New York, US, March 13, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Industrial Lighting Market Research Report: By Type, Products, Application – Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 16.9 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 7.80% during the assessment timeframe.
2022 has been a successful year for industrial lighting manufacturers despite numerous challenges and inflationary pressures. Considering the increased turnover and gross margins, most are investing in the niche heavy industrial LED lighting markets to improve industrial lighting, hazardous areas, and security surveillance. They are also investing significantly in developing new products and SMART lighting technology.
To bring products to market quickly and meet their growth targets, they are focusing on building hazardous area lighting systems and scaling up their teams. Despite the turbulent trading environment and, the increased cost of components & ongoing issues with supply chain management, industrial lighting system manufacturers saw a significant rise in their turnover and achieved notable sales growth.
Players leading the global industrial lighting market include.
- Legrand (France)
- Emerson Electric (US)
- Acuity Brands Lighting, Inc. (US)
- Cree, Inc. (US)
- TOYODA GOSEI Co., Ltd (Japan)
- Philips Lighting Holding BV (Netherlands)
- General Electric (US)
- Hubbell Lighting, Inc. (US)
- Zumtobel Group (Austria)
- Osram Licht AG (Germany), among others.
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Industrial lighting is essential to any industrial area, contributing majorly to its performance. As a result, industrial lighting systems that operate effectively in vivid working conditions are in much demand. Over the last decade, industrialization has spurred worldwide. Industries must scrutinize costs across every process to remain strong in the market.
|Revenue forecast in 2030||USD 16.9 Billion|
|Growth Rate||CAGR of 7.80% from 2022 to 2030|
|Key Market Opportunities||Adoption of LEDs in various areas of applications and the increased Demand for smart lighting|
|Key Market Drivers||Rising Demand in the Filled of Photography interior Designing,
Increasing industrialization in all the regions of the world
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Lighting accounts for up to 80% of a warehouse’s energy bill, so lighting systems need to be as efficient and cost-effective as possible. Longer-lasting and energy-efficient lighting systems enormously impact an industry’s economy. Industrial lighting systems are designed to reduce operational costs by minimizing downtime and energy consumption while keeping workers safer and improving productivity.
The long-term outlook of the industrial lighting market is likely to remain extremely positive due to the increasing global demand for high-performance and, low-energy & maintenance LED illuminators. This exponential rise in the market value mainly attributes to the augmenting demand for the highest quality and reliable lighting solutions in high-precision working environments such as any industrial area, including assembly lines, warehouses, process areas, and commercial complexes.
Other major factors fostering the market size include the importance of industrial lighting in leveraging workers’ safety, a paramount concern across industries. Also, major infrastructural development and smart city projects worldwide drive market demand. Governments worldwide are investing hugely in public security, taking up major projects supporting market growth.
Heavy industries such as automotive and energy increasingly focus on ensuring minimal inconvenience to workers by facilitating optimized operational areas. Also, all major heavy industries invest colossally to improve operational efficiency and upgrade and enhance their facilities and services, providing increased visibility and contributing to the market’s growth.
Additionally, growing investments from various burgeoning industries in modernization and upgrades of lighting systems, alongside the increased demand for worker safety, bolster market revenues. Manufacturers are increasingly focusing on developing efficient industrial lighting systems and improving the existing lighting systems to enhance the performance and efficiency of any industry.
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Industrial Lighting Market Segments
The industrial lighting market report is segmented into light products, source types, applications, and regions to widen the scope of understanding. The light source type segment is sub-segmented into LED, fluorescent, high-intensity discharge, incandescent, CFL, halogen, and others.
The products segment is sub-segmented into vintage industrial lighting, industrial wall lights, industrial look lighting, industrial hanging lights, accent lighting, task lighting, and others. The application segment is sub-segmented into hotels & restaurants, factory & production lines, parking areas, outer premises, warehouses, hazardous locations, and others. The region segment is sub-segmented into Asia-Pacific, North America, Europe, and the Rest-of-the-World.
North America leads the global Industrial Lighting Market, accounting for the largest market share. Substantial investments made by manufacturers in developing different types of industrial lighting products, including accent lighting, task lighting spotlights, and hanging fixtures, drive market growth.
LED lighting has a huge demand in various North American countries due to its advantages, such as energy efficiency and contribution to reducing greenhouse gas emissions. Moreover, the emergence of high-quality industrial lighting that can improve traffic safety and the city’s attractiveness and contributes to the economic strength boosts the region’s market shares.
Europe takes the second lead in the global industrial lighting market due to the high growth in infrastructural building projects. The region is expected to demonstrate rapid growth in the forthcoming period. The European industrial lighting market is expected to register a substantial CAGR in the coming years.
The Asia Pacific industrial lighting market has emerged as a profitable market globally due to the rapid industrialization in the region. Moreover, increasing infrastructure development activities, alongside smart city projects, spur regional market growth. Especially in countries like China, Japan, and India, the industrial lighting market.
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The industrial lighting market appears highly competitive due to the presence of several small and large-scale players. Industrial lighting equipment and accessories manufacturers also accentuate explosion-proof 1.5 horsepower motors compatible with 230V AC single-phase 60Hz & offer 7.8 FLA for use in class I and divisions 1 & 2 hazardous locations.
They ensure that their products are Class F insulation rated and feature a NEMA 56H motor frame that is easily installed with industrial systems through an integrated mounting foot. These players incorporate strategic initiatives such as innovations in products and manufacturing techniques, mergers & acquisitions, and brand reinforcement to churn the market’s competition and maintain their positions in the Industrial Lighting Market.
For instance, on Mar. 07, 2023, Tivoli Lighting announced the expansion of its product line, the ADAPT, to provide even more mix-and-match options for designers. The ADAPT family now offers 14 designer globes, 12 & 24 inches of factory-molded standard spacing, two mounting options, and additional light shade choices for interior & exterior commercial and aesthetic architectural lighting. The new ADAPT True RGB+W series is enhanced with 16 million color combinations to connect interior spaces and exterior lighting beautifully.
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