Industrial & Commercial LED Lighting Market in Europe and Middle East to Reach $21.96 Billion By 2026, at 17.2% CAGR

The Europe and Middle East industrial & commercial LED lighting market size was valued at valued at $6.03 billion in 2018, and is projected to reach $21.96 billion by 2026, registering a CAGR of 17.2% from 2019 to 2026.

The Europe and Middle East industrial & commercial LED lighting market possesses high potential. This is attributed to the fact that in the current business scenario, there has been an increase in demand for industrial & commercial LED lighting, particularly in developing regions.

Moreover, companies in Europe and Middle East Industrial & Commercial LED Lighting Industry are adopting various innovative techniques to provide customers with advanced and innovative LED lights product offerings.

Rapid usage of LEDs has been witnessed in lamps as a replacement of incandescent light source, owing to advantages such as prolonged shelf life, low power requirement, and small sized & robust attribute. Despite such advantages, LEDs are more expensive as compared to conventional lighting, and are voltage sensitive, which impede the growth of the Europe and Middle East industrial & commercial LED lighting market trends. In the near future, the LED technology is expected to provide a superior advantage to its users than conventional lighting systems, owing to the benefits it offers.

Consumers in Europe have shifted their preference from traditional to more ecological lighting sources. Europe held majority of the market share of industrial & commercial LED lighting market in 2016. Features such as sustainability, lower emissions, and lower energy consumption drive the growth of the European market. On the other hand, the Middle East is one of the unexplored regions to a certain extent for industrialization and advanced technologies. Shifts in artificial intelligence and smart technological changes in the coming years is anticipated to reshape the future for Middle East completely.