Industrial Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Industrial Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

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.

Industrial lightings refer to lighting systems typically found in the manufacturing environment for providing ample illumination to spot or identify hazards. They are commercially available in varying types, such as light-emitting diode (LED), high-intensity discharge (HID) and halogen lighting. These lightings are flexible, heat-resistant, inhibit ultraviolet (UV) radiation, and they have the ability to withstand frequent switching, while consuming minimal energy as they are energy-efficient. On account of these properties, these lighting solutions find its extensive application in automotive, oil and gas, and pharmaceuticals industries.

Industrial Lighting Market Trends:
The significant expansion across various industrial sectors, along with the rising need for energy-efficient lighting solutions, represents one of the prime factors driving the industrial lighting market growth. In line with this, the favorable initiatives undertaken by the government bodies for various countries for the implementation of light-emitting diode (LED) industrial lighting in the commercial sector due to the increasing consciousness amongst the consumer regarding its various beneficial properties is acting as another growth-inducing factor. Moreover, the introduction of new light illuminating solutions, such as fluorescent and high-intensity discharge (HID), for promoting longevity, optimizing energy efficiency and maintaining costs by delivering a shorter return on investments (ROI) is contributing to the market growth. The rapid technological advancements and the integration of the Internet of Things (IoT), remote-controlled and Wi-Fi controlled lighting solutions are further providing an impetus to the market growth. Additionally, the extensive utilization of industrial lighting in the warehouses, cold storage, production lines, and parking areas to ensure safety and security is positively stimulating the market growth. Other factors, such as the escalating trend of smart industrial spaces, along with strategic collaborations between top players for launching advanced industrial lighting solutions, are creating a positive outlook for the market.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial lighting market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, light source, offering, type and application.

Breakup by Product Type:

High/Low Bay Lighting
Flood/Area Lighting

Breakup by Light Source:

LED
High-Intensity Discharge (HID) Lighting
Fluorescent Lighting

Breakup by Offering:

Lamps & Luminaries
Control Systems
Services

Breakup by Type:

New Installation
Replacement Installation
Retrofit Installation

Breakup by Application:

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

Breakup 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

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Zumtobel Group.

Key Questions Answered in This Report:
How has the global industrial lighting market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global industrial lighting market?
What are the key regional markets?
What is the breakup of the market based on the product type?
What is the breakup of the market based on the light source?
What is the breakup of the market based on the offering?
What is the breakup of the market based on the type?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global industrial lighting market and who are the key players?
What is the degree of competition in the industry?