The global LED Trunking market accounted to US$ 5.33 Bn in 2018 and is expected to grow at a CAGR of 5.9% during the forecast period 2019 – 2027, to account to US$ 8.86 Bn by 2027.
The LED trunking market is experiencing high growth during the forecast period. The commercial and industrial sector looks forward to minimizing their costs while lowering utility expenses. The companies which have huge warehouse and manufacturing floors, end up in spending a large amount on electricity bills. Therefore, replacing all lights with LED lights is a cost-effective approach to recoup savings. Moving ahead towards a smarter lighting option, it helps the businesses to lower the electricity bill while retaining a high operating level. The existing lights which are installed are developed 40years ago and have become costly and inefficient. Henceforth, demand for a highly efficient solution is gaining high momentum from the last few years.
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The major players operating in the market for LED Trunking market include Aesthetics Lighting Solutions Ltd., AGC Lighting Co., Ltd., BERGSTROM LIGHTING, LED Linear GmbH, OSRAM Licht AG, Shenzhen FusionBrite Technology Co. Ltd., Shenzhen Hitoplux Optoelectronic Co., Ltd., Signify Holding (Philips Lighting), TRILUX GMBH & CO. KG, and Zumtobel Group AG among others.
These LED lightings are getting installed at a large number of commercial such as warehouse, parking lots, as well as industrial applications due to their cost-effective feature. It also raises profitability and safety level. In the majority of cases, the ROI on LED warehouse lighting is exceptionally high because of their useful features. In addition to benefits, LED lighting is useful for industrial facilities as their safety features, including instant on and off, and dimmable ensures proper utilization of lighting solutions. The LED lighting is one of a convenient and appropriate filings solution, suitable for multiple applications. Moreover, investment in automatic lighting control solutions for the existing LED bulbs is one more alternative way to ensure greater energy efficiency.
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The adoption of LED lights is multiplying and is successfully transforming the definition along with the scope of lighting technology. The LED bulbs/lamps are highly durable, lowers environmental damage while slashing the costs with a longer lifespan of LEDs. Over time, now the LED lights have a positive impact on multiple industries, large spaces, parking lots, and others. Also, the stringent rules proposed by the government and regulatory bodies of the US, Canada, and the European Union on using less efficient lighting, has paved the growth path of LED light. These factors are expected to influence the growth of LED trunking market..
Whereas, Asia Pacific holds the highest market share in the LED trunking market. LED Trunking market is expected to experience significant growth in the coming years due to growth in the number of infrastructure projects, construction industry, and favorable government regulations in these regions. Strong growth of LED in the market would directly impact the growth of LED trunking in the market, as to install energy efficient lighting among commercial and industrial areas, need of an appropriate lighting fixture is mandatory. Moreover, IoT is has emerged out as the most popular trend globally, which is nearly being associated to every technology. The new LED lights are offered with an option to adjust the light effects and also to scale the entire system with an additional IoT technology. The LED trunking system is accompanied by the sensors, which enable the integration of retail and warehouse technologies, including beacons, cameras, scanners, and audio into one system.
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The LED Trunking market by application is segmented into commercial, industrial, warehouse, and other. The commercial application holds a significant share in the market and is expected to continue its dominance in the forecast period as well. Some of the commercial structures includes shopping complexes, department stores, hypermarkets, trade centers, supermarkets, office buildings, exhibition halls, and other commercial buildings. These infrastructures require a vast network of a lighting system with special purposes such as emphasizing any specific aisle, or product, or distribution of light across the premises. The LED trunking systems provide a sophisticated appearance to the commercial buildings with linear consistence. The seamless design of trunking systems enables the invisible interconnection of linear fixtures of LED in rows of the specified length. The LED Trunking market after commercial application, is followed by industrial and warehouse and is forecasted to hold the highest market share in the forthcoming period.
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