LED lighting suppliers are turning to the industrial lighting sector to boost their profits. According to market researchers, price competition and maturing technology will help the LED industrial lighting market scale to reach $2.366 billion in 2015 and the scale will reach $3.935 billion by 2018.
Due to the much longer operating periods required by industrial lighting products switching to the energy-efficient LED technology in the latter application is more cost-effective. As a result, LED high and low bay lighting fixtures have become more attractive for industrial lighting users for replacement purposes.
Moreover, LED lighting products have seen improvements in performance and falling prices. These improvements, together with industrial lighting products’ high profit margins, have made industrial application the most competitive market for LED package and LED lighting companies for the 2015-2016 period.