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Industrial Lighting Market Forecast till 2027.
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Market Analysis
The industrial lighting market is projected to reach USD 13 billion at a healthy 8% CAGR between 2017- 2023, states the new Market Research Future (MRFR) analysis. Industrial lighting fixtures are industrial-style lighting that has been specially made to manufacture facilities that need energy efficiency and high illumination. Some of the benefits of industrial modern lighting include safety, a healthier environment, improved light quality, unmatched controllability, even coverage, better durability, reduced maintenance, improved efficiency, and easy retrofitting. It has wide applications in warehouse, hazardous locations, parking areas, outer premises, hotels and restaurants, factory and production lines, and others.
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Various factors are fuelling the demand for the industrial lighting market. Such factors, as revealed by the new MRFR analysis, include modernization, infrastructural development, a long durability of LED lights for industrial use, low consumption of energy by LEDs, growing population, swift urbanization, increasing income, growing concerns about the insufficiency of resources and climate changes, and climbing need for reduced operational costs & energy efficiency.
On the contrary, the high cost, the dearth of standardization, and the impact of the current COVID-19 outbreak may limit the global industrial lighting market growth over the forecast period.
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Market Segmentation
The global industrial lighting market is bifurcated on the basis of light source type, products, and applications.
By light source type, the global industrial lighting market is segmented into halogen, compact fluorescent lamp (CFL), incandescent, high-intensity discharge, fluorescent, LED, and others. Of these, the LED segment will lead the market over the forecast period. Government subsidies for the adoption of LEDs, and the alluring features of LEDs such as reduced power consumption, and minimum carbon emission is fuelling the growth of the segment.
By products, the global industrial lighting market is segmented into task lighting, accent lighting, industrial hanging lights, industrial look lighting, vintage industrial lighting, industrial wall lights, and others.
By applications, the global industrial lighting market is segmented into warehouse, hazardous locations, parking areas, outer premises, hotels and restaurants, factory and production lines, and others. Of these, the factory and production lines will dominate the market over the forecast period.
Regional Analysis
Based on the region, the global industrial lighting market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Of these, North America will dominate the market over the forecast period. Big partnerships, constant government support, demand for LED lights, investments of the company to manufacture different forms of industrial light products such as expansion of product portfolio, recessed fixtures, wall lighting, post lanterns, hanging fixtures, task lighting spotlights, and accent lighting is adding to the global industrial lighting system market growth in the region.
The global industrial lighting market in Europe is predicted is to hold the second-largest share over the forecast period. Widespread urbanization, standardized industrialization, increasing adoption of LED lights, improvement in the quality of industrial lighting, and maturity of manufacturing and industrial industries are adding to the global industrial lighting market growth in the region.
The global industrial lighting market in the APAC region is predicted to grow at a quick rate in the forecast period. The presence of two emerging economies like China and India that are battling to reduce pollution, coupled with the adoption of LED lights, is adding to the global industrial lighting market growth in the region.
Key Players
Key contenders profiled in the global industrial lighting market report include Osram Licht AG (Germany), Zumtobel Group (Austria), General Electric (US), Hubbell Lighting, Inc. (US), Philips Lighting Holding B.V. (Netherlands), Cree, Inc. (US), TOYODA GOSEI Co., Ltd (Japan), Acuity Brands Lighting, Inc. (US), Legrand (France), and Emerson Electric (US).
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