Industry: Industrial Automation
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 260
Report ID: PMRREP32444
[260 Pages] According to Persistence Market Research, the industrial lighting market would produce about US$ 10,103.0 million by 2023. As industrial lighting is increasingly used in warehouses, logistics, industrial enterprises, etc. around the world, demand for it has increased significantly over the past few years and is expected to do so rapidly in the years to come. In addition, the use of industrial lighting has increased as a result of technology developments in these broad domains of end use. The industrial lighting market is anticipated to expand by roughly US$ 19,323.9 million between 2023 and 2033, rising at a CAGR of 6.7% throughout that time.
Several manufacturers are turning to smart industrial lighting as an investment with the goal of long-term financial rewards as industrial automation in various industries has gained speed over time, coupled with workforce shortages and the need to lower labour costs. 16.1% of the global market share is accounted by the U.S.
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Global Industrial Lighting Market Size (2022A) |
US$ 9,506.0 Mn |
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Global Industrial Lighting Market Size (2023E) |
US$ 10,103.0 Mn |
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Projected Industrial Lighting Market Value (2033F) |
US$ 19,323.9 Mn |
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Value CAGR (2023-2033) |
6.7% |
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Collective Value Share: Top 3 Countries (2022) |
26.4% |
Industrial lighting is mostly utilized in factories, production lines, cold storage facilities, and warehouses. Prior to the Fourth Industrial Revolution (Industry 4.0), industrial lighting was just used to illuminate the workplace. Today, makers of industrial lighting are concentrating on creating solutions that are smart, connected, and sustainable.
The industrial lighting market has been impacted due to significant impact during the pandemic, and political crises across borders such as U.S. China trade war, and Russia Ukraine war. The market grew at a value CAGR of about 3.3% during the historic period 2017-2022. However, it is anticipated that by the end of 2033, the market of Industrial Lighting will be worth roughly US$ 19,323.9 Mn, growing at a CAGR of 6.7%. Industrial lighting also has a tendency to be larger since it is more energy efficient for manufacturing facilities. Industrial lighting can be used in a variety of industrial sites, including loading docks, cold storage, outdoor areas, offices, task lighting, and manufacturing floors. Industrial lighting has a number of benefits, such as ease of retrofitting, increased efficiency, less maintenance, better durability, even coverage, unequalled controllability, improved light quality, and a safer atmosphere.
Owing to several factors, the demand for the market is expected to grow at a CAGR of about 6.5% during the first half of the forecast period and 6.9% in the second half of the forecast period. Facilities used for manufacturing, such as factories, chemical plants, or refineries, have industrial lighting. They also frequently has wider floor layouts, making it a better choice for manufacturing buildings. The benefits of adequate and effective lighting include increased efficiency and production, improved security and safety, and a better working environment for employees.
“Government investment and incentives to surge the market demand”
Incentives have been introduced by government agencies and utilities to reduce industrial energy consumption, and rebates have been granted to assist in defraying the cost of an LED retrofit or facility conversion to reduce energy use. In the future year, it's expected that sustainability will become more significant in the decision to buy lights for end use industries. As the awareness of climate change grows, it is more crucial than ever to reduce emissions and the environmental impact of corporate operations. Many companies have been attempting to reduce their carbon footprint and conduct more ecologically friendly operations.
“Changing Regulations to boost the market growth for industrial lighting”
Developed nations with developed economies, including those in Europe, the US, Japan, and others, are actively reducing their carbon footprints and outlawing goods with high GWP values. For instance, a ban on mercury lamps will reduce the EU's CO2 emissions by more than 40 megatons, and the region will need 138 TWh of electricity by 2030, which will enhance the usage of LED lighting in coal-fired power plants. This kind of rigorous regulations and bans on the production of gases that contribute to global warming encourage end users to utilise efficient, low-emissions products like LEDs.
“Rising demand from power generation industries to create market demand”
Since natural gas burns cleanly, it is frequently used to generate electricity. The natural gas currently supplies 23% of the world's energy needs and its use is increasing. In 2040, the IEA projects that the demand for electricity would increase at a pace of 2.1% annually, which is twice as fast as the demand for primary energy. In addition, demand for energy is expected to rise due to increased household incomes, electrification of transportation and heating, and rising need for air conditioning and digitally connected gadgets. Thus, the market for industrial lighting is projected to experience growth throughout the assessment period due to the increased demand for power generation.
