Industrial Lighting Market to be worth 13.17 Billion US$ by 2023
The industrial lighting market is expected to be worth US$ 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 modernisation 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.
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).