(Photo: Innovative Cold Storage Enterprises switched to energy-efficient Cree LED lighting. Credit: Cree)The global industrial lighting market is expected to grow at CAGR of 7.9% between 2017 and 2024, according to a new report from Research and Markets. That growth is being driven by increasing modernization and infrastructural development as well as the growing penetration of LEDs, the market research firm says.
LEDs are picking up due to lower prices across diversified industrial applications, durability for industrial usage, and low energy consumption for warfare operations, the new analysis says. However, the report notes that the lack of standardization across industries, and the high cost of equipment and implementation are restraining market growth.
Called “Global Industrial Lighting Market – Technologies, Market share and Industry Forecast to 2024,” the report looks at market drivers and analyzes the market by lighting source, offering, installation type, product, application, and geography.
For light source, the LED segment is dominating the market. On the basis of offering, lamp and luminaries are likely to have the biggest chunk, the report says. New installation is likely to dominate on installation type due to increases in infrastructure development.
“On the basis of application, factory and production lines are moving up to basic lighting arrangements,” the analysis says. For example, LED lighting arrangements help industrial clients get quick payback through enhanced light quality and control, Research and Markets notes.
Product-wise, flood and area lighting dominates the market, while spot lighting is likely to grow with the highest CAGR during the report’s forecast period.
Companies mentioned in the report:
The report called Asia-Pacific the fastes growing region for global industrial lighting during the forecast period due mainly to high infrastructure and industrial development as well as the need for energy-efficient lighting technologies across various applications.
A separate report from P&S Market Research underscored the growing global LED lighting market, projecting it to cross $70.2 billion by 2023.
