LED lights are widely used due to their high degree of brightness, efficiency, dependability, and extended lifespan. These lights are made using semiconductor components and emit less radiated heat than fluorescent and incandescent lights. More than 75% of heat is emitted by CFLs and incandescent bulbs. While incandescent bulbs generate a lot of CO2, fluorescent lights emit a lot of hazardous substances. LED lights are becoming more popular in a variety of industries due to their environmental friendliness.
The report states that the high efficiency and durability of LED lights has boosted their demand across the industrial and commercial sectors. Various initiatives taken by governments such as ban on incandescent lights and attractive payback on usage of LED lights have further fuelled the growth of the global industrial and commercial LED lighting market. However, the dominance of fluorescent lamps and high initial costs of LED lights are expected to impede the growth of the market during the forecast period. The overall market has a huge opportunity to grow with the increasing trend of patent filings and the rising awareness about smart lighting, especially across emerging economies.
The report divides the global industrial and commercial LED lighting market into four segments based on end users: commercial, industrial, architectural, and outdoor. The commercial sector is further subdivided into educational institutes, retail stores, hotels and restaurants, office buildings, and warehouses and storage facilities.
LED lights' high efficiency and durability are projected to fuel growth in the worldwide industrial and commercial LED lighting market throughout the forecast period. Because of its longer life duration and increased energy-saving potential, LED is regarded as a viable alternative to traditional lighting. LED lighting goods are progressively replacing traditional lighting products due to a variety of advantages such as increased energy efficiency, high eco-friendliness, small size, and decreased heat output. LED lighting is a cutting-edge and futuristic lighting source since it consumes up to 80% less energy and creates 90% less heat than incandescent bulbs. LED bulbs have a life period that is approximately ten times that of compact fluorescent lamps and significantly more than that of incandescent lights.
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