AUSTIN, TEXAS, UNITED STATES, January 17, 2024 /EINPresswire.com/ -- SNS Insider published an exclusive report, titled, "Industrial Lighting Market Size, Share & Segmentation, By Installation Type( New Installation, Replacement Installation, Retrofit Installation), By Product( Industrial Linear Lighting, Spot Lighting, Flood Lighting/Area Lighting, High Bay Lighting), By Light Source(LED Lighting, High Intensity Discharge (HID) Lighting, Fluorescent Lighting, Others), By Offering(Lamps & Luminaires, Control Systems, Services), By Application( Warehouse & Cold Storage, Factory & Production Lines, Outer Premises, Parking Areas, Hazardous Locations, Others), By Region, And Global Forecast For 2023-2030".

The Industrial Lighting Market, as per the SNS Insider report, achieved a valuation of USD 13.16 billion in 2022, with projections indicating a growth to USD 24.03 billion by 2030. The anticipated expansion is forecasted to occur at a Compound Annual Growth Rate (CAGR) of 7.82% during the period spanning from 2023 to 2030.

Industrial Lighting Market Scope & Overview

Industrial lighting refers to the specialized lighting solutions designed for use in industrial settings such as manufacturing plants, warehouses, and other large facilities. These lighting systems are engineered to meet the unique requirements of industrial environments, providing adequate illumination for various tasks while ensuring safety and energy efficiency.

𝐆𝐞𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅 @ https://www.snsinsider.com/sample-request/3408

The industrial lighting market is experiencing robust growth, propelled by several key factors driving innovation and demand within the industry. Ongoing advancements in lighting technologies, such as the adoption of IoT-enabled solutions and connected lighting systems, are enhancing efficiency and functionality, fostering market growth. Increasing awareness of energy conservation and sustainability is driving the demand for energy-efficient lighting solutions. LED technology, with its low energy consumption and longer lifespan, remains a key driver in the market. The global expansion of industrial activities, particularly in emerging economies, is creating a surge in the demand for industrial lighting solutions. New manufacturing facilities and warehouses require modern, efficient lighting systems to support their operations. Governments and regulatory bodies worldwide are implementing stringent regulations to ensure well-lit and secure working environments. Compliance with these standards drives industries to invest in advanced lighting solutions that not only meet regulatory requirements but also enhance overall operational efficiency.

Impact of Recession

The ongoing recession has introduced both challenges and opportunities for the industrial lighting market. While economic uncertainties may initially slow down investments, certain aspects of the market are poised for growth. Economic downturns often lead to reduced capital expenditure, impacting the implementation of new lighting projects. Delayed infrastructure development and industrial expansion may hamper immediate market growth. Despite challenges, the recession has accelerated the focus on cost-saving measures and energy efficiency. Companies are likely to invest in lighting solutions that offer long-term operational cost reductions, fostering innovation in the industrial lighting sector.

Impact of Russia-Ukraine War

The Russia-Ukraine war has global repercussions, influencing various industries, including industrial lighting. The impact on the industrial lighting market can be both positive and negative, depending on several factors. The conflict may lead to disruptions in the global supply chain for lighting components, affecting manufacturing and distribution. This could result in delays and increased costs for industrial lighting products. Geopolitical tensions can contribute to fluctuations in energy prices. Industrial lighting, being energy-dependent, may face cost challenges if energy prices rise significantly. The war may prompt industrial facilities to prioritize resilient lighting solutions, capable of withstanding disruptions. This could drive investments in backup power systems and reliable lighting technologies.

Key Regional Development

With a mature industrial sector and a strong focus on energy efficiency, North America is a key market for industrial lighting. The adoption of smart lighting solutions is on the rise, driven by stringent energy regulations and sustainability goals. European countries are at the forefront of adopting sustainable lighting practices. The European Union's directives on energy efficiency and environmental conservation contribute to the growth of the industrial lighting market in the region. Rapid industrialization in countries like China and India is fueling the demand for industrial lighting solutions. The focus on upgrading infrastructure and the expansion of manufacturing facilities contribute to the dynamic growth of the market in the Asia-Pacific region.

KEY DRIVERS:
- Increasing demand for energy efficient lighting device
- Increasing awareness about benefits of LED lights

OPPORTUNITY:
- Rapid Urbanization
- Development in infrastructure and industrialization
- Growing e-commerce industry demand

𝐀𝐜𝐜𝐞𝐬𝐬 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬 @ https://www.snsinsider.com/reports/industrial-lighting-market-3408

List of Key Players included in Industrial Lighting market report are:
- Phillips 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)
- Zumtobel Group (Austria).

Key Takeaway from Industrial Lighting Market Study

- Within the industrial lighting market, the Warehouse & Cold Storage segment stands out as a dominant force. The unique lighting requirements of these spaces, characterized by large areas and specific temperature conditions, drive the demand for specialized lighting solutions.
- The Lamps & Luminaires segment takes center stage in the industrial lighting market, offering versatile solutions that cater to diverse industrial applications. Lamps and luminaires are designed to meet specific lighting requirements in industrial settings. Whether for task lighting on production lines or ambient lighting in warehouses, these solutions offer versatility.

Recent Developments Related to Industrial Lighting Industry

- LSI Industries has recently announced its successful bid to supply cutting-edge lighting solutions for a state-of-the-art electric vehicle (EV) battery factory. The venture marks a pivotal stride in the realm of sustainable technology, further emphasizing the critical role that innovative lighting plays in the manufacturing processes of next-generation electric vehicles.
- Saylite, a portfolio company of CORE Industrial Partners, has successfully acquired Vantage Lighting. The acquisition aligns with the broader trends in the industrial sector, where companies seek strategic collaborations to capitalize on complementary strengths.

𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @ https://www.snsinsider.com/checkout/3408

About Us:
SNS Insider has been a leader in data and analytics globally with its authentic consumer and market insights. The trust of our clients and business partners has always been at the center of who we are as a company. We are a business that leads the industry in innovation, and to support the success of our clients, our highly skilled engineers, consultants, and data scientists have consistently pushed the limits of the industry with innovative methodology and measuring technologies.

Akash Anand
SNS Insider Pvt. Ltd
+1 415-230-0044
info@snsinsider.com
Visit us on social media:
Facebook
Twitter
LinkedIn
Instagram
YouTube

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.