The LED industrial lighting market is forecast to grow by 21.7% per year until 2020.
That’s according to the ‘Global LED Industrial Lighting Market 2016-2020 report’, in which experts cover the market landscape and its growth prospects in the short term.
It analysed big firms such as GE Lighting, OSRAM, Samsung Electronics and LG Innotek.
The report found the growth of LEDs is driven by increasing adoption of smart lighting systems, rising demand for power efficient lighting across industries and the declining price of the lights.
LED lights are used for multiple applications in the residential, architectural, office and industrial sectors, it stated.
As these lights are “highly efficient and moderately priced”, they can address key issues such as energy crisis, resource scarcity and climate change, it added.
The report also stated the Asia-Pacific Area for Commerce (APAC) has more than 88% of the total market share due to the presence of a large number of LED lighting manufacturing units and industries in the region.