The Asia Pacific Industrial and Commercial LED Lighting Market would witness market growth of 18.1% CAGR during the forecast period (2022-2028).
When compared to HID lighting, the Appleton Contender LED Luminaires provide energy savings of up to 65%. Those luminaires offer lighting solutions for low clearance locations owing to their low-profile design. The expansion of new oil and gas plant projects in China, India, and Indonesia, which coincide with the policies for converting from coal to gas, are anticipated to support the rise in demand for LED lighting in industrial areas.
For example, China intended and declared the construction of around 305 petrochemical plants, with a cumulative capacity of approximately 152.4 MTPA, by 2030. Hengli Petrochemical as well as China Petrochemical Corp. will contribute significantly to this increase in capacity. As a result, the market has a lot of room to grow over the projection period due to the optimistic oil and gas sector.
Longevity, reduced operational costs, energy efficiency, and the capacity to give an ever-shorter return on investment (ROI) are characteristics of LED that may eventually fuel demand for it in the industrial lighting sector. Additionally, since LEDs don't emit any harmful ultraviolet or infrared radiation, they have a number of advantages over other lighting technologies.
In order to increase aesthetics and provide spectacular illumination in buildings, public spaces, roadways, and other areas, there is an expanding demand for commercial lights. Additionally, China's government has expanded incentives to promote high-efficiency lighting equipment, which has led to a rise in the use of commercial lighting.
The China market dominated the Asia Pacific Industrial and Commercial LED Lighting Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $9,447.8 million by 2028.The Japan market is estimated to grow at a CAGR of 17.4% during (2022 - 2028). Additionally, The India market would experience a CAGR of 18.8% during (2022 - 2028).
Based on Product Type, the market is segmented into LED Lamps and LED Fixtures. Based on Application, the market is segmented into Indoor Lighting and Outdoor Lighting. Based on End User, the market is segmented into Commercial and Industrial. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Industrial and Commercial LED Lighting Market is Projected to reach USD 91.5 Billion by 2028, at a CAGR of 17.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Dialight PLC, Eaton Corporation, General Electric (GE) Co., Signify N.V., AMS AG (OSRAM Licth AG), Syska LED Lights Private Limited, Toshiba Corporation, Zumtobel Group AG, Deco Lighting, Inc., and Wolfspeed, Inc.
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