The global industrial and commercial LED lighting market size reached US$ 43.6 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 93.2 Billion by 2028

The global industrial and commercial LED lighting market size reached US$ 43.6 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 93.2 Billion by 2028, exhibiting a CAGR of 13.5% during 2022-2028.

At present, there is a rise in the demand for cost-effective lighting solutions in large and small enterprises across the globe. This, along with the growing utilization of industrial and commercial LED lighting in large screen displays, represents one of the key factors driving the market. 

Besides this, various benefits offered by industrial and commercial LED lighting in the hospitality sector, such as high durability, extended shelf-life, and less energy waste, are contributing to the growth of the market. Moreover, governments of several countries are undertaking initiatives to promote the use of LED lighting in the industrial and commercial sectors for minimizing power dissipation, which is propelling the growth of the market.