Future Market Insights
Safety is a primary concern in industrial work spaces and warehouses, and it is quite important to acknowledge the need for adequate industrial lighting. Proper industrial lighting also plays a major role in maintaining process productivity. Cheap and improper industrial lighting creates energy wastage issues. Companies offer industrial lighting solutions based on accepted national and international standards. Currently, manufacturers are offering smart industrial lighting solutions that provide safe and efficient on-demand industrial lighting with the help of sensors that observe people and industrial vehicles, and set the lighting intensity to the necessary levels, automatically. These industrial lighting solutions have integrated long life LEDs that reduce the maintenance expenditure and energy wastage to a much greater extent.
Industrial Lighting Market: Drivers & Challenges
Reduction in overall industrial expenditure is one of the primary factors driving the global industrial lighting market. Energy consumption is lowered significantly by integrating industrial lighting. Using industrial lighting as a service (LaaS) or circular industrial lighting, industries can cut back on capital expenditure. Industrial lighting enables planned maintenance and outages, which helps reduce downtime and disruption. Optimization of industrial operations is another factor that drives the global industrial lighting market. Industrial lighting enhance working conditions, which, in turn, increases employee productivity and optimizes labor costs. Industrial lighting also improves overall manufacturing performance, which enhances customer loyalty and satisfaction. Without changing the lighting fixtures, easier re-zoning and work floor future proofing is made possible by industrial lighting. Companies offer industrial lighting solutions and services that comply with international and national work floor safety standards, and energy and environmental regulations. Industrial lighting ensures a well-lit work floor that creates a safe work environment and boosts employee morale. High quality LED-based industrial lighting feature low carbon footprint and minimize the adverse impacts on the environment.
Though manufacturers offer their industrial lighting solutions integrated with optimal specifications, stringent and time-consuming safety and energy saving standards do not allow the proper balancing of demand and supply. This factor is expected to challenge the growth of the global industrial lighting market. Also, installation and customization services offered by industrial lighting solution manufacturers can be very expensive, and this factor is estimated to hinder the growth of the global industrial lighting market.
Industrial Lighting Market: Segmentation
On the basis of service, the global industrial lighting market can be segmented into the following:
On the basis of component, the global industrial lighting market can be segmented into the following:
On the basis of lighting type, the global industrial lighting market can be segmented into the following:
On the basis of ballast type, the global industrial lighting market can be segmented into the following:
Industrial Lighting Market: Regional Outlook
Among all the regions, Asia Pacific economies such as India and China are expected to register the highest growth in the industrial lighting market due to the high presence of industries that are continuously looking for relevant upgrades in the sector. Currently, North America, especially the United States, leads the global industrial lighting market, owing to the increased power saving measures implemented by the governments and manufacturers in the region. With an ever-rising number of industrialized warehouses and storages in European economies, the region is expected to register the second-highest growth rate in the industrial lighting market.
Industrial Lighting Market: Key Players
Some of the key players in the global industrial lighting market include General Electric Company; Philips Lighting Holding B.V.; OSRAM GmbH; Sylvania; TCP International Holdings Ltd.; SeaGull Lighting; Orion Energy Systems Inc.; Acuity Brands Lighting, Inc.; W.W. Grainger, Inc.; and Cree, Inc., among others.
MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.
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