LED Industrial Lighting Market to Record a YoY Growth Rate of 8.59%

The LED industrial lighting market size is forecasted to grow by USD 1.44 billion from 2020 to 2025. However, the growth momentum of the market will decelerate at a CAGR of 5.94% during the forecast period.

he market is primarily driven by the phasing out of halogen, incandescent, fluorescent, and HID lamps. Halogen lamps consume more power than LEDs and have a larger carbon footprint. Hence, several countries have enforced bans on the use of halogen lamps to promote the growth of energy-saving technologies such as LEDs.

For example, in June 2021, the Department for Business, Energy and Industrial of the UK announced a ban on the sales of halogen lightbulbs in the UK from September 2021, with an aim to cut over 1.25 million tons of carbon emissions per year. Moreover, many companies have stopped manufacturing halogen, fluorescent, and incandescent lights. These factors are driving the growth of the market.

APAC will dominate the LED industrial lighting market with a 51% share during the forecast period. Factors such as the presence of several manufacturing facilities owned by numerous OEMs worldwide are driving the growth of the regional market. Besides, market growth in this region will be faster than the growth of the market in other regions. China and Japan are the key countries for the LED industrial lighting market in APAC.