Industrial Lighting Market

Industrial Lighting Market -Forecast 2023 Summary The latest report published by Market Research Future (MRFR) reveals that the global industrial lighting market is expected to grow at 8% CAGR for the assessment period (2017- 2023) and the market valuation can reach USD 13 Bn approximately by 2023. The key driver of the market is the rapid industrialization all across the globe which has fueled the demand for good quality Industry Lighting Market. The initiatives undertaken by the government to boost green technology in lighting has led to innovation and expansion of product portfolios of the market players which has augmented the competition among them. Other factors which can have a positive impact on market growth are the adoption of light- emitting diodes (LEDs), subsidies on LEDs, demand for smart lighting, etc. In North America region, the industrial lighting demand is increasing with the growing need of well-lit spaces in the organizations to ensure worker safety. The industrial lighting market demand is increasing exponentially due to its durability, easy to maintain, and are ideal for high temperature environments. While, the high intensity discharge lighting are offering high quality, reliability & environmental compliance. It can be used where the most critical areas and much visible light per watt is required. These lighting is widely used in streetlights, warehouses, large retail facilities, stadiums and others. P a g e | 3 Copyright © 2017 Market Research Future.

Industrial Lighting Market -Forecast 2023 Major Key Players: The prominent players in the global Industrial Lighting market – Emerson Electric (US), Legrand (France), Acuity Brands Lighting, Inc. (US), TOYODA GOSEI Co., Ltd (Japan), Cree, Inc. (US), Philips Lighting Holding B.V. (Netherlands), Hubbell Lighting, Inc. (US), General Electric (US), Zumtobel Group (Austria), Osram Licht AG (Germany) and among others. P a g e | 4 Copyright © 2017 Market Research Future.

Industrial Lighting Market -Forecast 2023 Segmentation: By light source type, the market is segmented into LED, fluorescent, high-intensity discharge, incandescent, compact fluorescent lamp (CFL), halogen, and others. The LED light segment is expected to be the fastest growing segment owing to features such as minimum carbon emission, reduced power consumption, etc. Therefore, the governments are rolling out subsidies to promote the adoption of LEDs among consumers. By products, the market has been segmented into industrial wall lights, vintage industrial lighting, industrial look lighting, industrial hanging lights, accent lighting, task lighting, and, others. By applications, the market is segmented into factory & production lines, hotels & restaurants, outer premises, parking areas, hazardous locations, warehouse, and others. P a g e | 5 Copyright © 2017 Market Research Future.

Industrial Lighting Market -Forecast 2023 Regional Analysis: By region, the market has been segmented into Asia Pacific, North America, Europe, and Rest-of-the-World (RoW). North America has seen developments such as Philips Lighting Holding B.V. (Netherlands) partnering with World Council on City Data (WCCD) which have been fueling the market growth in the region. The constant support of the government to the players of the market to reduce carbon emission is also one of the key drivers of the market. In this region, the demand for LED lights is driving the growth of the market owing to features such as longer lifespan, low cost, lower power consumption, etc. Other factors responsible for the growth of market in the region are company’s investments in the manufacturing of different types of industrial lights products including accent lighting, task lighting spotlights, hanging fixtures, post lanterns, wall lighting, recessed fixtures, etc., and, the expansion of product portfolio by key industrial lighting manufacturers. Europe holds the potential to witness a boom in the market owing to factors such as widespread urbanization and standardized industrialization. The adoption of LED lights has enhanced the quality of industrial lighting which has is a key driver of the market. The Asia Pacific market is in a developmental phase, with industries in this region still growing. It possesses immense potential for augmented demand in the coming years. Moreover, the region is home to emerging economies such as India and China that are battling problems of hazardous pollution. Adoption of LED lights can play a part in reducing carbon monoxide levels and accelerate regional market growth. P a g e | 6 Copyright © 2017 Market Research Future.

Industrial Lighting Market