Key Market Trends

Commercial Segment Expected to Witness Significant Growth Rate

• In the current market scenario, LED light bulbs are enduring the early adoption phase of the product life cycle. However, continued technological advancement in LED lighting has poised these product offerings to enter and advance through the growth phase.  
• Recent advancements in light-emitting diode technology have allowed LED lighting products to penetrate effectively, the commercial lighting market with enormous potential for growth. Commercial buildings, including offices, stores, restaurants, hospitals, and schools, account for almost twenty percent of the United States’ total energy consumption, and thirty-eight percent of this energy consumption is attributed to lighting.
• In addition, major American manufacturers are actively developing LED lighting business, with the rising LED lighting penetration rate. LED commercial lighting demand is strong in the US market, among which demand for Troffer, panel lights, tunnel lights, and high bay lights grows fastest, and they begin to develop towards intelligence and optical communications and other new application areas. 
• For instance, Technical Consumer Products, Inc. offers its selectable commercial recessed downlight that comes with choices for color temperatures and wattages, making these adaptable for many corporate settings
• Overall, the rapid urbanization and the increasing construction activities in the commercial sectors of different countries are expected to fuel the studied market demand in the foreseen period. However, with the onset of the COVID-19 pandemic, the short-term forecast indicates a decline in demand as several commercial constructions halted temporarily.