Industrial Lighting Market Insight
Industrial lighting market is now in high demand as the lighting scenario across the world is changing, thus experiencing an influx of new technologies. As the Market Research Future suggests, the global industrial lighting market can realize a growth rate of 8%, during the forecast period 2017-2023 and would be achieving a valuation of USD 13 Billion simultaneously. Industrial lighting is currently in high demand in various end-user industries for multiple purposes, which is taking the market towards new growth parameters.
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The well-known players in the Global Industrial Lighting market are listed as Osram Licht AG (Germany), General Electric (US), Acuity Brands Lighting, Inc. (US), Cree, Inc. (US), Philips Lighting Holding B.V. (Netherlands), Hubbell Lighting, Inc. Emerson Electric (US), TOYODA GOSEI Co., Ltd (Japan), Legrand (France), Zumtobel Group (Austria), and to name a few.
Market Drivers & Trends
The rapid industrialization is a crucial driver for this booming market, at present, which is scoring a high record. With industrialization, certain initiatives have been taken by the industries as well as the government to boost green technology in lighting. Also, with the expansion of technological advancements, there have been innovations in lighting products that expanded portfolios of it. These factors have immensely contributed to the market’s growth and marked its future to grab more valuation during the forecast period.
With the advancement and innovation on Industrial Lighting Market, the market players also found many opportunities to introduce in the production line of the products in consideration of the environment. Thus, such scenario augmented a competition among them, which also contributed to market’s growth at a greater extent.
Additional factors that have a positive impact on the market’s growth are the introduction of light-emitting diodes (LEDs), subsidies on LEDs, need for smart lighting, and more.
The market for global industrial lighting, as per the study, has been segmented by light source type, product, and applications.
In terms of source type: LED, fluorescent, high-intensity discharge, incandescent, compact fluorescent lamp (CFL), halogen, and others are the segments contributing to the market’s growth. Among these, the LED light segment is likely to become the fastest-growing segment in support of features such as minimum carbon emission, reduced power consumption, and many more.
In terms of product: Industrial Wall Lights, Vintage Industrial Lighting, Industrial Look Lighting, Industrial Hanging Lights, Accent Lighting, Task Lighting are the segments contributing to the market’s growth.
In terms of applications: Factory & production lines, hotels & restaurants, outer premises, parking areas, hazardous locations, warehouse are the segments contributing to the market’s growth during the assessment period.
The region-wise analysis of the market for industrial lighting has also been studied across the regions of North America, Europe, Asia Pacific, and Rest of the World.
Among these, North America recorded to the leading region across the world in terms of having the largest market share in the industrial lighting market in support of to the investments made by the companies in the manufacturing of various industrial lights products. The types include accent lighting, task lighting spotlights, hanging fixtures, post lanterns, wall lighting, recessed fixtures, and many more.
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On the other hand, the industrial lighting market in the Europe region is also likely to witness rapid growth in the forthcoming period. Furthermore, Asia-Pacific region is also on the verge of recording high market valuation over the years as countries like China, Japan and India are the emerging markets for industrial lighting market. Therefore, it is expected to acquire the highest CAGR in the coming years with the immense growth in infrastructural building projects that are on-going in the current time.
September 17, 2019:
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