Westford USA, April 21, 2023 (GLOBE NEWSWIRE) -- SkyQuest projects that the global Industrial Lighting & Illumination Market will attain a value of USD 15.80 billion by 2030, with a CAGR of 3.5% in the forecast period (2022-2030). The demand for energy-efficient lighting solutions is rising, industrialization is expanding and LED and smart lighting solutions are becoming more widely used, all of which are factors driving the market growth. The global market is set to expand significantly in the upcoming years due to an increased demand for smart lighting solutions followed by industrial automation and smart lighting (IoT). Industrial customers strongly value the advanced features that smart lighting solutions offer, such as remote control, automation and energy management.
According to the SkyQuest, the demands for energy-efficient lighting solutions, the adoption of Industry 4.0 technologies, and the rising importance of workplace productivity and safety are just a few of the factors powering the growth of global market. In order to lower energy costs and increase sustainability, industrial facilities are increasingly transitioning with energy-efficient lighting solutions like LED lighting. Industrial facility managers frequently choose LED lighting because of its many advantages, including its great energy efficiency, long lifespan, and low maintenance requirements. In addition, the adoption of Industry 4.0 technologies like the Internet of Things is another driver boosting the Industrial Lighting & Illumination Market.
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- Tables - 64
- Figures – 72
Industrial lighting and illumination include the use of lighting and illumination systems in industrial contexts, such as factories, warehouses, manufacturing plants, and other industrial settings. For industrial employees to operate safely it is quintessential that there must be adequate industrial lighting must first provide them with a suitable amount of light. Industrial lighting and illumination systems typically include a range of lighting fixtures, bulbs, and control systems created to offer the best lighting for various industrial purposes. For instance, high-intensity discharge (HID) lamps are frequently used in factories and warehouses, although LED lighting is widely used in industrial applications due to its energy efficiency and extended lifespan.
Prominent Players in Industrial Lighting & Illumination Market
- Signify
- OSRAM GmbH
- Cree, Inc.
- General Electric
- Acuity Brands, Inc.
- Eaton Corporation
- Zumtobel Group
- Hubbell Incorporated
- LSI Industries Inc.
- Dialight plc.
- Feilo Sylvania
- Panasonic Corporation
- Cooper Industries
- Koninklijke Philips N.V.
- NEC Corporation
- Zumtobel Group AG
- EYE Lighting International of North America, Inc.
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High-Intensity Discharge (HID) Lighting Segment is Expected to be Driven by The Need For High-Performance Lighting Solutions That Can Operate in Harsh Environments
Products in the high-intensity discharge (HID) lighting segment include mercury vapour lamps, metal halide lamps and high-pressure sodium lamps. In industrial settings where high-intensity illumination is necessary, such as in warehouses and production lines, these lamps are frequently employed. However, given considerations including lesser energy efficiency and a shorter lifespan, the HID Lighting market is anticipated to grow more slowly than the LED Lighting segment.
North America is one of the key regions and accounts for technological breakthroughs. With numerous businesses creating cutting-edge lighting technologies, including LED lighting, smart lighting solutions, and wireless lighting management systems, the region is a hotspot for innovation. Energy efficiency is a major concern in the market which is boosting demand for energy-efficient lighting solutions. Industrial clients are increasingly making investments in lighting systems that use less energy due to the region's stringent legislation promoting energy efficiency and lowering carbon emissions.
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LED Lighting Segment Is Expected to Continue Growing in the Coming Years Due to Increasing Demand for Smart Lighting Solutions and the Adoption of Internet of Things (IoT) technology
The Industrial Lighting & Illumination market's fastest-growing sector is anticipated to be LED Lighting. Low maintenance costs, long lifespans and energy economy are some of the driving forces behind this. LED lighting is frequently utilized in industrial buildings including factories, warehouses, and manufacturing plants, due to its capacity to produce high-quality lighting and consume less energy.
The Asia Pacific region is anticipated to have the fastest rate of growth for Industrial Lighting & Illumination. The Asia Pacific area is rapidly industrializing, with countries such as China, India and Indonesia seeing considerable growth in their manufacturing sectors. This is increasing the regional demand. Energy efficiency and sustainability in the industrial sector are becoming more important to governments in the Asia Pacific region. This is increasing the demand for energy-efficient lighting options, which can assist industrial establishments in lowering their running expenses and carbon impact.
A comprehensive analysis of the major players in the Industrial Lighting & Illumination market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Industrial Lighting & Illumination Market
- In January 2022, Osram acquired Fluence a US-based supplier of LED lighting solutions for industrial crop production.
- In December 2021, Signify disclosed that it had acquired Hubbell Lighting, a US-based lighting manufacturer. As a result, Signify position in the market is anticipated to increase due to this acquisition.
- In November 2021, A new line of LED lighting products intended for use in industrial and commercial settings was introduced by Zumtobel Group, a top provider of lighting solutions.
Key Questions Answered in Industrial Lighting & Illumination Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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