The report "Industrial
Lighting Market by Light Source (LED, HID, Fluorescent), Offering (Lamps
& Luminaires, Control Systems, Services), Installation Type (New, Replacement,
Retrofit), Product, Application, and Geography - Global Forecast to 2023",
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 growth of this market is driven by the factors such as
increasing modernization and infrastructural development, growing penetration
of LEDs across diversified industrial applications due to reducing price,
durability of LED lights for industrial usage, and low energy consumption by
LEDs.
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.
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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.
The key players operating across the value chain of the
industrial lighting market are Philips Lighting Holding B.V. (Netherlands),
Hubbell Lighting, Inc. (US), Emerson (US), Legrand (France), Acuity Brands
Lighting, Inc. (US), TOYODA GOSEI Co., Ltd (Japan), Cree, Inc. (US), General
Electric (US) , Osram Licht AG (Germany), and Zumtobel Group (Austria).
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Lighting Market
