The global industrial and commercial LED lighting market is expected to reach £51.3 million by 2019, according to a recent report, writes lighting.co.uk.
The report from Transparency Market Research (TMR) found that the market was worth £7.7 million in 2012, and predicted that it would achieve an annual growth rate of over 30 per cent between 2013 and 2019.
Europe was the largest market in 2012, with a share of 33.1 per cent. TMR puts this growth down to strong government initiatives, such as the ban on incandescent lamps across various countries. Countries such as the UK, Germany, Denmark and Russia were all noted as keeping Europe in the lead, with a strong focus on deploying efficient lighting to improve quality and lower overall operational costs.