NEW YORK — The industrial lighting market size is forecasted to increase by USD 3,014.53 million from 2022 to 2027, at a CAGR of 6.34%, according to the recent market study by Technavio. The growth of the market will be driven by the growing adoption of energy-efficient lighting technologies, enforcement of the Minamata Convention on mercury, and growing demand from the automotive sector.
Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report.
Technavio has extensively analyzed 15 major vendors, including 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
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Key benefits for industry players & stakeholdersÂ
- The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
- It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
- The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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Customer landscape – Analysis of price sensitivity, adoption lifecycle, customer purchase basket, adoption rates, and purchase criteria by Technavio
- One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
- Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
- Furthermore, market adoption rates for all regions have been covered.
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The market is segmented by type (LED technology and traditional technology) and application (new installation, replacement installation, and retrofit installation).
Segmentation by type (inclusion/exclusion)
Inclusion
- LED Technology:
The led technology segment was valued at USD 4,016.03 million in 2017 and continue to grow by 2021. The major reasons for this tremendous growth are the energy-saving characteristics of LEDs, their decreasing cost, and compatibility with the existing lighting fixtures. The penetration of LEDs in Japan grew significantly after the Fukushima nuclear disaster, leading to a severe energy crisis in the country. In addition, the European Commission has decided to ban low-voltage halogen lamps, which will further drive LED penetration during the forecast period.
Related Reports:
The industrial and commercial LED lighting market is projected to grow by USD 41.56 billion with a CAGR of 17.44% during the forecast period 2021 to 2026. Furthermore, this report extensively covers the industrial and commercial LED lighting market segmentation by product type (LED lamps and LED fixtures) and geography (Europe, APAC, North America, Middle East and Africa, and South America).
The led lighting market is estimated to grow at a CAGR of 7.35% between 2022 and 2027. The size of the market is forecast to increase by USD 34.82 billion. This led market research report extensively covers market segmentation by application (residential, commercial, outdoor, industrial, and others), product (luminaries and lamps), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
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What are the key data covered in this industrial lighting market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the industrial lighting market between 2023 and 2027
- Precise estimation of the industrial lighting market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industrial lighting industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of industrial lighting market vendors
