Increasing Modernization and Infrastructural Development driving the growth of Industrial Lighting Market

The industrial lighting market is expected to be worth USD 13.17 Billion by 2023, growing at a CAGR of 7.82% between 2017 and 2023.

The major drivers for the market include modernization and infrastructural development, durability of LED lights for industrial usage, and low energy consumption by LEDs.

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Drivers

1 Increasing Modernization and Infrastructural Development
2 Growing Penetration of LEDs, Due to Reducing Price, Across Diversified Industrial Applications
3 Durability of LED Lights for Industrial Usage
4 Low Energy Consumption By LEDs

Restraints

1 Lack of Standardization Across Industries
2 High Cost of Equipment and Implementation

Opportunities
1 Development of Wireless Control Platforms for LEDs
2 Use of LEDs in Wireless Data Transfer

Challenges

1 Low Profit Margin of LED Lighting Products

Lamps and luminaires expected to lead the overall industrial lighting market

The lamps and luminaires segment is expected to hold the largest share of the overall industrial lighting market during the forecast period. The highest share of the lamps and luminaires segment is attributed to the rapid penetration of LED lighting and the corresponding demand for technologically advanced LED lighting fixtures. Moreover, the benefits such as less power consumption, high efficiency, and comparatively longer life span associated with LEDs would drive the growth of the industrial lighting market for the lamps and luminaires segment during the forecast period.

The market for LED lighting to grow at the highest rate during the forecast period

The market for LED lighting is expected to grow at the highest rate between 2017 and 2023. LED lighting has the potential to reduce the amount of energy consumed in lighting applications. Moreover, LED has now evolved as a major lighting technology with a longer life, greater durability, flexibility, energy efficiency, and nontoxicity compared with other lighting solutions.

APAC held the largest share of the industrial lighting market in 2016

Asia Pacific (APAC) held the largest share of the industrial lighting market in 2016 owing to the high industrial and infrastructure development in the region and the need for energy-efficient lighting technologies across the industrial applications segment including warehouse and cold storage, factory and production lines, and parking spaces.

Top Companies Analyzed for This Study are -

Emerson; Philips Lighting Holding B.V.; General Electric; Schneider Electric; Acuity Brands Lighting, Inc.; Hubbell Incorporated; Legrand; Ushio America, Inc; Litetronics International, Inc.; Cree, Inc. ; Lg Innotek; Osram Licht Ag; Leviton Manufacturing Co., Inc.; Zumtobel Group Ag; Eaton; Dialight; Advanced Lighting Technologies, Inc.; Aixtron Se; LED Engin, Inc; Lumenpulse Group; TOYODA GOSEI Co., Ltd. the Luma Group, Inc.; Digital Lumens, Inc.; Fulham Co., Inc.; LED Lighting Systems