A new report from Transparency Market Research forecasts that the compound annual growth rate in the commercial and industrial LED lighting segment worldwide will average 30.9% by 2019, compared with 2013.
By the end of 2012, the market was valued at just under $13 billion, but this is predicted to hit over $86 billion by the end of the current decade.
Driving forces behind this include environmental concerns and the ban on incandescent light bulbs, and the figures include non-industrial commercial premises like offices, retail premises and hospitality establishments too.
These contribute towards the commercial slice of the market, which is predicted to hit $45.3 billion, with the remaining $40.7 billion accounted for by industrial LED lighting installations.
Europe is leading this market growth, due in part to new regulations on minimum energy efficiency standards for industrial and commercial properties.
“The key benefits of LED lights such as less environment pollution, extended life span, and low power consumption are further expected to drive the demand for industrial and commercial LED lighting in Europe,” Transparency Market Research stated.