Global Industrial LED Market to Reach $20.16 Billion by 2026: at 16.8% CAGR

According to the report published by Allied Market Research, the global industrial LED market generated $5.57 billion in 2018, and is estimated to reach $20.16 billion by 2026, registering a CAGR of 16.8% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, company profiles, major segments, and competitive heat map.

Rise in demand for energy conservation and cost effective LED lights, initiative by government toward the adoption of LED, and need of replacement of traditional lights drive the growth of the global industrial LED market. However, high initial investment and voltage sensitivity of LED hinder the market growth. On the other hand, increase in implementation of smart lighting technology creates new opportunities in the coming years.

Based on region, Asia-Pacific contributed the highest share, accounting for nearly two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, LAMEA is expected to grow at the highest CAGR of 20.2% from 2019 to 2026.