LONDON--(BUSINESS WIRE)--The new LED industrial lighting market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the phasing out halogen, incandescent, fluorescent, and HID lamps”, says a senior analyst for Industrials at Technavio. As the markets recover Technavio expects the LED industrial lighting market size to grow by USD 2.13 billion during the period 2020-2024.
Led industrial Lighting Market Segment Highlights for 2020
- The LED industrial lighting market is expected to post a year-over-year growth rate of -7.65%.
- Based on type, the lamp segment led the global LED industrial lighting market in 2019.
- The growth of the segment is driven by factors such as high sales of LED lamps and increased installation of LED in manufacturing plants and facilities of numerous OEMs worldwide.
- The market growth will be significant in the lamps segment during the forecast period,
- 50% of the growth will originate from the APAC region.
- The growth of the market in APAC is driven by factors such as the high concentration of manufacturing facilities and the increased adoption of LED lighting.
- China and Japan are the key markets for LED industrial lighting in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The LED industrial lighting market size is expected to accelerate at a CAGR of over 7% during the forecast period.
- The LED industrial lighting market is segmented Type (Lamp and Luminaire) and Geographic (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Acuity Brands Inc., Bridgelux Inc., Cree Inc., Dialight Plc, Eaton Corporation Plc, Hubbell Inc., Koninklijke Philips NV, OSRAM Licht AG, Wipro Ltd., and Zumtobel Group AG.
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