ReportsnReports says the industrial lighting market is forecast to reach $13.17 billion by 2023 from $7.59 billion in 2016 at a CAGR of 7.82% during (2017-2023) driven by the increasing modernization and infrastructural development, durability of LED lights for industrial usage, and low energy consumption by LEDs.
The LED lighting market is likely to grow at the highest rate during the forecast period. LEDs are one of the types of solid-state lighting technologies, which are increasingly being used in industrial applications, including warehouses and cold storage, factory and production lines, and outer premises. LED lighting has the potential to reduce the amount of energy consumed in lighting applications. Traditionally, incandescent lights were used for general lighting application; however, were extremely inefficient as they produced only 10% light and the remaining 90% of the energy was released in the form of heat.
The key players in the industrial lighting market profiled in the report include Philips Lighting Holding B.V. (Netherlands), Hubbell Lighting, Inc. (US), Emerson (US), Legrand (France), Acuity Brands Lighting, Inc. (US), TOYODA GOSEI Co., Ltd (Japan), Cree, Inc. (US), General Electric (US), Osram Licht AG (Germany) and Zumtobel Group (Austria).
The industrial lighting market in RoW will grow at the highest CAGR. On a global level, RoW is expected to grow at the highest CAGR during the forecast period. 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.
The report studies the industrial lighting market segmented on the basis of light source, offering, installation type, product, and application. It also includes the forecast of the market size, in terms of value, with respect to four main regions - North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). 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 industrial lighting market as well as describes the overall value chain of the market.
Safety is an important parameter for industrial set-ups such as plants, warehouses, and distribution centers. Hence, industrial lighting plays a key role in maintaining adequate illumination and enhancing productivity. The application areas of industrial lighting included in this study are warehouse and cold storage, factory and production lines, outer premises, parking areas, hazardous locations, and others.
In the process of determining and verifying, the market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (25%), Tier 2 (35%) and Tier 3 (40%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (35%), Directors (25%) and others (40%) from various key organizations operating in the industrial lighting market. The primary interviews were conducted worldwide covering regions such as North America (43%), Europe (14%), Asia Pacific (29%), and RoW (14%).