The global market for energy-efficient warehouse lighting is projected to gain significant traction in the coming years with warehouse owners constantly in search of solutions that can reduce energy consumption and provide significant savings to energy bills. The increasing introduction and implementation of energy-saving policies by governments across the globe is likely to give the energy-efficient warehouse lighting market a considerable boost in the coming years.
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The development of smart lighting technologies that can maximize efficiency and provide increased safety and comfort is a key opportunity for players in the energy-efficient warehouse lighting market. Fueled by these favorable industry settings, the global market is poised to expand at a strong CAGR of 13.4% from 2016 to 2024, with the value rising from US$4.2 bn in 2015 to over US$15 bn by the end of the forecast period.
Geographically, the global energy-efficient warehouse lighting market has been segmented into five regions: North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. In the recent past, lighting companies have shifted their focus from the developed markets of North America and Europe to emerging markets such as India, China, South Africa, Argentina, and Brazil. On account of rapid economic growth, favorable government policies and mega urban projects, these countries present new opportunities for players in the energy-efficient warehouse lighting market.
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Regionally, Asia Pacific emerged as the leading segment of the global energy-efficient warehouse lighting market in 2014, with a share of 42.3% in terms of revenue. Japan, China, and South Korea are prominent contributors to the growth of this regional market owing to major investments in the latest lighting technologies. Rapid industrial growth has also stimulated the demand for energy-efficient warehouse lighting. The rising demand for green technologies is likely to be instrumental in boosting the energy-efficient warehouse lighting market in APAC in the coming years.
Europe and North America are highly developed markets with continued steady growth throughout the forecast period. Latin America is fast emerging as an export destination owing to a rapid improvement in trade policies, which has resulted in infrastructure development on a promising scale. This is likely to have a positive impact on the Latin America energy-efficient warehouse lighting market in the years to come.