Industrial Lighting Market Share Leaders, Market Analysis, Developments and Regional Forecast 2027
Market Synopsis:
The latest report published by Market Research Future (MRFR)
reveals that the global industrial Lighting Market is
expected to grow at . The key driver of the market is the rapid
industrialization all across the globe which has fueled the demand for good
quality industry lighting. 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.
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Global Industrial Lighting Market 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.
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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.
Competitive Dashboard:
Prominent market players profiled in the report are Hubbell
Lighting, Inc. (U.S.), Cree, Inc. (U.S.), Philips Lighting Holding B.V.
(Netherlands), Emerson Electric (U.S.), General Electric (U.S.). These key
players hold a significant share of the market and undertake initiatives such
as partnerships, collaborations, innovation, research & development, etc.
to amplify their share in the market. The competition in the market has been
further enhanced by new entrants at national and regional levels. Recently,
Syska Group, a lighting solution company from India, has invested a lump sum
amount of USD 25 million for setting up three new manufacturing units which
will have humongous production capacity and it will be further increased in due
course. One of the plants will work hand in hand with the Indian government in
achieving the goals of ‘Make in India’ program.
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