NEW YORK, May 4, 2021 /PRNewswire/ -- Rising global warming has forced governments and international organizations to come up with numerous regulations off late, including regulating the use of industrial lights. This has led to increased use of advanced energy-efficient lighting such as LEDs. LED luminaires can lead to around 50% energy cost savings as compared to HID lamps, and 30-40% as compared to fluorescent lights, due to which, industries are switching over to LED lighting in a big way. Increase in LED lighting demand will defiantly provide a boost to the requirement of industrial lighting.
Demand for industrial lighting witnessed a dip in 2020 due to the economic crisis caused by the COVID-19 pandemic. However, the pandemic later led to customer inclination toward online retail, and hence, demand for storage facilities from the e-Commerce industry saw an increase. This has surged the demand for industrial lighting as well.
The global industrial lighting market is projected to reach a valuation of around US$ 17 Bn by 2031, expanding at a CAGR of close to 7% throughout the forecast period.
Key Takeaways from Market Study
- To encourage the use of LED lighting, government organizations are starting incentive-based schemes.
- Labor cost reduction, cost-cutting technology, and energy savings are the reason companies are employing industry 4.0. Smart and connected industrial lighting will play a vital role in implementing and automating facilities.
- Leading players are focusing on development of technologically advanced lighting solutions with the implementation smart automation and IoT. These activities are expected to create high growth opportunities for industrial lighting manufacturers.
- Increasing number of small- and medium-sized regional manufacturers is expected to have significant contribution to market growth over the years to come.
- In the present scenario, fluorescent lighting has a leading share in the market. However, LED lighting is expected to witness the highest growth rate and reach a dominant share in the market by the end of the forecast period.
- North America and Europe are expected to have leading market shares in the global market, owing to the presence of large industrial bases in the developed countries across these regions. However, the market in East Asia is expected to witness the highest growth rate on the back of rapid industrialization in countries from the region, including China and Japan.
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"Increasing prominence of smart and connected industrial lighting and high demand for storage facilities from the online retail market are key factors driving demand," says a Persistence Market Research analyst.
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Competitive Landscape
The market is moderately consolidated, with key players accounting for nearly half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in this industry are Emerson Electric Co, Signify Holding, OSRAM GmbH, GE Current, Panasonic Corporation, Hubbell Incorporated, and ACUITY BRANDS LIGHTING.
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Find More Valuable Insights
The research report analyzes demand for industrial lighting. The market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Persistence Market Research's research scope, the market has been analyzed on the basis of type, application, installation, end user, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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