Industrial Lighting Market size to increase by USD 3.01 billion from 2022 to 2027 | Growing demand from the automotive sector boosts the market - Technavio

NEW YORK, Oct. 17, 2023 /PRNewswire/ -- The industrial lighting market size is expected to grow by USD 3.01 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.34% during the forecast period. The market is segmented by type (LED technology and traditional technology), application (new installation, replacement installation, and retrofit installation), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The growing demand from the automotive sector drives the market growth. There is a significant growth in automotive lighting fuelled by the demand for exterior lighting, especially headlights. The penetration of LED technology from high-end vehicles to mid-range and low-end vehicles is significantly contributing to the growth of the market. In addition, there is an increasing focus by industrial players on launching advanced LED lighting solutions and expanding their presence in the automotive industry. Hence, such factors are positively impacting the market, which, in turn, will drive the market growth during the forecast period.

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Key Highlights:

• The report recognizes the following as some of the key players in the industrial lighting market: Acuity Brands Inc., Advanced Lighting Technologies LLC, Dialight Plc, Eaton Corp. Plc, ELBA SA, Emerson Electric Co, Hubbell Inc., IDEAL INDUSTRIES Inc., Iwasaki Electric Co. Ltd., Leedarson IoT Technology Inc., Legrand SA, LG Innotek Co. Ltd., LSI Industries Inc, Luminus Inc, Nichia Corp., OSRAM GmbH, Panasonic Holdings Corp., Savant Systems Inc., Schneider Electric SE, and Signify NV
• Industrial Lighting Market is fragmented in nature.
• Market to observe 5.19% YOY growth in 2023.

Market Dynamics:

Trend

• Increasing strategic partnerships and recent developments are a primary trend in the market during the forecast period.
• The main advantage for companies entering into strategic alliances is that it enables companies to explore additional opportunities without incurring a large financial burden.
• Therefore, such product development and product commercialization partnerships provide market players with several advantages, including containing costs, expanding product lines, and expanding

Challenges

• Lack of standardization is a major challenge hindering the growth of the global industrial lighting market.
• Even though favorable government policies promote the use of LED lighting around the world, the specifications for manufacturing LED lighting differ from country to country. 
• As a result of this lack of standardization, it generates a barrier for international market players as they are forced to adhere to regionally based standards.

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Keg Segments:

The market share growth by technology segment is significant during the forecast period. There is an increasing adoption of LED technology across the globe as there is a high growth in the use of LED components and LED-based luminaires by end-users. Factors such as the decreasing cost and compatibility with the existing lighting fixtures are significantly fuelling the adoption of LEDs. For instance, there was a significant penetration of LEDs across Japan after the Fukushima nuclear disaster, resulting in a severe energy crisis in the country. Hence, such factors are expected to fuel the growth of this segment, which in turn will drive the market growth during the forecast period.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio