Market Research Report
North America Commercial LED Lighting Market - Growths, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||965355|
|Published||Content info||120 Pages
Delivery time: 2-3 business days
|North America Commercial LED Lighting Market - Growths, Trends, and Forecasts (2020 - 2025)|
|Published: August 1, 2020||Content info: 120 Pages||
The North American commercial LED lighting market (henceforth, referred to as the 'market studied') is expected to register a CAGR of 9.8%, over the forecast period, 2020-2025. Technological advancements and rising concerns over environmental protection have increased the need for energy-efficient lighting products, among industrial, commercial, and residential applications, across North America.
In the United States, all electrically controlled devices, including LED light bulbs, must meet the minimum safety standards. The regulations regarding these safety standards are covered in the United States by laws, such as the Occupational Safety and Health Act (OSHA), Code of Federal Regulations (CFR), and standards, such as the National Electric Code (NEC). The growing consumer awareness about the environment and the durability of these lights, along with the government mandates for energy efficiency, are the drivers for the growing adoption of LEDs in the region.
Canada is anticipated to grow at a faster pace, over the forecast period. The growth in the region can be attributed to the rise in real estate infrastructure development and investments across Vancouver and Toronto. The increasing adoption of advanced A-lamps and T-lamps across commercial space is driving the market growth in the region.
Advancement in LED technologies and continued innovations are contributing to the increase in LED lighting sales in North America. The application of LED technology in horticulture has reduced energy wastage, as it regulates a different spectrum of light, according to the various stages of plant growth.
Furthermore, the emergence of smart light filling technology is anticipated to present potential opportunities in the market studied. For instance, Signify Holding introduced the GreenPower LED Interlighting Gen 3 technology for efficient development in crops. Such developments are expected to pave the way for new growth opportunities in the region.
Smart Lighting is Expected to be the Future of Commercial LED Lighting
Li-Fi Technolgy to Boost the Market Growth of Commercial LED Lighting
The North American commercial LED lighting market is highly competitive and consists of several major players. Leading players are engaged in strategic acquisitions to enhance their market dominance and are also focusing on product development, which has been a key strategy adopted to move ahead in the evolving market. Some of the key developments in the market are: