The market across LAMEA is anticipated to register the highest CAGR during the forecast period. However, the market across Asia-Pacific held the largest share and is estimated to hold the lion’s share throughout the forecast period.
As per the report published by Allied Market Research, the global industrial LED market accounted for $5.57 billion in 2018, and is projected to hit $20.16 billion by 2026, growing at a CAGR of 16.8% from 2019 to 2026. The report highlights market characteristics, market potential, growth by segmentation, and competitive landscape.
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Avinash Savekar, the Lead Analyst, Semiconductors & Electronics at Allied Market Research, stated, “High demand for cost-effective and energy-saving LED lighting and rapid urbanization and economic growth have boosted the growth of the global industrial LED market. However, voltage sensitivity and temperature dependence along with high initial cost of LEDs hamper the market growth. On the contrary, rise in need for replacing traditional lighting with conventional lighting would open new opportunities in the future.”
Covid-19 scenario:
· The Covid-19 pandemic had an adverse impact on the market due to the shutdown of manufacturing facilities and disruption of the supply chain.
· Due to lack of workforce, the production of LED lamps and LED fixtures was hampered severely. Moreover, several end-use industries halted their operations, which resulted in decline in demand for industrial LED.
However, as the world is slowly recovering from the pandemic, the demand for industrial LEDs is expected to get back on track.
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The global industrial LED market is studied across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across LAMEA is anticipated to register the highest CAGR during the forecast period. However, the market across Asia-Pacific held the largest share and is estimated to hold the lion’s share throughout the forecast period.
The global industrial LED market is analyzed on the basis of the product, application, and industry vertical.
Based on product, the market is categorized into LED lamps and LED fixtures. The LED lamps segment held the largest share in 2018 and is expected to maintain its dominance throughout the forecast period. However, the LED fixtures segment is projected to showcase the highest CAGR from 2019 to 2026. On the basis of application, the market is segmented into indoor lighting and outdoor lighting. The indoor lighting segment dominated the market in 2018, and is estimated to register the highest CAGR during the forecast period. Based on industry vertical, the oil & gas segment held the largest share in 2018, and is estimated to maintain its leadership during the forecast period.
The global industrial LED market report includes an in-depth analysis of the major market players such as Deco Lighting, Inc., Eaton Corporation, Cree Inc., Dialight Plc, Osram Licht AG, General Electric, Koninklijke Philips N.V., Toshiba Corporation, Zumtobel Group AG, and Syska.
About Allied Market Research:
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