USD 8.53 billion
Report ID:
SQMIG20D2072 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
64
|Figures:
75
Global Industrial Lighting & Illumination Market size was valued at USD 8.53 billion in 2019 and is poised to grow from USD 9.24 billion in 2023 to USD 17.48 billion by 2031, growing at a CAGR of 8.3% in the forecast period (2024-2031).
Industrial Lighting & Illumination refers to the use of lighting and illumination systems in industrial facilities such as factories, warehouses, manufacturing plants, and other industrial settings. The main purpose of industrial lighting is to provide adequate lighting for workers to perform their tasks safely and efficiently. Industrial lighting and illumination systems typically consist of a variety of lighting fixtures, lamps, and control systems that are designed to provide optimal lighting for different types of industrial applications. For example, high-intensity discharge (HID) lamps are commonly used in warehouses and factories, while LED lighting is increasingly being used in industrial applications due to its energy efficiency and long lifespan. Industrial lighting and illumination systems may also include advanced features such as motion sensors, daylight sensors, and wireless controls, which can help to reduce energy consumption and improve lighting performance. In addition to providing adequate lighting for workers, industrial lighting and illumination systems can also help to improve safety and security in industrial facilities by reducing the risk of accidents and enabling better visibility in critical areas.
The global industrial lighting and illumination market is a rapidly growing market, driven by factors such as increasing demand for energy-efficient lighting solutions, growing industrialization, and increasing adoption of LED and smart lighting solutions. The global industrial lighting and illumination market is expected to grow significantly in the coming years. There is a growing demand for smart lighting solutions in the global industrial lighting and illumination market, driven by the increasing adoption of industrial automation and the smart lighting (IoT). Smart lighting solutions offer advanced features such as remote control, automation, and energy management, which are highly valued by industrial customers. Governments and regulatory bodies around the world are placing greater emphasis on energy efficiency and sustainability in the industrial sector, driving demand for energy-efficient lighting solutions. The global industrial lighting and illumination market is dominated by several key players and these companies have a strong presence in the market and are driving innovation and growth. Developing countries such as India and China are witnessing rapid industrialization, driving demand for industrial lighting and illumination solutions. This is expected to drive growth in the global industrial lighting and illumination market in the coming years.
US Industrial Lighting & Illumination Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.53 billion
Largest Segment
LED lighting
Fastest Growth
LED lighting
Growth Rate
8.3% CAGR
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Global Industrial Lighting & Illumination Market is segmented on the basis of type, application and region. By type, the Industrial Lighting & Illumination Market is segmented into LED lighting, High-Intensity Discharge (HID) lighting, fluorescent lighting, and others. By application, Industrial Lighting & Illumination Market is segmented into factory and production lines, warehouse and cold storage, and others. By region, the Industrial Lighting & Illumination Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Industrial Lighting & Illumination Market Analysis by Type
The LED Lighting segment is expected to be the fastest-growing segment of the Global Industrial Lighting & Illumination Market. This is driven by factors such as energy efficiency, long lifespan, and lower maintenance costs. LED lighting is widely used in industrial facilities such as factories, warehouses, and manufacturing plants, due to its ability to provide high-quality lighting and reduce energy consumption.
High-Intensity Discharge (HID) Lighting segment includes products such as metal halide lamps, high-pressure sodium lamps, and mercury vapor lamps. These lamps are commonly used in industrial facilities where high-intensity lighting is required, such as in warehouses and production lines. However, the HID Lighting segment is expected to see slower growth compared to LED lighting due to factors such as lower energy efficiency and shorter lifespan.
Industrial Lighting & Illumination Market Analysis by Application
The Factory and Production Lines segment is the largest segment in the Global Industrial Lighting & Illumination Market. This segment is driven by the need for adequate lighting for workers to perform their tasks safely and efficiently. The demand for energy-efficient lighting solutions in this segment is increasing, particularly with the adoption of Industry 4.0 technologies such as the Internet of Things (IoT) and smart manufacturing.
The Warehouse and Cold Storage segment is expected to be the fastest-growing segment. The Warehouse and Cold Storage segment is another important segment of the Global Industrial Lighting & Illumination Market. This segment is driven by the need for lighting solutions that provide high visibility in large spaces, such as warehouses and distribution centers. Energy-efficient lighting solutions are particularly important in this segment, as lighting can account for up to 80% of a facility's energy costs.
