Portland, July 02, 2020 (GLOBE NEWSWIRE) -- 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.

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Covid-19 scenario:

  • The demand for the industrial LEDs has been reduced during the coronavirus pandemic due to the operational restrictions in the industrial areas across the globe.
  • The operational and manufacturing disruptions in the electronics industry due to lockdown have impacted the industrial LED demand.

The report offers a detailed segmentation of the global industrial LED market based on product, application, end user, and region.

Based on product, the LED lamps segment contributed to the largest share in 2018, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the LED fixtures segment is expected to register the highest CAGR of 19.0% from 2019 to 2026.

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Based on application, the indoor lighting segment accounted for the largest share in 2018, holding nearly three-fourths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the outdoor lighting segment is estimated to portray the highest CAGR of 18.2% during the forecast period.

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.

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Leading market players analyzed in the research include Deco Lighting, Inc., Cree Inc., Eaton Corporation, Osram Licht AG, Dialight Plc, Koninklijke Philips N.V., General Electric, Zumtobel Group AG, Toshiba Corporation, and Syska.

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