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Research Reports

Industrial Lighting Market Estimates the market to expand at around 6.6% CAGR from 2021 to 2031

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Rising global warming has forced governments and international organizations to come up with numerous regulations off late, including regulating the use of industrial lights. This has led to increased use of advanced energy-efficient lighting such as LEDs.

LED luminaires can lead to around 50% energy cost savings as compared to HID lamps, and 30-40% as compared to fluorescent lights, due to which, industries are switching over to LED lighting in a big way. Increase in LED lighting demand will defiantly provide a boost to the requirement of industrial lighting.

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Demand for industrial lighting witnessed a dip in 2020 due to the economic crisis caused by the COVID-19 pandemic. However, the pandemic later led to customer inclination toward online retail, and hence, demand for storage facilities from the e-Commerce industry saw an increase. This has surged the demand for industrial lighting as well.

The global industrial lighting market is projected to reach a valuation of around US$ 17 Bn by 2031, expanding at a CAGR of close to 7% throughout the forecast period.

Key Takeaways from Market Study

 

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“Increasing prominence of smart and connected industrial lighting and high demand for storage facilities from the online retail market are key factors driving demand,” says a Persistence Market Research analyst.

Competitive Landscape

The market is moderately consolidated, with key players accounting for nearly half of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in this industry are Emerson Electric Co, Signify Holding, OSRAM GmbH, GE Current, Panasonic Corporation, Hubbell Incorporated, and ACUITY BRANDS LIGHTING.

Find More Valuable Insights

The research report analyzes demand for industrial lighting. The market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends, and market background. As per Persistence Market Research’s research scope, the market has been analyzed on the basis of type, application, installation, end user, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.

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