Industrial Lighting Market 2018 Receives a Rapid Boost in Economy due to High Emerging Demands by Forecast to 2023
Pune, India -- (SBWIRE) -- 12/07/2018 -- Global Industrial Lighting Market, Light Source Type (LED, Fluorescent, High Intensity Discharge, Incandescent), By Products (Industrial Wall Lights, Vintage Industrial Lighting, Industrial Look Lighting, Industrial Hanging Light, Task Lighting, Accent Lighting), By Applications- Forecast 2023
The Global Industrial Lighting Market is expected to grow at USD 13 Billion by 2023, at 8% of CAGR between 2018 and 2023.
The notable players operating in the global industrial lighting market include Emerson Electric (US), Acuity Brands Lighting, Inc. (US), Cree, Inc. (US), Hubbell Lighting, Inc. (US), Zumtobel Group (Austria), Legrand (France), TOYODA GOSEI Co., Ltd (Japan), Philips Lighting Holding B.V. (Netherlands), General Electric (US), Osram Licht AG (Germany) and among others.
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The global market for industrial lighting is growing at a moderate pace. The global industrial lighting market is expected to reach USD 13 Billion by 2023, reflecting a CAGR of 8% over the forecast period of 2017-2023, proclaims Market Research Future (MRFR) in an exhaustive research report. The growth of the market is sustained by rapid industrialization across the globe which has fueled the demand for better quality Industrial Lighting Market. In the light of industrialization, industrial leaders and manufacturers face mounting challenges to improve operational efficiency and boost productivity. Better lighting being a valuable tool for brightening prospects has fueled the demand for industrial lighting across diverse industries. Stringent energy efficiency regulations pertaining to energy consumption and saving has spurred the penetration of low-energy light sources and is likely to encourage market growth over the forecast period. Various governments have banned inefficient lighting technologies, and there has been a greater focus on energy awareness which has prompted industry participants to reduce their energy consumption which induces high demand for power saving efficient industrial lighting and augments the growth of the market. The prices of industrial lightings have eroded aggressively over the past few years and have raised penetration in many industry segments. Moreover, macroeconomic situations are influencing new constructions and consequently increasing the demand for industrial lighting. Initiatives to boost green technology has resulted in innovation and expansion of product portfolio which has opened up new avenues for the growth of the global industrial lighting market.
The global industrial lighting market has been segmented based on light source type, products, and application. By light source type, the market has been segmented into LED, Fluorescent, High Intensity Discharge, Incandescent, CFL, Halogen, and others. 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 application, the market has been segmented into Factory & Production Lines, Hotels & Restaurants, Outer Premises, Parking Areas, Hazardous Locations, Warehouse, and others.
The global industrial lighting market spans across the regions of Asia Pacific, North America, Europe and Rest of the World. North America is leading the global market for industrial lighting due to high consumption of LED lighting in the region, the presence of key players in the region and a number of merger and collaborative activities between industry giants in the region. Moreover, North America is an industrially developed area which further supports the growth of the market. Europe market for industrial lighting is strong and is led by widespread industrialization in the region. Considering the ongoing industrialization that Asia Pacific has witnessed over the last decade, the demand for industrial lighting has soared high than ever. The region stores lucrative growth opportunities in the untapped markets of the region.
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- In August 2018, Cree, Inc., a manufacturer of industrial lights, announced a new product, the XLamp XP-G3 S Line LED. The new product is a more robust version of the XP-G3 LED and can withstand double the number of switching cycles as compared to other products.
- In September 2018, Larson Electronics, a leader in industrial grade lighting, released a new LED tank light that is explosion proof and portable. The LED fixture can produce 10,000 lumens of light while drawing only 150 watts and provides a wide area of work area coverage.
Table of Contents
1 Market Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.3 Market Structure:
1.3.1 Global Industrial Lighting Market: By Light Source Type
1.3.2 Global Industrial Lighting Market: By Products
1.3.3 Global Industrial Lighting Market: By Application
1.3.4 Global Industrial Lighting Market: By Region
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