#123 Industrial Lighting Market is Slated to Witness Tremendous Growth in Coming Years

The global Industrial Lighting Market witnessed a total valuation of USD 24.18 Billion in 2022, and it is projected to reach USD 68.69 Billion by 2032, exhibiting a robust revenue Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period. Key drivers propelling this market's growth include the swift adoption of LED lighting in commercial and industrial domains, a heightened demand for energy-efficient lighting alternatives, and a growing emphasis on reducing carbon emissions. The burgeoning use of LED lighting in commercial and industrial sectors stands out as a pivotal factor fueling the expansion of market revenues. In an era where energy-efficient lighting solutions are increasingly imperative, conventional lighting systems are facing growing scrutiny for their detrimental environmental impacts. In contrast, LED lighting offers a plethora of advantages over traditional counterparts, including reduced energy consumption, extended lifespan, and superior light quality. Consequently, there has been a surge in the demand for LED lighting across various industrial and commercial applications, spanning warehouses, factories, office complexes, and retail establishments. Get Free Sample PDF (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.reportsanddata.com/download-free-sample/7644 Furthermore, the industrial and commercial LED lighting market is set to flourish due to the surging interest in energy-saving lighting options. Governments worldwide are enacting stringent measures to curtail carbon emissions and enhance energy efficiency. Consequently, there is a heightened need for lighting solutions that consume less energy, spurring the adoption of LED lighting within the industrial and commercial sectors. In addition, the market for industrial and commercial LED lighting is expanding in response to the growing emphasis on carbon emission reduction. LED lighting systems, with their reduced energy consumption and longer operational life compared to traditional lighting systems, are more environmentally friendly. This is because they generate fewer carbon emissions and consume less energy. Consequently, the demand for LED lighting is escalating within industrial and commercial settings as businesses strive to minimize their carbon footprint and enhance their environmental performance. Strategic Developments: In 2021, General Electric Company (GE) announced the launch of its Lumination™ EP Series LED Downlights, which offer high-efficiency lighting and an easy installation process. The downlights are suitable for commercial and retail environments, and are designed to replace traditional incandescent or fluorescent lighting. In 2020, Zumtobel Group AG announced the acquisition of acdc, a UK-based LED lighting solutions provider. The acquisition aimed to expand Zumtobel's product portfolio and strengthen its presence in the UK market. In 2020, Dialight plc announced a strategic partnership with Arrow Electronics, a US-based technology solutions provider. The partnership aimed to expand Dialight's distribution network and increase its presence in the Americas. In 2019, Koninklijke Philips N.V. announced the launch of its GreenPower LED toplighting solution, which offers optimized lighting for commercial greenhouses. The solution is designed to improve crop yield and quality, while reducing energy consumption and operating costs. In 2019, LG Innotek Co., Ltd. announced the development of a new UV LED module for sterilization and disinfection applications. The module is designed to be used in water purification systems, air purifiers, and other industrial and commercial applications. Competitive Landscape: Philips Lighting Osram GmbH Cree Inc. Dialight plc Eaton Corporation General Electric Company Havells Sylvania Koninklijke Philips N.V. LG Innotek Co., Ltd. Zumtobel Group AG The global market is further segmented into type and application: By Product Type Outlook LED Lamps LED Fixtures By Application Outlook Indoor Outdoor Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region. North America (U.S., Canada, Mexico) Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Rest of APAC) Latin America (Brazil, Rest of LATAM) Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA) To request customization of this report @ https://www.reportsanddata.com/request-customization-form/7644 Thank you for reading our report. We also offer customized report as per client requirement. Kindly connect with us to know more about customization plan and our team will offer you the altered report. 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