NEW YORK — The industrial lighting market size is expected to grow by USD 3.01 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.34% during the forecast period. The market is segmented by type (LED technology and traditional technology), application (new installation, replacement installation, and retrofit installation), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The growing demand from the automotive sector drives the market growth. There is a significant growth in automotive lighting fueled by the demand for exterior lighting, especially headlights. The penetration of LED technology from high-end vehicles to mid-range and low-end vehicles is significantly contributing to the growth of the market. In addition, there is an increasing focus by industrial players on launching advanced LED lighting solutions and expanding their presence in the automotive industry. Hence, such factors are positively impacting the market, which, in turn, will drive the market growth during the forecast period.
The report analyzes the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the industrial lighting market: Acuity Brands Inc., Advanced Lighting Technologies LLC, Dialight Plc, Eaton Corp. Plc, ELBA SA, Emerson Electric Co, Hubbell Inc., IDEAL INDUSTRIES Inc., Iwasaki Electric Co. Ltd., Leedarson IoT Technology Inc., Legrand SA, LG Innotek Co. Ltd., LSI Industries Inc, Luminus Inc, Nichia Corp., OSRAM GmbH, Panasonic Holdings Corp., Savant Systems Inc., Schneider Electric SE, and Signify NV
- Industrial Lighting Market is fragmented in nature.
- Market to observe 5.19% YOY growth in 2023.
Market Dynamics:
Trend
- Increasing strategic partnerships and recent developments are a primary trend in the market during the forecast period.
- The main advantage for companies entering into strategic alliances is that it enables companies to explore additional opportunities without incurring a large financial burden.
- Therefore, such product development and product commercialization partnerships provide market players with several advantages, including containing costs, expanding product lines, and expanding
Challenges
- Lack of standardization is a major challenge hindering the growth of the global industrial lighting market.
- Even though favorable government policies promote the use of LED lighting around the world, the specifications for manufacturing LED lighting differ from country to country.
- As a result of this lack of standardization, it generates a barrier for international market players as they are forced to adhere to regionally based standards.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing report.
Keg Segments:
The market share growth by technology segment is significant during the forecast period. There is an increasing adoption of LED technology across the globe as there is a high growth in the use of LED components and LED-based luminaires by end-users. Factors such as the decreasing cost and compatibility with the existing lighting fixtures are significantly fuelling the adoption of LEDs. For instance, there was a significant penetration of LEDs across Japan after the Fukushima nuclear disaster, resulting in a severe energy crisis in the country. Hence, such factors are expected to fuel the growth of this segment, which in turn will drive the market growth during the forecast period.
Get a glance at the market contribution of the segments, Request Free Sample Report.
Tagged with industrial lighting