Industrial Lighting Products Market Outlook: Presents Market Insights, Depth Analysis and Forecast 2020-2030

Posted by sneha patil on February 17th, 2023

Market Synopsis:

Industrial Lighting Market will exhibit a CAGR of 7.80% and is expected to reach USD 16.9 Billion in the forecast period of 2022-2030.

The latest report published by Market Research Future (MRFR) reveals that the global industrial lighting market is expected to grow at . The key driver of the market is the rapid industrialization all across the globe which has fueled the demand for good quality industry lighting. 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.

Competitive Dashboard:

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 Industrial Lighting 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.

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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 Industrial Lighting 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 Industrial Lighting Market is segmented into factory & production lines, hotels & restaurants, outer premises, parking areas, hazardous locations, warehouse, and others.

Regional Analysis:

By region, the Industrial Lighting 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 Industrial Lighting 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 Industrial Lighting Market growth.