LED lighting technology delivers high efficiency, high level of brightness, long lifespan and high reliability than incandescent, fluorescent and HID lights. LED light minimizes the operating and maintenance cost and is also considered as environment-friendly lighting, as it does not emit harmful gases. LEDs emit very less heat compared to incandescent bulbs and CFLs.
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The industrial and commercial LED lighting market is driven by various factors such as high efficiency and durability, the government ban on incandescent lamps and attractive payback, as it consumes minimum electricity and reduces electricity bills. The global industrial and commercial LED lighting market was valued at 12,927.9 million in 2012 and is expected to grow at a CAGR 30.8% during the forecast period from 2013 to 2019.