New York, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Lighting Market is estimated to be valued at over US$ 10.1 Billion as of 2023. Industrial Lighting Market are projected to increase at 6.7% CAGR and is expected to be valued at around US$ 19.3 Billion by 2033 end. North America to dominate the market for Industrial Lighting Market with 18.5% market value share during the estimated year 2022.
Persistence Market Research recently published a report on the industrial lighting market. The report provides detailed valuation on key market dynamics, such as the drivers, trends, opportunities, and restraints, along with detailed information about the market structure. This market research report presents exclusive facts and figures about how the industrial lighting market will grow over the forecast period of 2023 to 2033.
The industrial lighting market has been growing significantly in recent years due to the increasing need for energy-efficient and cost-effective lighting solutions in industrial facilities. Industrial lighting is used for various applications such as task lighting, general lighting, and emergency lighting in industries such as manufacturing, oil and gas, chemicals, and others. The purpose of this research report is to provide an overview of the industrial lighting market, including its current size, key drivers, challenges, trends, and future growth prospects.
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The increasing demand for energy-efficient lighting systems, government initiatives for energy conservation, and the need for better lighting solutions in industrial facilities are some of the key factors driving the growth of the market.
Key Drivers
One of the key drivers of the industrial lighting market is the increasing demand for energy-efficient lighting solutions. With the rising cost of energy, industries are looking for ways to reduce their energy consumption and cut down on their energy bills. Energy-efficient lighting systems such as LED lighting can significantly reduce energy consumption, which is driving the demand for these solutions in industrial facilities.
Another driver of the market is government initiatives for energy conservation. Governments around the world are implementing regulations and standards to promote the use of energy-efficient lighting solutions in industrial facilities. For instance, the European Union has implemented regulations that require industrial facilities to switch to energy-efficient lighting systems by 2023.
Key Companies-
- Emerson Electric Co
- Signify Holding
- OSRAM Opto Semiconductors GmbH
- GE Current, a Daintree company
- Panasonic Corporation
- Hubbell Incorporated
- ACUITY BRANDS LIGHTING
- LSI Industries Inc.
- Wipro Consumer Care and Lighting
- Bajaj Electricals Limited
- Wipro Lighting
- Iwasaki Electric Co. Ltd.
- Elba SA
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Market Challenges
One of the key challenges facing the industrial lighting market is the high initial cost of energy-efficient lighting solutions such as LED lighting. While these solutions offer long-term cost savings, the high upfront cost can be a deterrent for some industries. Additionally, the lack of awareness and education about the benefits of energy-efficient lighting solutions can also be a challenge.
Market Trends
One of the key trends in the industrial lighting market is the adoption of smart lighting solutions. Smart lighting solutions use sensors and software to optimize lighting levels and reduce energy consumption. These solutions can also be integrated with other building management systems, providing a holistic approach to energy management in industrial facilities.
Another trend in the market is the adoption of human-centric lighting solutions. Human-centric lighting solutions are designed to mimic natural daylight and can have a positive impact on employee productivity and well-being. These solutions can be particularly beneficial in industries where employees work long hours in artificial lighting environments.
Future Growth Prospects
The industrial lighting market is expected to continue its growth trajectory in the coming years, driven by the increasing demand for energy-efficient and cost-effective lighting solutions. The adoption of smart lighting and human-centric lighting solutions is expected to increase, providing further growth opportunities for the market. Additionally, the increasing adoption of LED lighting solutions in emerging markets such as India and China is expected to provide significant growth opportunities for the market.
Conclusion
In conclusion, the industrial lighting market is growing significantly due to the increasing demand for energy-efficient and cost-effective lighting solutions in industrial facilities. The market is expected to continue its growth trajectory in the coming years, driven by the adoption of smart lighting and human-centric lighting solutions. While the high initial cost of energy-efficient lighting solutions and the lack of awareness about their benefits are challenges, the increasing government initiatives for energy conservation and the adoption of LED lighting solutions in emerging markets are expected to provide significant growth opportunities for the market.
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Key Questions Answered in Report
Which region is anticipated to hold a prominent market share over the forecast period?
What will be the key driving factors propelling the demand for industrial lighting during the forecast period?
How will current trends impact the market?
Who are the significant participants in the industrial lighting market?
What are the crucial strategies of prominent players to upscale their positions in this landscape?
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