The potential growth difference for the LED industrial lighting market between 2021 and 2025 is USD 1.44 billion.
The phasing out of halogen, incandescent, fluorescent, and hid lamps and the need for LED lighting in hazardous areas are some of the key market drivers. However, factors such as the high cost of implementing LEDs will challenge market growth.
APAC will be the leading region with 51% of the market's growth during the forecast period. China and Japan are the key markets for the LED industrial lighting market in APAC.