Albany, NY -- (SBWIRE) -- 10/15/2018 -- The top three players in the global energy-efficient warehouse lighting market, namely Philips Lighting Holding B.V., Eaton, and General Electric Company, accounted for nearly 83% of the overall market in 2015, with Philips and Eaton holding an almost similar percentage of shares. Despite this, the presence of numerous small-sized local players, especially in China, has been giving large, international vendors stiff competition, Transparency Market Research (TMR) has found.

"Smart lighting technology has emerged as a leading opportunity for companies in the energy-efficient warehouse lighting market," the author of the study states. Smart lighting has the ability to reduce overall energy consumption, which is making it an attractive investment for warehouse owners. As end users become informed about the benefits of automated smart lighting systems, together with modern CFL, LED, and OLED lamps, their sales are expected to rise.

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Increased R&D activities and partnerships for the development of advanced and energy-efficient lighting systems is also a key strategy adopted by several players. A case in point would be Philips. In February 2016, Koninklijke Philips N.V. separated its lighting business to establish Philips Lighting Holding B.V. This has allowed the company to sharpen its strategic focus toward its core competent business. Later in June 2016, this new business joined hands with Netherlands-based Dummen Orange to conduct R&D activities in the LED segment.

"The demand for energy-efficient warehouse lighting has received significant impetus from companies looking to reduce their energy consumption in warehouses," a TMR analyst states. Compared to traditional incandescent lighting systems, advanced and smart lighting solutions such as LED and CFL help companies conserve energy and save on costs. The demand for energy-efficient warehouse lighting has risen with their growing usage in refrigeration, lighting, cooling and ventilation, material handling, and others applications in warehouses.

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The energy-efficient warehouse lighting market has also been supported by favorable government regulations around the world. For instance, the U.S. government has banned the use of incandescent lighting in warehouse spaces. It has also provided vendors utility rebates, thereby boosting the use of energy-efficient lighting solutions. Several European countries have implemented Energy Performance Certificates, which require commercial spaces to adhere to energy-efficient processes and requirements.

In contrast, high initial investments and undefined technology issues discourage numerous companies from making the switch to energy-efficient warehouse lighting.