New York, U.S., March 13, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), Industrial lighting market Research Report: By Type, Products, Application – Forecast to 2030, The market is projected to acquire a valuation of approximately USD 16.9 billion by the end of 2030. The reports also predict the market to thrive at a robust CAGR by more than 7.80% during the evaluation period.
2022 was a successful year for industrial lighting manufacturers despite many challenges and inflationary pressures. Considering the increase in revenue and gross margins, most are investing in niche markets of LED industrial lighting to improve industrial lighting, hazardous areas and security surveillance. They are also investing significantly in new product development and SMART lighting technology.
To get products to market quickly and meet their growth goals, they are focusing on building hazardous area lighting systems and empowering their teams. Despite the turbulent business environment and rising cost of components and ongoing issues with supply chain management, manufacturers of industrial lighting systems have seen a significant increase in their revenues and achieved substantial sales growth.
Major players in the global industrial lighting market include:
- Legrand (France)
- Emerson Electric (USA)
- Acuity Brands Lighting, Inc. (USA)
- Cree, Inc. (United States)
- TOYODA GOSEI Co., Ltd (Japan)
- Philips Lighting Holding BV (Netherlands)
- General Electric (USA)
- Hubbell Lighting, Inc. (USA)
- Zumtobel Group (Austria)
- Osram Licht AG (Germany), among others.
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Industrial lighting is essential for any industrial area and contributes significantly to its performance. As a result, industrial lighting systems that work effectively under vivid working conditions are in great demand. Over the past decade, industrialization has energized the whole world. Industries must carefully examine the costs of each process to stay strong in the market.
Scope of the report:
| Report metric | Details |
| Revenue forecast in 2030 | USD 16.9 billion |
| Growth rate | CAGR of 7.80% from 2022 to 2030 |
| Reference year | 2021 |
| Study period | 2022-2030 |
| Main market opportunities | Adoption of LEDs in various application areas and increasing demand for smart lighting |
| Key market drivers | Increasing demand in the midst of interior design photography, Growing industrialization in all regions of the world |
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Lighting accounts for up to 80% of a warehouse’s energy bill, so lighting systems need to be as efficient and cost-effective as possible. Longer lasting and energy efficient lighting systems have a huge impact on the economy of an industry. Industrial lighting systems are designed to reduce operating costs by minimizing downtime and energy consumption, keeping workers safer and improving productivity.
Industry trends
The long-term outlook of the industrial lighting market is likely to remain extremely positive due to the growing global demand for high performance, low energy consumption and low maintenance LED illuminators. This exponential increase in market value is mainly attributable to the growing demand for the highest quality and reliable lighting solutions in high-precision work environments such as any industrial area, including assembly lines, warehouses, process areas and commercial complexes.
Other important factors driving market size include the importance of industrial lighting to leverage worker safety, a key concern across all industries. Furthermore, large infrastructure development projects and smart cities around the world drive the market demand. Governments around the world are investing heavily in public safety, undertaking major projects to support market growth.
Heavy industries such as automotive and energy are increasingly focusing on ensuring minimum disruption to workers by facilitating optimized operational areas. Moreover, all major heavy industries invest colossal to improve operational efficiency and upgrade and improve their facilities and services, providing more visibility and contributing to market growth.
Furthermore, the increasing investments of various thriving industries in modernizing and upgrading lighting systems, coupled with the growing demand for worker safety, strengthen the revenues of the market. Manufacturers are increasingly focusing on developing efficient industrial lighting systems and improving existing lighting systems to improve the performance and efficiency of any industry.
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Industrial lighting market segments
The Industrial Lighting market report is segmented into light products, source types, applications, and regions to broaden your scope of understanding. The light source type segment is sub-segmented into LED, fluorescent, high intensity discharge, incandescent, CFL, halogen, and others.
The product segment is divided into vintage industrial lighting, industrial wall sconces, industrial look lighting, industrial pendant lamps, accent lighting, task lighting and others. The application segment is divided into hotels and restaurants, factories and production lines, parking areas, outdoor premises, warehouses, hazardous areas and others. The regional segment is split into Asia-Pacific, North America, Europe, and Rest of the World.
Regional analysis
North America leads the global industrial lighting market, accounting for the largest market share. Substantial investments made by manufacturers in the development of different types of industrial lighting products including accent lighting, task lighting downlights and pendant luminaires are driving the market growth.
LED lighting is in great demand in various countries in North America due to its benefits, such as energy efficiency and contribution to reducing greenhouse gas emissions. Furthermore, the emergence of high-quality industrial lighting which can improve traffic safety and city attractiveness and contributes to economic strength increases the market shares of the region.
Europe occupies the second place in the global industrial lighting market thanks to the high growth of infrastructure construction projects. The region is expected to demonstrate rapid growth in the coming period. The European industrial lighting market is expected to experience a substantial CAGR in the coming years.
The Asia Pacific industrial lighting market has emerged as a lucrative market globally due to the rapid industrialization in the region. Furthermore, the increase in infrastructure development activities, together with smart city projects, stimulates the growth of the regional market. Especially in countries such as China, Japan and India, the industrial lighting market.
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Competitive analysis
The industrial lighting market appears highly competitive due to the presence of various small and large players. Manufacturers of industrial lighting equipment and accessories also highlight 1.5 horsepower explosion-proof motors compatible with 230VAC single-phase 60Hz and offer 7.8 FLA for use in Class I and Divisions hazardous locations 1 and 2.
They ensure their products have Class F insulation and feature a NEMA 56H motor frame that is easily installed with industrial systems via an integrated mounting foot. These players incorporate strategic initiatives such as innovations in products and manufacturing techniques, mergers and acquisitions, and brand strengthening to churn out market competition and maintain their positions in the industrial lighting market.
For example, on March 07, 2023, Tivoli Lighting announced the expansion of its product line, ADAPT, to provide even more mix and match options for designers. The ADAPT family now offers 14 design globes, 12 and 24 inches of standard factory molded spacing, two mounting options, and additional light tone choices for commercial and aesthetic indoor and outdoor architectural lighting. The new ADAPT True RGB+W series expands with 16 million color combinations to beautifully connect interior spaces and outdoor lighting.
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