By BizLED Bureau
September 5, 2015: According to a recent market research report, continuous fall in LED prices, the competition that it is fueling, and the fast pace of advancements in LED technology, is pushing the LED industrial lighting market to grow significantly to US$2.366 billion in 2015, and by 2018 the scale will reach US$3.935 billion.
LED lighting vendors are, therefore, banking on the industrial lighting sector to boost their profits.
The recent report, ?Silver Member Market Report-Industrial Lighting and High Bay Markets? by TrendForce, says that the industrial lighting sector will witness price competition for LED replacement lighting products like LED bulbs and LED tubes, etc.
As industrial lighting products need to operate for longer period of time, energy-saving factor of LED lighting is making this technology popular for industrial lighting sector, which will also become very cost-effective. As a result, LED high and low bay lighting fixtures are become more attractive for industrial lighting sector.
LED lighting products are also improving in performance and its prices are also falling significantly. These factors also also giving immense business opportunities to LED package and LED luminaire companies, which will continue till 2016.
Among the LED fixtures that are doing well in this market are LED high/low bay lighting products, which are subdivided into mining and general applications that are used in warehouses, gyms, and other indoor spaces.
It is also predicted that 80W-250W LED high/low bay light products will become popular in the market between 2015-16.
Leading LED industrial lighting players like Cree, GE Lighting, Cooper Lighting and their Japanese counterparts IWASAKI and Toshiba, and Chinese LED manufacturer Ocean?s King Lighting are performing well in this market.
While Cree offers advanced high-power LEDs that save costs and simplify product designs, GE Lighting offers LED module that simplify thermal dissipation design.
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