The global industrial and commercial LED lighting market is expected to reach $165.91 billion by 2022, according to a new report by Grand View Research. That figure represents a more than a seven-fold increase from the market’s 2014 estimated value of $21.53 billion.
A shift toward the implementation of energy efficient, cost-effective systems is expected to proliferate demand during the forecast period (2012–2022). Smart lighting, particularly due the prevalence of smart city projects across the United States and Europe, is projected to offer lucrative growth opportunities for the industry.
Stringent government regulations, bans on incandescent lamps and the establishment of minimum efficiency standards by various governments across the globe will also help to propel industrial and commercial LED lighting market growth. Brazil, for example, has banned 60-watt and 100-watt incandescent lamps since 2012.
The report includes the following additional key findings:
Companies like GE Lighting, Philips Electronics, Toshiba, Cree and Osram Opto, which focus on extending their product and services range, are expected to lead the market.
Navigant Research estimates that the global revenue from LED lighting systems will total $216 billion from this year to 2024.