Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A new report published by Transparency Market Research (TMR), titled "Industrial And Commercial LED Lighting Market - Global Industry Size, Market Share, Trends, Analysis And Forecast, 2013 - 2019", states that the global industrial and commercial LED lighting market was valued at US$12,927.9 million in 2012 and is expected to reach US$86,087.9 million by 2019, growing at a CAGR of 30.8% from 2013 to 2019.
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The global industrial and commercial LED lighting market is segmented on the basis of end users and geography. The categorization of the global industrial and commercial LED market by end users leads to the industrial, commercial, architectural, and outdoor segments. The commercial segment is further divided into users such as office buildings, hotel and restaurants, retail shops, warehouse and storages, and educational institutes. Geographically, the global industrial and commercial LED lighting market is divided into North America, Europe, Asia Pacific, and Rest of the World.
Out of the geographical segments, Europe holds the largest market share in the global industrial and commercial LED lighting market. It held about 33.1% of the global industrial and commercial LED lighting market in 2012. The strong presence of the market in Europe can be attributed to growing government investment in the industrial and commercial LED lighting sector. The European ban on production and import of all incandescent lamps gave an additional impetus to this market. Furthermore, countries such as Germany, Russia, Denmark, and the U.K. are also looking at methods of making lighting solutions more efficient. As these regions look at solutions to make their lighting solutions cost-effective, it will lead to growth of the industrial and commercial LED lighting market.
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Among the end user segments, the commercial segment held a market share of 52.5% in 2012. The primary growth drivers for this market are growing awareness among users about reducing energy consumption and CO2 emission. More governments, including many outside Europe, banning the use of incandescent lamps is also fueling the growth of this segment and the sub-segments therein. Additionally, the efforts by the Chinese government to stop the production of incandescent lamps of 100 watts or higher is leading to the growth of this market.
Some of the key players in the global industrial and commercial LED lighting market are Cooper Industries plc, Osram Lict AG, Digital Lumens, Inc., Dialight plc, Cree, Inc., Koninklijke Philips Electronics N.V., GE Lighting Solutions, Zumtobel AG, and Toshiba Corporation. The global industrial and commercial LED lighting market will witness tremendous growth due to innovation in technology and efforts taken by companies to come up with simple yet long term solutions. Samsung's latest efforts to launch an LED light bulb integrated with Bluetooth technology is expected to take the global industrial and commercial LED lighting market by storm.
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Source:Transparency Market Research