Industrial Lighting Market Growth Opportunity, Developments and Regional Forecast to 2020-2027
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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