: Although LEDs are initially more expensive than traditional lighting options, their energy efficiency and longer lifespan result in significant cost savings in the long run.
- Technological Advancements: Advances in LED technology have resulted in improved brightness, color rendering, and light distribution, making them a more attractive and versatile lighting solution.
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Lamps
- Luminaires
Installation Outlook (Revenue, USD Billion; 2019-2030)
- New
- Retrofit
Application Outlook (Revenue, USD Billion; 2019-2030)
- Indoor
- Outdoor
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Residential
- Commercial
- Industrial
- Architectural
- Others
Key Takeaways of the Global Commercial LED Lighting Market Report:
- A comprehensive overview of the global LED Lighting industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Commercial LED Lighting Market.
- Elaborate study of the leading regional markets in the global Commercial LED Lighting Market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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