Industrial Lighting Market Research Report- Global Forecast 2023

1
Industrial Lighting Market Report-Forecast 2023
Industrial Lighting Market -Forecast
2023
P a g e 1 Copyright 2017
Market Research Future.
2
Industrial Lighting Market -Forecast 2023
VIEW REPORTS
SAMPLE REPORTS
3
Industrial Lighting Market -Forecast
2023 Summary 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.
4
Industrial Lighting Market -Forecast 2023 Major
Key Players 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.
5
Industrial Lighting Market -Forecast 2023
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.
6
Industrial Lighting Market -Forecast
2023 Regional Analysis 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 companys 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.
7
Industrial Lighting Market -Forecast
2023
q (Germany) are focusing on the
digital utilities transformation. P a g e
7 Copyright 2017 Market Research Future.