Industrial Lighting Market Projected To Cross US$ 12 Billion At 4.95% CAGR By 2028 | IMARC Group


(MENAFN- IMARC Group) The latest report by IMARC Group, titled“ Industrial Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ”, offers a comprehensive analysis of the industry, which comprises insights on the market. The global industrial lighting market size reached US$ 8.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.0 Billion by 2028, exhibiting a growth rate (CAGR) of 4.95% during 2023-2028.

Factors Affecting the Growth of the Industrial Lighting Industry:

  • Rising Regulatory Compliance:

Regulatory compliance and a growing emphasis on environmental sustainability are significant factors influencing the industrial lighting market. Governments and regulatory bodies around the world are imposing stricter regulations on energy use and environmental impact, including lighting standards. These regulations often mandate the use of more energy-efficient lighting solutions and may restrict the use of certain types of lighting technologies that have a higher environmental impact. Industries are, therefore, compelled to adopt lighting solutions that meet these regulatory requirements and also contribute to broader sustainability goals. This compliance-driven demand is bolstered by a growing societal expectation for businesses to operate responsibly and minimize their environmental footprint.

  • Need for Energy Efficiency:

One of the primary factors driving the industrial lighting market is the increasing demand for energy-efficient lighting solutions. Industries are constantly seeking ways to reduce energy consumption and operational costs, and lighting can constitute a significant portion of energy use. LED technology has revolutionized industrial lighting by offering products that not only consume significantly less energy compared to traditional lighting solutions like incandescent and fluorescent lights but also have a longer lifespan. This reduction in energy consumption directly translates to cost savings for businesses, making energy-efficient lighting solutions highly attractive. Furthermore, many governments worldwide are implementing regulations and offering incentives for energy-saving measures, encouraging industries to adopt more efficient lighting technologies. This push toward sustainability is not just about cost savings; it's also about corporate responsibility and reducing environmental impact, making energy efficiency a key driver in the industrial lighting market.

  • Technological Advancements:

The industrial lighting market is also being driven by rapid technological advancements, particularly in the area of smart lighting and Internet of Things (IoT) integration. Smart lighting systems offer unprecedented control over lighting operations, allowing for real-time adjustments, scheduling, and even predictive maintenance. These systems can significantly improve operational efficiency and safety in industrial environments by ensuring optimal lighting conditions and reducing downtime. The integration of sensors and connectivity allows for a more responsive and automated lighting environment, which can adapt to different conditions and requirements without manual intervention. This level of control and flexibility is particularly beneficial in industries where lighting needs may vary significantly, such as manufacturing facilities or warehouses.

For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/industrial-lighting-market/requestsample

Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

  • Acuity Brands Inc.
  • Bajaj Electricals Ltd. (Bajaj Group)
  • Dialight plc
  • Eaton Corporation PLC
  • Elba SA
  • Emerson Electric Co.
  • GE Current, a Daintree Company
  • LSI Industries Inc.
  • OSRAM Opto Semiconductors GmbH (OSRAM GmbH)
  • Panasonic Corporation
  • Wipro Lighting
  • Zumtobel Group

Industrial Lighting Market Report Segmentation:

By Product Type:

  • High/Low Bay Lighting
  • Flood/Area Lighting

Flood/area lighting represents the leading segment as it is designed to cast a wide spread of light, making it suitable for illuminating large areas.

By Light Source:

  • LED
  • High-Intensity Discharge (HID) Lighting
  • Fluorescent Lighting

LED holds the largest market share due to superior energy efficiency, longevity, environmental friendliness, and robustness.

By Offering:

  • Lamps & Luminaries
  • Control Systems
  • Services

Based on the offering, the market has been divided into lamps and luminaries, control systems, and services.

By Type:

  • New Installation
  • Replacement Installation
  • Retrofit Installation

On the basis of the type, the market has been segmented into new installation, replacement installation, and retrofit installation.

By Application:

  • Warehouse & Cold Storage
  • Factory & Production Lines
  • Outer Premises
  • Parking Areas
  • Hazardous Locations
  • Others

Factory and production lines dominate the market as proper lighting is vital for the safety of the workers.

By Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Asia Pacific's dominance in the industrial lighting market is attributed to the rising construction of various industrial projects.

Global Industrial Lighting Market Trends:

Presently, energy efficiency and sustainability are key drivers influencing industrial lighting decisions. Organizations are increasingly adopting energy-efficient LED lighting solutions to reduce energy consumption, lower operating costs, and minimize their carbon footprint. Additionally, there is a growing demand for sustainable lighting products made from eco-friendly materials and designed for recyclability. Besides, the adoption of smart lighting solutions in industrial settings is on the rise, driven by advancements in IoT technology and the demand for connected lighting systems. Smart industrial lighting solutions offer features such as remote monitoring and control, dynamic lighting adjustments based on occupancy and daylight levels, and integration with building management systems for enhanced energy management and operational efficiency.

Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=5790&flag=C

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email:
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163

MENAFN28022024004122016232ID1107911038


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.