In a study by Research and Markets, the industrial lighting market is expected to be worth USD 13.17 Billion by 2023, growing at a CAGR of 7.82% between 2017 and 2023. The major drivers for the market include modernization and infrastructural development, durability of LED lights for industrial usage, and low energy consumption by LEDs.
The report covers the industrial lighting market on the basis of light source, offering, installation type, product, application, and geography. The study identifies and analyzes the market dynamics such as drivers, restraints, opportunities, and industry-specific challenges for the market. It also profiles the key players operating in the industrial lighting market.
The factory and production lines application held a larger share of the industrial lighting market in 2016. Factory and production lines are upgrading to critical lighting solutions, such as LEDs and connected lighting solution, to receive an immediate payback on their investment through improved light quality and control. The factory and production lines is the largest application area for industrial lighting solutions. The variety of work performed in the industry can vary tremendously from production to machining. Therefore, every lighting solution needs to be customized according to the available space and the complexity of the task being performed.
On the basis of product, the flood lighting/area lighting held the largest share in 2016, while spot lighting is expected to grow at the highest rate during the forecast period. Flood lighting or area lighting solutions are increasingly being used for the applications such as warehouses, industrial outer premises, and parking areas. These lighting solutions provide bright light to these areas and ensure its safety and security. This lighting system is one of the common products offered by many companies in their product portfolio.
Asia Pacific (APAC) dominates the industrial lighting market; however, RoW is expected to grow at the highest rate during the forecast period. The countries in the RoW region are likely to witness an extensive growth in infrastructural building projects. Therefore, the industrial lighting market in this region is expected to exhibit a high growth.Tagged with industrial lighting, LED lighting