Global Market Study on Industrial Lighting: Implementation of Smart & Connected Lighting Solutions to Augment Market Growth
Industrial Lighting usage has grown not just in terms of application in these broad fields of end users but also due to technological advancements in them. Over the years, as industrial automation in various sectors has gained momentum, coupled with a labor shortage and the need to reduce labor costs, more industry owners are relying on smart industrial lighting as an investment with long-term financial gains in mind.
Global Industrial Lighting Market was valued at USD 6.50 Billion in 2021 and is expected to reach USD 9.33 Billion by the year 2028, at a CAGR of 5.3%.
There are various factors that significantly affect the Industrial Lighting Market. Factors such as an increase in demand for cost-effective and energy-saving LED lighting, a rise in government initiatives toward LED adoption, and a surge in the need to replace traditional lighting systems drive the growth of the market. However, the high initial cost of LED lighting technology and the presence of voltage sensitivity and temperature dependency hamper the market growth. Furthermore, an increase in the adoption of smart lighting systems is expected to offer lucrative opportunities to the industrial and commercial LED lighting market growth.
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The Major Players In The Industrial Lighting Market Include:
Siemens, GE Lighting, Signify (formerly Philips Lighting), USHIO America Inc., Crompton Greaves Ltd., Acuity Brands Lighting Inc., Litetronics InternationalInc., Havells India Ltd, and OSRAM Gmbh, among others
Market has segmented the global Industrial Lighting market on the basis of type, application, and region:
The Industrial Lighting market is segmented by type and application. Growth between segments over the period 2022-2028 provides accurate calculations and forecasts of revenue by type and application in terms of volume and value. This analysis can help you expand your business by targeting eligible niches.
By Type:
High/Low Bay Lighting, Flood/Area Lighting
By Application:
Oil and Gas, Mining, Pharmaceutical, Manufacturing, Warehouse, Other End-user Applications
By Regional Outlook (Revenue, USD Billion, 2017 – 2028)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
- Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of South America)
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Covid-19 Impact and Recovery Analysis on Industry:
The COVID-19 pandemic has had devastating effects on several industry verticals globally. To constrain the number of cases and slow the coronavirus spread, various public health guidelines were implemented in different countries across the globe. COVID-19 protocols ranging from declaring national emergency states, enforcing stay-at-home orders, closing nonessential business operations and schools, banning public gatherings, imposing curfews, distributing digital passes, and allowing police to restrict citizen movements within a country, as well as closing international borders. With the growing vaccination rate, governments are uplifting the protocols to give a boost to the stagnant economy. Like other industries, Industrial Lighting Market have experienced slowdown the growth, however market is expected bounce back as restrictions are being lifted up by governments across the globe.
Report covered the major key points:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 7years, along with 5 years of historical data for all segments, sub-segments, and regions
- Market Segmentation caters to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter's Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
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