Pune, India, July 26, 2019 (GLOBE NEWSWIRE) -- The valuation of the global industrial lighting market is expected to reach over USD 13 BN by 2023, asserts Market Research Future (MRFR) in its recently published analysis. MRFR also confirms that the market would register a CAGR over 8% throughout the forecast period (2017 – 2023).
This exponential rise in the market value mainly attributes to the augmenting demand for the highest quality and reliability lighting solutions in high precision working environments, such as any industrial area including assembly line, warehouses, process areas, and commercial complexes. The industrial lighting systems that operate effectively in vivid working conditions are much in demand as they can impact performance positively. Over the last decade, industrialization has grown worldwide. To remain strong in the market, industries need to scrutinize costs across every process.
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Lighting accounts for up to 80% of a warehouse’s energy bill, so it should be efficient and cost-effective. Longer-lasting and energy-efficient lighting systems have an enormous impact on an industry’s economy. Industrial lighting systems are designed to reduce operational costs through reduced downtime and lower energy consumption while keeping workers safer and improving productivity.
Other major factors fostering the market growth include the importance of industrial lighting in leveraging workers safety, a paramount concern across the industries. Also, major infrastructural development and smart city projects worldwide are driving the growth of the market. Governments worldwide are investing hugely in public security, taking up major projects, which in turn, is expected to support the market growth.
Also, major heavy industries such as Utilities and automotive invest colossally to improve operational efficiency and to upgrade and enhance their facilities and services. This, pays off well by providing increased visibility and contributing to the growth of the market.
Heavy industries such as automotive and energy are increasingly focusing on ensuring minimal inconvenience to workers by facilitating optimized operational areas; these shifts are expected to add up significant growth prospects to the market. The industrial lighting systems are subjected to rapid technological developments.
Additional key factors driving the growth of the market are growing number of business, investments in various burgeoning industries on modernization and up gradation, and increased demand for worker’s safety.
The manufacturers are increasingly focusing on the development and provision of efficient industrial lighting systems, as the improvement in the existing lighting systems can simultaneously support the performance and efficiency of any industry as a whole.
Global Industrial Lighting Market – Segments
The report segments the market into four key dynamics to widen the scope of understanding,
By Light Source Type: LED, Fluorescent, High-intensity Discharge, Incandescent, CFL, and Halogen, among others.
By Products: Vintage Industrial Lighting, Industrial Wall Lights, Industrial Look Lighting, Industrial Hanging Lights, Accent Lighting, and Task Lighting, among others.
By Application: Hotels & Restaurants, Factory & Production Lines, Parking Areas, Outer Premises, Warehouse, and Hazardous Locations, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Industrial Lighting Market – Regional Analysis
North America leads the global Industrial Lighting Market. The largest market share of the region attributes to the substantial investments made by key players in the manufacturing of different types of industrial lights products including accent lighting, task lighting spotlights, and hanging fixtures, among others.
The LED lighting has a huge demand in North American regions due to their advantages such as energy efficiency and contribution to the reduction of greenhouse gas emissions. Moreover, the emergence of high-quality industrial lighting that can improve traffic safety, the city’s attractiveness, and also contributes to the economic strength drives the regional market.
The industrial lighting market in the European region takes the second lead, globally due to the high growth in infrastructural building projects in the region. The region is expected to demonstrate rapid growth in the forthcoming period.
The Asia Pacific industrial lighting market has emerged as a profitable market due to the rapid industrialization in the region. Moreover, an increasing number of infrastructure development activities alongside, the smart city projects, are propelling the regional market growth. Especially, in countries like China, Japan, and India, the industrial lighting market is brisk and expected to register a substantial CAGR, region-wide in the coming years.
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Global Industrial Lighting Market – Competitive Analysis
The industrial lighting market appears to be highly competitive due to the presence of several small and large-scale players. These players incorporate strategic initiatives, such as innovations in products and manufacturing techniques, mergers & acquisitions, and brand reinforcement to churn the competition in the market and to maintain their positions.
Major Players
Players leading the global industrial lighting market include Legrand (France), Emerson Electric (US), Acuity Brands Lighting, Inc. (US), Cree, Inc. (US), TOYODA GOSEI Co., Ltd (Japan), Philips Lighting Holding B.V. (Netherlands), General Electric (US), Hubbell Lighting, Inc. (US), Zumtobel Group (Austria), and Osram Licht AG (Germany), among others.
Industry News
July 15, 2019 - Larson Electronics (the US), a manufacturer of industrial lighting equipment and accessories launched an explosion-proof motor for use in Class I, Divisions 1 and 2 hazardous locations. This 1.5 horsepower motor is compatible with 230V AC single-phase 60Hz and offers 7.8 FLA. It is Class F insulation rated and features a NEMA 56H motor frame that can be installed with industrial systems through an integrated mounting foot.
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