The latest report published by Market Research Future (MRFR) reveals that the global industrial lighting market is expected to grow at 8% CAGR for the assessment period (2017-2023) and the market valuation can reach USD 13 Bn approximately by 2023. The key driver of the market is the rapid industrialization all across the globe which has fueled the demand for good quality Industry Lighting Market. The initiatives undertaken by the government to boost green technology in lighting has led to innovation and expansion of product portfolios of the market players which has augmented the competition among them. Other factors which can have a positive impact on market growth are the adoption of light-emitting diodes (LEDs), subsidies on LEDs, demand for smart lighting, etc.
In North America region, the industrial lighting demand is increasing with the growing need of well-lit spaces in the organizations to ensure worker safety. The industrial lighting market demand is increasing exponentially due to its durability, easy to maintain, and are ideal for high temperature environments. While, the high intensity discharge lighting are offering high quality, reliability & environmental compliance. It can be used where the most critical areas and much visible light per watt is required. These lighting is widely used in streetlights, warehouses, large retail facilities, stadiums and others.
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The global industrial lighting market is growing rapidly over 8% of CAGR and is expected to reach at USD 13 Billion by the end of forecast period.
The prominent players in the global Industrial Lighting market – Emerson Electric (US), Legrand (France), Acuity Brands Lighting, Inc. (US), TOYODA GOSEI Co., Ltd (Japan), Cree, Inc. (US), Philips Lighting Holding B.V. (Netherlands), Hubbell Lighting, Inc. (US), General Electric (US), Zumtobel Group (Austria), Osram Licht AG (Germany) and among others.
Global Industrial Lighting Market Segmentation:
By light source type, the market is segmented into LED, fluorescent, high-intensity discharge, incandescent, compact fluorescent lamp (CFL), halogen, and others. The LED light segment is expected to be the fastest growing segment owing to features such as minimum carbon emission, reduced power consumption, etc. Therefore, the governments are rolling out subsidies to promote the adoption of LEDs among consumers.
By products, the market has been segmented into industrial wall lights, vintage industrial lighting, industrial look lighting, industrial hanging lights, accent lighting, task lighting, and, others.
By applications, the market is segmented into factory & production lines, hotels & restaurants, outer premises, parking areas, hazardous locations, warehouse, and others.
By region, the market has been segmented into Asia Pacific, North America, Europe, and Rest-of-the-World (RoW). North America has seen developments such as Philips Lighting Holding B.V. (Netherlands) partnering with World Council on City Data (WCCD) which have been fueling the market growth in the region. The constant support of the government to the players of the market to reduce carbon emission is also one of the key drivers of the market. In this region, the demand for LED lights is driving the growth of the market owing to features such as longer lifespan, low cost, lower power consumption, etc. Other factors responsible for the growth of market in the region are company’s investments in the manufacturing of different types of industrial lights products including accent lighting, task lighting spotlights, hanging fixtures, post lanterns, wall lighting, recessed fixtures, etc., and, the expansion of product portfolio by key industrial lighting manufacturers.
Europe holds the potential to witness a boom in the market owing to factors such as widespread urbanization and standardized industrialization. The adoption of LED lights has enhanced the quality of industrial lighting which has is a key driver of the market. The Asia Pacific market is in a developmental phase, with industries in this region still growing. It possesses immense potential for augmented demand in the coming years. Moreover, the region is home to emerging economies such as India and China that are battling problems of hazardous pollution. Adoption of LED lights can play a part in reducing carbon monoxide levels and accelerate regional market growth.
Prominent market players profiled in the report are Hubbell Lighting, Inc. (U.S.), Cree, Inc. (U.S.), Philips Lighting Holding B.V. (Netherlands), Emerson Electric (U.S.), General Electric (U.S.). These key players hold a significant share of the market and undertake initiatives such as partnerships, collaborations, innovation, research & development, etc. to amplify their share in the market. The competition in the market has been further enhanced by new entrants at national and regional levels. Recently, Syska Group, a lighting solution company from India, has invested a lump sum amount of USD 25 million for setting up three new manufacturing units which will have humongous production capacity and it will be further increased in due course. One of the plants will work hand in hand with the Indian government in achieving the goals of ‘Make in India’ program.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure:
1.3.1 Global Industrial Lighting Market: By Light Source Type
1.3.2 Global Industrial Lighting Market: By Products
1.3.3 Global Industrial Lighting Market: By Application
1.3.4 Global Industrial Lighting Market: By Region
List of Tables
Table 1 Industrial Lighting Market, By Light Source Type
Table 2 Industrial Lighting Market, By Products
List of Figures
Figure 1 Research Methodology
Figure 2 Industrial Lighting Market: By Light Source Type (%)
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