Industrial Lighting Market To Hit USD 5179.2 million by 2024 with LED Light Source is Expected to Hold Major Share
Global Industrial Lighting Market 2019-2024 Growing at a CAGR of 4.5%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.
Dallas, United States – September 30, 2019 /MarketersMedia/ —
Market Overview
The Industrial Lighting Market was valued at USD 4025.6 million in 2018 and is expected to reach USD 5179.2 million by 2024, recording a CAGR of 4.5%, during the forecast period of 2019-2024. With smart manufacturing gaining prominence across regions and the increasing demand for LEDs from industrial setups, smart lightning is expected to become a component of industrial automation over the forecast period.
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– The availability of a wide range of lighting products at competitive prices and the increasing demand for energy efficient lighting systems across various industrial sectors are driving the market growth. For instance, in recent years, significant price reductions in LEDs has augmented the adoption of LED lighting products across the world.
– Furthermore, favorable government regulations regarding conventional lighting and energy consumption across the United States and China are anticipated to favor market growth.
– However, the initial cost required to integrate or replace the lighting system into manufacturing plants and production facilities is a costly affair, especially for small and medium industries.
Scope of the Report
In order to meet certain minimum requirements like cost-effectiveness, energy optimization, better productivity, and safety of a plant, many industries pay their utmost attention to evaluate any lighting system. Hence, the growth of the market is sustained by rapid industrialization across the globe which has fueled the demand for better quality Industrial Lighting Market. The industrial lighting market are bifurcated into different light source like LED, high-intensity discharge (HID) lighting, fluorescent lighting), which is being used in oil and gas, mining, pharmaceutical, manufacturing, warehouse.
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Key Market Trends
LED Light Source is Expected to Hold Major Share
– LED has the feature such as longevity, energy efficiency, low operational / maintenance costs, and ability to deliver an increasingly shorter return on investment(ROI) which ultimately drive its demand in the industrial Lighting market.
– Recently, government associations and utility companies have started providing incentives in order to help reduce industrial energy consumption. For which, rebates were provided to help offset the cost of a facility LED conversion or retrofit to lower energy usage.
– Furthermore, many companies have been rolling out LED fixtures for both indoor and outdoor applications, retrofit applications, by which they are slowly expanding to hazardous environments as well.
– For instance, Cree Inc. in October 2018 launched LED LXB Series Linear High-Bay luminaires that are suitable for high ceilings, high ambient temperatures, and high-profile spaces. The company reported that the launch of LXB series is in-line with the ongoing demand for linear fixtures across new industrial constructions and even for fluorescent retrofit high-bay installations.
Asia-Pacific Region Witnessed to Hold Major Share
– As the majority of the customers in urban areas of the Asia-pacific region are growing their priority, the leading online retailers are increasingly turning to smaller distribution centers in urban areas to complement the larger out-of-town centers. In South Korea, for example, a new government initiative known as e-Logis Town is transforming old truck terminals and distribution centers into high-tech hubs, providing significant opportunities for industrial lighting solution vendors to enter the market landscape.
– The governments in the region are promoting the usage of energy efficient lighting solutions, which is expected to see the adoption of LED lights increase significantly. China, for instance, followed a 5-year plan of phasing-out incandescent light bulbs over 100 watts starting 1st October 2012 and has gradually extended the ban to those over 15 watts on 1st October 2016.
– India is set to witness investments close to INR 50,000 crore for the creation of warehousing facilities across the country, between 2018 and 2020. Different categories of warehousing are expected to create around 20,000 jobs during the three years to varying levels of specification and specialization.
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Competitive Landscape
The industrial lighting market is highly fragmented. Overall, the competitive rivalry among existing competitors is high. Moving forward, the new innovation strategy of large and small enterprise companies are expected to drive market growth. Some of the key players in the market are General Electric Company and Emerson Electric Co. Some of the key developments in the area are:
– May 2019 – Legrand announced ultra-secure wireless lighting controls platform. The platform includes products, such as dimming room controller, ceiling mount PIR occupancy sensor, corner mount PIR occupancy sensor, digital photo sensor, dimming wall switch, and 5-button scene switch.
– May 2019 – Acuity Brands revealed plans to showcase new smart home and other residential lighting products at LIGHTFAIR International 2019. Flagship smart home product is the Juno AI family of the state-of-the-art LED downlights. Juno AI luminaires feature sophisticated lighting controls and premium JBL speakers, all completely built in and concealed, along with the Alexa voice service for a seamless, truly “smart” home experience.
– January 2019 – GE Lighting announced new dimmer switches that smarten up dumb bulbs, and color change smart light bulbs and accessories. The company added C-Start dimmer switches to connect to lights, one for USD 50 and another for USD 75, with built-in light and motion sensors to add triggers to brighten or dim them.
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