Industrial LED Market to Garner $20.16 Bn, Globally, by 2026 at 16.8% CAGR: Allied Market Research

PORTLAND, Oregon, April 21, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Industrial LED MarketA by Product (LED Lamps and LED Fixtures), Application (Indoor Lighting and Outdoor Lighting), and Industry Vertical (Oil & Gas, Mining, Pharmaceutical, Manufacturing, and Others): Global Opportunity Analysis and Industry Forecast, 2019a??2026". According to the report, the global industrial LED industry was pegged at $5.57 billion in 2018, and is projected to garner $20.16 billion by 2026, growing at a CAGR of 16.8% from 2019 a?? 2026. Major driving factors for the market growthHigh demand for cost-effective & energy-saving LED lighting, government campaign toward LED adoption, and surge in need to replace traditional lighting have boosted the growth of the global industrial LED market. However, voltage sensitivity & temperature dependence, and high initial cost of LEDs hamper the market growth. On the contrary, surge in adoption of smart lighting technology is expected to create lucrative opportunities in the near future. Download Report Sample (Tables, Figures with Insights): LED lamps segment dominated the market
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