Global Industrial Lighting Market
Posted by chetana on April 8th, 2021
Global industrial lighting market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 7.2% during forecast period.
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Industrial lighting is the lighting system which is used in the variety of industries such as manufacturing, marine, mining, packaging and even sports. It is mainly used among these industries for the safety concerns and for better visibility experience. The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Growing infrastructural development and modernization of industries across the globe is major driving factor behind the growth of market. Industrial lighting provides some benefits such as reduced energy consumption, lower maintenance cost, higher quality lighting, durability, longer life, low radiated heat, immediate lighting and directional illumination and high brightness and intensity are ultimately leading to the growth of market. Furthermore, increasing adoption of LEDs, because of its reduced cost, several benefits of LED Lighting for industrial usage, introduction of Wi-Fi control based lighting and demand of IoT based smart lighting technologies are further propelling the growth of market.
Nevertheless, initial installation cost of industrial lighting could hamper the growth of market. Also temperature sensitivity, transformer compatibility, lack of performance standardization and blue pollution are some restraining factor that could hinder the growth of market. The global industrial lighting market research report covered the detailed information about these growth drivers and restraining factors along with the impact of COVID -19 pandemic on industrial sector.
By light source, light emitting diode (LED) segment held the largest market share in 2019 and is expected to witness fast growth at CAGR of XX% during forecast period. LED lighting is the most energy efficient lighting solution in the market. Longer life span and capability to use lower energy consumption are propelling the growth of industrial lighting market. Furthermore, LED lighting delivers benefits such as its improved safety, sturdiness, tremendous design flexibility, great Color Rendering Index (CRI), dimming ability, no UV emissions and operating capabilities in both cold and hot temperature are ultimately improving the market growth.
By offering, lamp and luminaries and service segments dominated the market in 2019 and are expected to keep their dominance at CAGR of XX% during forecast period. High adoption of smart blubs and lamps is driving the growth of market. A luminary is an entire lighting solution, consist of a light source such as lamps along with the parts that illuminate the light, arrange and protect the lamps and connect the lamps to the power supply. VICTORIA is LEDiL’s brand new high-power lens module for high bay, retail and catenary lighting. An Ø300 mm lens array with 160 individual optics and power outputs from 10 000 up to an incredible 40 000 lumens ensures VICTORIA delivers light on an industrial scale.
Region wise, North America held largest market share in 2019 and is expected to maintain its dominance at CAGR of XX% during forecast period. The US and Canada are major key contributors behind the growth of market. The growth is attributed to the massive presence of smart lighting manufacturing companies across the region. Also high adoption of LED lighting solution due to its cost effectiveness benefit, increasing modernization in almost all industrial sectors and growing adoption of smart indoor and outdoor LED lighting solutions are further propelling the market growth in the region.
In July 2017, Hubbell Lighting introduced an innovative new LED product that solves a essential problem in a number of major industries. By applying the physics of the Stokes Shift effect, the new SpectraLoc LED blue spectrum suppression highbay from Hubbell Industrial Lighting converts harmful blue light less than 500 nanometres to green and yellow light.
In March 2019, Cree Inc announced the execution of a definitive agreement to sell its Lighting Products business unit Cree Lighting, which includes the LED lighting lamps, fixtures and corporate lighting solutions business for industrial, commercial and consumer applications, to IDEAL INDUSTRIES, INC for approximately 0 million before tax impacts, including up-front and contingent consideration and the assumption of certain liabilities.
In May 2019, Digital Lumens, an Osram company and market leader in intelligent LED lighting and IoT applications, expanded its portfolio with the new RLE intelligent LED fixture which features socketed intelligence and an upgradeable smart sensor.
The objective of the report is to present a comprehensive analysis of the Global Industrial Lighting Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Industrial Lighting Market dynamics, structure by analyzing the market segments and projects the Global Industrial Lighting Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Industrial Lighting Market make the report investor’s guide.
Global Industrial Lighting Market, By Light Source
• LED Lighting
• Lamps & Luminaries
• New Installation
• Industrial Linear Lighting
• Warehouse & Cold Storage
• North America
• Philips Lighting Holding B.V
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About the Authorchetana
Joined: February 27th, 2020
Articles Posted: 152
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