Dublin, Oct. 02, 2023 (GLOBE NEWSWIRE) -- The "Industrial Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global industrial lighting market is experiencing significant growth, reaching a market size of US$ 8.9 Billion in 2022. The market is poised for further expansion, with an expected valuation of US$ 12.0 Billion by 2028. This promising growth is anticipated to be driven by a compound annual growth rate (CAGR) of 4.95% during the period from 2023 to 2028.
Illuminating Industrial Environments
Industrial lighting solutions play a crucial role in manufacturing environments by providing ample illumination to identify hazards and ensure safety.
These lighting systems come in various types, including light-emitting diode (LED), high-intensity discharge (HID), and halogen lighting. They are known for their flexibility, heat resistance, UV radiation inhibition, and energy efficiency, making them indispensable in industries such as automotive, oil and gas, and pharmaceuticals.
Key Market Trends
Several trends are fueling the growth of the industrial lighting market:
- Expansion Across Industries: The rapid expansion of various industrial sectors, coupled with the demand for energy-efficient lighting solutions, is a key driver of market growth.
- Government Initiatives: Government bodies in various countries are promoting LED industrial lighting in the commercial sector due to its energy efficiency, contributing to market growth.
- Technological Advancements: New lighting solutions, such as fluorescent and HID lighting, are gaining popularity for their longevity, energy efficiency, and quick return on investment (ROI).
- IoT Integration: Integration of the Internet of Things (IoT), remote control, and Wi-Fi-controlled lighting solutions is driving innovation in the market.
- Safety and Security: Industrial lighting is extensively used in warehouses, cold storage, production lines, and parking areas to enhance safety and security.
- Smart Industrial Spaces: The trend of smart industrial spaces and collaborations between industry leaders to launch advanced lighting solutions are contributing to market growth.
Market Segmentation
The comprehensive report segments the industrial lighting market based on various parameters:
- Product Type: High/Low Bay Lighting, Flood/Area Lighting
- Light Source: LED, High-Intensity Discharge (HID) Lighting, Fluorescent Lighting
- Offering: Lamps & Luminaries, Control Systems, Services
- Type: New Installation, Replacement Installation, Retrofit Installation
- Application: Warehouse & Cold Storage, Factory & Production Lines, Outer Premises, Parking Areas, Hazardous Locations, and Others
Competitive Landscape
Key players in the industrial lighting market include Acuity Brands Inc., Bajaj Electricals Ltd. (Bajaj Group), Dialight plc, Eaton Corporation PLC, Elba SA, Emerson Electric Co., GE Current a Daintree Company, LSI Industries Inc., OSRAM Opto Semiconductors GmbH (OSRAM GmbH), Panasonic Corporation, Wipro Lighting, and Zumtobel Group.
Key Questions Answered in This Report:
- How large is the global industrial lighting market?
- What is the expected growth rate of the global industrial lighting market during 2023-2028?
- What are the key factors driving the global industrial lighting market?
- What has been the impact of COVID-19 on the global industrial lighting market?
- What is the breakup of the global industrial lighting market based on the product type?
- What is the breakup of the global industrial lighting market based on the light source?
- What is the breakup of the global industrial lighting market based on the offering?
- What is the breakup of the global industrial lighting market based on the type?
- What is the breakup of the global industrial lighting market based on the application?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 141 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $8.9 Billion |
| Forecasted Market Value (USD) by 2028 | $12 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/b1qhf5
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