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The Asia Pacific region is expected to be the fastest-growing market for industrial lighting and illumination, accounting for a significant share of the market. The Asia Pacific region is experiencing rapid industrialization, with countries such as China, India, and Indonesia witnessing significant growth in their manufacturing sectors. This is driving demand for industrial lighting and illumination solutions in the region. Governments in the Asia Pacific region are placing greater emphasis on energy efficiency and sustainability in the industrial sector. This is driving demand for energy-efficient lighting solutions, which can help industrial facilities reduce their carbon footprint and operating costs. LED lighting technology is rapidly gaining popularity in the Asia Pacific region, thanks to its energy efficiency and long lifespan. This is driving growth in the LED industrial lighting segment in the region. The Asia Pacific region is home to several key manufacturers of industrial lighting and illumination solutions, including Signify (formerly Philips Lighting), Osram, and Panasonic. These companies have a strong presence in the region and are driving innovation and growth in the market. There is a growing demand for smart lighting solutions in the Asia Pacific region, driven by the increasing adoption of industrial automation and the Internet of Things (IoT). Smart lighting solutions offer advanced features such as remote control, automation, and energy management, which are highly valued by industrial customers in the region.
North America is one of the major markets for the global industrial lighting and illumination industry. The North American region is known for its technological advancements, and this is reflected in the industrial lighting and illumination market. The region is a hub for innovation, with many companies developing advanced lighting technologies such as LED lighting, smart lighting solutions, and wireless lighting control systems. The North American market is also focused on energy efficiency, and this is driving demand for energy-efficient lighting solutions. The region has strict regulations in place to promote energy efficiency and reduce carbon emissions, and this is encouraging industrial customers to invest in energy-efficient lighting systems. The North American market is home to many key players in the industrial lighting and illumination industry and these companies have a strong presence in the region and are driving innovation and growth in the market. There is a growing demand for smart lighting solutions in the North American market, driven by the increasing adoption of industrial automation and the Internet of Things (IoT). Smart lighting solutions offer advanced features such as remote control, automation, and energy management, which are highly valued by industrial customers in the region. The North American market is undergoing consolidation, with many smaller players being acquired by larger companies. This is leading to a more concentrated market, with fewer but larger players dominating the industry.
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Industrial Lighting & Illumination Market Drivers
Growing demand for energy-efficient lighting solutions
Industrial Lighting & Illumination Market Restraints
Lack of Standardization
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The Global Industrial Lighting & Illumination Market is highly competitive, with several major players operating in the market. The key market companies are focusing on expanding their product portfolios, developing new products, investing in research and development activities, and expanding their global presence through strategic mergers and acquisitions, and partnerships. Additionally, there are several regional and local players operating in the market, contributing to the competition in the industry. The market competition is intense due to the presence of many players with similar product offerings. Companies are also investing in marketing and branding activities to create brand awareness and differentiate their products from competitors. Furthermore, with the growing demand for energy-efficient lighting solutions, companies are also focusing on developing sustainable and environmentally friendly lighting products to cater to the growing demand.
Industrial Lighting & Illumination Market Top Player’s Company Profiles
Industrial Lighting & Illumination Market Recent Developments
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According to our Global Industrial Lighting & Illumination Market analyses, the global market is growing due to several factors such as the increasing demand for energy-efficient lighting solutions, the adoption of Industry 4.0 technologies, and the growing emphasis on workplace safety and productivity. One of the key drivers of the Global Industrial Lighting & Illumination Market is the growing demand for energy-efficient lighting solutions. Energy-efficient lighting solutions such as LED lighting are increasingly being adopted in industrial facilities to reduce energy costs and improve sustainability. LED lighting offers several benefits such as high energy efficiency, long lifespan, and lower maintenance costs, making it a popular choice among industrial facility managers. Another factor driving the growth of the Global Industrial Lighting & Illumination Market is the adoption of Industry 4.0 technologies such as the Internet of Things (IoT) and smart manufacturing. These technologies are being used to optimize industrial processes, reduce costs, and improve productivity. Smart lighting solutions that incorporate IoT technology can help industrial facilities monitor and control their lighting systems more efficiently, further reducing energy consumption and costs. Geographically, the Asia-Pacific region is expected to dominate the Global Industrial Lighting & Illumination Market due to the growing industrialization in the region and the increasing demand for energy-efficient lighting solutions. However, North America and Europe are also expected to see significant growth in the market due to factors such as government regulations promoting energy efficiency and sustainability. In terms of market segmentation, the LED Lighting segment is expected to be the fastest-growing segment of the Global Industrial Lighting & Illumination Market, driven by factors such as energy efficiency, long lifespan, and lower maintenance costs. The Factory and Production Lines segment is the largest segment of the market, driven by the need for adequate lighting for workers to perform their tasks safely and efficiently.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 8.53 billion |
Market size value in 2031 | USD 17.48 billion |
Growth Rate | 8.3% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Historical Year | 2019 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Industrial Lighting & Illumination Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Lighting & Illumination Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Lighting & Illumination Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Lighting & Illumination Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Industrial Lighting & Illumination Market size was valued at USD 8.53 billion in 2019 and is poised to grow from USD 9.24 billion in 2023 to USD 17.48 billion by 2031, growing at a CAGR of 8.3% in the forecast period (2024-2031).
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Report ID: SQMIG20D2072
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