The Industrial Lighting Market: Worldwide Growth, Trends and Forecasts Through 2019-2024 - ResearchAndMarkets.com
The "The
Industrial Lighting Market: Worldwide Growth, Trends and Forecasts
Through 2019-2024" report has been added to ResearchAndMarkets.com's
offering.
The Industrial Lighting Market was valued at USD 4,025.6 million in 2018
and is expected to reach USD 5,179.2 million by 2024, recording a CAGR
of 4.5%, during the forecast period of 2019-2024.
With smart manufacturing gaining prominence across regions and the
increasing demand for LEDs from industrial setups, smart lightning is
expected to become a component of industrial automation over the
forecast period.
Key Highlights
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The availability of a wide range of lighting products at competitive
prices and the increasing demand for energy efficient lighting systems
across various industrial sectors are driving the market growth. For
instance, in recent years, significant price reductions in LEDs have
augmented the adoption of LED lighting products across the world.
-
Furthermore, favorable government regulations regarding conventional
lighting and energy consumption across the United States and China are
anticipated to favor market growth.
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However, the initial cost required to integrate or replace the
lighting systems in manufacturing plants and production facilities is
a costly affair, especially for small and medium industries.
Key Market Trends
LED Light Source is Expected to Hold Major Share
-
LED has features such as longevity, energy efficiency, low operational
/ maintenance costs, and ability to deliver an increasingly shorter
return on investment (ROI), which ultimately drive its demand in the
industrial Lighting market.
-
Recently, Government associations and utility companies have started
providing incentives in order to help reduce industrial energy
consumption, for which rebates were provided to help offset the cost
of a facility LED conversion or retrofit to lower energy usage.
-
Furthermore, many companies have been rolling out LED fixtures for
both indoor and outdoor applications, retrofit applications, and they
are slowly expanding to hazardous environments as well.
-
For instance, Cree Inc. in October 2018 launched LED LXB Series Linear
High-Bay luminaires that are suitable for high ceilings, high ambient
temperatures, and high-profile spaces. The company reported that the
launch of LXB series is in-line with the ongoing demand for linear
fixtures across new industrial constructions and even for fluorescent
retrofit high-bay installations.
Asia-Pacific Witnessed to Hold a Major Share
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As the majority of the customers in urban areas of the Asia-pacific
region are growing their priorities, the leading online retailers are
increasingly turning to smaller distribution centers in urban areas to
complement the larger out-of-town centers. In South Korea, for
example, a new Government initiative known as e-Logis Town is
transforming old truck terminals and distribution centers into
high-tech hubs, providing significant opportunities for industrial
lighting solution vendors to enter the market landscape.
-
The Governments in the region are promoting the usage of energy
efficient lighting solutions, which is expected to see the adoption of
LED lights increase significantly. China, for instance, followed a
5-year plan of phasing-out incandescent light bulbs over 100 watts
starting 1st October 2012 and has gradually extended the ban to those
over 15 watts on 1st October 2016.
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India is set to witness investments close to INR 50,000 crore for the
creation of warehousing facilities across the country, between 2018
and 2020. Different categories of warehousing are expected to create
around 20,000 jobs during the three years to varying levels of
specification and specialization.
Competitive Landscape
The industrial lighting market is highly fragmented. Overall, the
competitive rivalry among existing competitors is high. Moving forward,
the new innovation strategy of large and small enterprise companies are
expected to drive market growth. Some of the key players in the market
are General Electric Company and Emerson Electric Co.
Some of the key developments in the area are:
-
May 2019 - Legrand announced ultra-secure wireless lighting controls
platform. The platform includes products such as dimming room
controllers, ceiling mount PIR occupancy sensors, corner mount PIR
occupancy sensors, digital photo sensors, dimming wall switches, and
5-button scene switches.
-
May 2019 - Acuity Brands revealed plans to showcase new smart home and
other residential lighting products at LIGHTFAIR International 2019.
The flagship smart home product is the Juno AI family of
state-of-the-art LED downlights. Juno AI luminaires feature
sophisticated lighting controls and premium JBL speakers, all
completely built in and concealed, along with the Alexa voice service
for a seamless, truly smart home experience.
-
January 2019 - GE Lighting announced new dimmer switches that smarten
up dumb bulbs, and color change smart light bulbs and accessories. The
company added C-Start dimmer switches to connect to lights, one for
USD 50 and another for USD 75, with built-in light and motion sensors
to add triggers to brighten or dim them.
Key Topics Covered
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Need for Energy Savings and Product Availability
4.3.2 Favorable Government Regulations
4.4 Market Restraints
4.4.1 High Cost of Implementation and Lack of Manufacturing Standards
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Light Source
5.1.1 LED
5.1.2 High-intensity Discharge (HID) Lighting
5.1.3 Fluorescent Lighting
5.2 By Product
5.2.1 High/Low Bay Lighting
5.2.2 Flood/Area Lighting
5.3 By End-user Application
5.3.1 Oil & Gas
5.3.2 Mining
5.3.3 Pharmaceutical
5.3.4 Manufacturing
5.3.5 Warehouse
5.3.6 Other End-user Applications
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Latin America
5.4.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Koninklijke Philips N.V.
6.1.2 Cree Inc.
6.1.3 Eaton Corporation PLC
6.1.4 General Electric Company
6.1.5 Emerson Electric Co.
6.1.6 Dialight PLC
6.1.7 Legrand S.A.
6.1.8 Hubbell Incorporated
6.1.9 Zumtobel Group AG
6.1.10 Acuity Brands Inc.
6.1.11 Osram Licht AG
6.1.12 Trilux Lighting Ltd.
6.1.13 Larson Electronics LLC
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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