“Rising E-Commerce Industry demand to create lucrative opportunities for industrial lighting market”
The market share of industrial lighting from cold storage facilities and warehouses is sizable. More than one-third of the market share belongs to this sector. The COVID-19 pandemic-related worldwide crisis has led to a shift in consumer shopping habits in favour of online shopping. The number of product storage facilities, such as warehouses and other production facilities, has expanded as a result of this change. The growth of warehouse and storage facilities will significantly contribute to the rise in demand for industrial lighting.
Which region holds prominent share in the global industrial lighting market?
“North America to account for about 18.5% of the global value share in the estimated year 2022”
On the back of large sales of industrial lighting in North America over the past few years, various industry players have pushed for the development of new and improved designs. Manufacturers are putting their efforts into creating items that endure a long time and need little maintenance while being used.
The U.S. is a driving force in industrial lighting because it has a variety of small to medium producers and is easily accessible for after-sales benefits. Over the course of the projected period, the market will also experience considerable growth due to the boom in e-Commerce and the pharmaceutical industry's desire for vaccine and antiviral medicine manufacture. U.S. to hold a prominent value share of about 16.1% in the estimated year 2022.
What factors are positively impacting the sales of industrial lighting in India?
“India to grow at a CAGR of about 8.5% during the projected period”
India may become a new hub for commercial lighting. Leading international producers are looking for new sites to relocate their manufacturing facilities to the Asia Pacific area in order to meet the rising demand brought on by the region's fast industrialization.
Additionally, the Indian government has introduced a number of programmes to encourage foreign investment, which offers the Indian market promising growth potential. Smart technology adoption and growing industrial automation are anticipated to drive market expansion in India.
Which Application dominates the global market for Industrial lighting?
“Flood and area lighting market to account for 35.9 % market share in the global market”
Industrial lighting is used for illumination in many different industries, including warehouses and logistics, industrial and production facilities, parking lots, and hazardous situations. The most common use for them is for area and flood lighting. Since their creation, these lightings have dominated the market with 35.9% of the global market share. Due to its heavy-duty use, moisture resistance, and other advantageous characteristics, the flood/area type lighting market is predicted to grow at a considerable CAGR.
What End use industry are responsible for the industrial lighting market growth?
“Warehouse & Cold Storage to dominate the market with 38.6% of the global market share”
The market share of industrial lighting from cold storage facilities and warehouses is sizable. More than one-third of the market share belongs to this sector. The COVID-19 pandemic-related worldwide crisis has led to a shift in consumer shopping habits in favour of online shopping.
The number of product storage facilities, such as warehouses and other production facilities, has expanded as a result of this change. The growth of warehouse and storage facilities will significantly contribute to the rise in demand for industrial lighting.
The market participants are strategically focused on the development of new, cutting-edge, and highly effective goods along with tailored solutions to expand their client bases and increase their market shares. In order to supplement their revenue growth and increase their market shares, industry participants are strategically focused on the launch of new, innovative, and high-efficiency goods together with tailored solutions.
The market is moderately fragmented with prominent players such as Signify, Holdings, Panasonic Corporation, Osram GmbH, Hubbell, Incorporated, and Emerson Electric Company holding a significant market share for industrial lighting market. Prominent companies are concentrating on significant investment in research and development activities to provide cost effective solutions. Some of the key developments are:
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Attribute |
Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2017-2022 |
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Market Analysis |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
By Type
By Installation
By Application
By End User
By Region
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The Global Industrial Lighting Market is estimated to be valued at over US$ 10,103.0 Mn as of 2023.
Industrial Lighting Market are projected to increase at 6.7% CAGR and is expected to be valued at around US$ 19,323.9 Mn by 2033 end.
Signify, Holdings, Panasonic Corporation, Osram GmbH, Hubbell, Incorporated, and Emerson Electric Company are some of the leading players in the overall market.
North America to dominate the market for Industrial Lighting Market with 18.5% market value share during the estimated year 2022.
