A recent report published by Infinium Global Research on
industrial lighting market provides in-depth analysis of segments and sub-segments
in the global as well as regional industrial lighting market. The study also
highlights the impact of drivers, restraints, and macro indicators on the
global and regional industrial lighting market over the short term as well as
long term. The report is a comprehensive presentation of trends, forecast and
dollar values of global industrial lighting market. According to the report,
the global industrial lighting market is projected to grow at a CAGR of 4.7%
over the forecast period of 2020-2026.
Industrial lighting plays a vital role in manufacturing
environments such as chemical plants, factories, and refineries. It helps in
spotting or identifying hazards, and other dangerous conditions. It makes
manufacturing employees perform their work more accurately. The preference for
decorative lighting in hotels and restaurants is a prevailing trend nowadays.
New lighting technologies offer better energy usage, performance, and
maintenance.
The growing demand for energy-efficient lighting systems across
different industrial sectors will augment the growth of the industrial lighting
market. The availability of a broad range of lighting products at competitive
prices drives the expansion of the industrial lighting market. Additionally,
price reduction in LEDs led to the growing adoption of LED lighting products.
Favorable government regulations with respect to conventional lighting and
energy consumption propel the growth of the industrial lighting market.
Further, rapid industrialization worldwide promotes the growth of the
industrial lighting market. The growing population, surge in income, and swift
urbanization stimulates the expansion of the industrial lighting market. In
addition, proliferating concerns about the insufficiency of resources along
with climate changes are one the major contributor to the growth of the market.
Industries are focusing on cost savings and energy conservation plans LED to
the adoption of huge energy optimization opportunities.
Furthermore, proper industrial lighting helps in maintain process
productivity. Reduction in overall industrial expenditure fuels the market
growth. Industrial lighting plays a major role in enhancing working conditions
that optimize labor costs as well as improves overall manufacturing performance
and enhances customer satisfaction. On the flip side, the initial cost to
integrate the manufacturing plant for the lighting system is high that hinders
the growth of the industrial lighting market. Moreover, the development of new
lighting technologies creates several opportunities for the growth of the
industrial lighting market.
Geographically, the global industrial lighting market is
classified into North America, Asia-Pacific, Europe, and the Rest of the World.
Asia-Pacific region is expected to have a prominent share in the global
industrial lighting market. The growing number of infrastructural building
projects in the Asia-Pacific region promotes the market growth in the region.
Europe is anticipated to grow in the global industrial lighting market with a
significant CAGR over the forecast period. The surge in the number of
industrialized warehouses and storage in European countries promote market
growth in the region. North America has fruitful growth opportunities in the
global industrial lighting market. The rising investments in the manufacturing
of various types of industrial light products such as task lighting spotlights,
accent lighting, post lanterns, wall lighting, recessed fixtures, and others in
North America LED to the growth of the industrial lighting market.
The report on the global industrial lighting market covers segments
such as type, product, and application. On the basis of type, the sub-markets
include high-intensity discharge, LED, fluorescent, and incandescent. On the
basis of product, the sub-markets include vintage industrial lighting,
industrial wall lights, industrial hanging light, task lighting, industrial
look lighting, and accent lighting. On the basis of application, the
sub-markets include hotels and restaurants, factory and production lines,
parking area, outer premises, warehouse, hazardous locations, and other
applications.
The report provides profiles of the companies in the market such
as TOYODA GOSEI Co. Ltd., Cree Inc., Emerson Electric Co., Legrand, Acuity
Brands Lighting Inc., Signify Holding B.V., Hubbell Lighting Inc., General
Electric Co, Zumtobel Group, Osram Licht AG, and other companies.
The report provides deep insights into the demand forecasts,
market trends, and micro and macro indicators. In addition, this report
provides insights into the factors that are driving and restraining the growth
in this market. Moreover, The IGR-Growth Matrix analysis given in the report
brings an insight into the investment areas that existing or new market players
can consider. The report provides insights into the market using analytical
tools such as Porter's five forces analysis and DRO analysis of the industrial
lighting market. Moreover, the study highlights current market trends and
provides forecasts from 2020-2026. We also have highlighted future trends in the
market that will affect the demand during the forecast period. Moreover, the
competitive analysis given in each regional market brings an insight into the
market share of the leading players.