The commercial lighting refers to the lighting fixtures used for commercial spaces such as stores, offices, hospitals, institutions, government buildings, and other places that are not residential or manufacturing. Commercial lighting is rapidly adopting LED lighting fixtures since they provide higher cost-efficiency, energy-efficiency, and a variety of options. LED lighting delivers a high level of brightness, is reliable, and lasts longer than conventional lighting fixtures. LED lights are constructed using semiconductor components and emit little radiated heat as compared to other competing products.
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.
High efficiency and durability of LED lights are expected to drive growth of the global industrial and commercial LED lighting market during the forecast period. LED is considered as a feasible alternative to conventional lighting due to its longer life span and higher energy-saving potential. LED lighting products are increasingly replacing conventional lighting products, owing to various benefits such as greater energy efficiency, high eco-friendly properties, small size, and lower heat output. LED lighting is an advanced and futuristic source of lighting as it reduces power consumption by up to 80% and generates about 90% less heat than incandescent bulbs. The life span of LED bulbs is about 10 times higher than that of compact fluorescent lamps and much higher than incandescent lamps
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