Better lighting being a valuable tool

27 Apr 2019 03:47

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The global market for industrial lighting is growing at a moderate pace. The global industrial lighting market is expected to reach USD 13 Billion by 2023, reflecting a CAGR of 8% over the forecast period of 2017-2023, proclaims Market Research Future (MRFR) in an exhaustive research report. The growth of the market is sustained by rapid industrialization across the globe which has fueled the demand for better quality Industrial Lighting Market. In the light of industrialization, industrial leaders and manufacturers face mounting challenges to improve operational efficiency and boost productivity.
Better lighting being a valuable tool for brightening prospects has fueled the demand for industrial lighting across diverse industries. Stringent energy efficiency regulations pertaining to energy consumption and saving has spurred the penetration of low-energy light sources and is likely to encourage market growth over the forecast period. Various governments have banned inefficient lighting technologies, and there has been a greater focus on energy awareness which has prompted industry participants to reduce their energy consumption which induces high demand for power saving efficient industrial lighting and augments the growth of the market. The prices of industrial lightings have eroded aggressively over the past few years and have raised penetration in many industry segments. Moreover, macroeconomic situations are influencing new constructions and consequently increasing the demand for industrial lighting. Initiatives to boost green technology has resulted in innovation and expansion of product portfolio which has opened up new avenues for the growth of the global industrial lighting market.
The global industrial lighting market has been segmented based on light source type, products, and application. By light source type, the market has been segmented into LED, Fluorescent, High Intensity Discharge, Incandescent, CFL, Halogen, and others. By products, the market has been segmented into Industrial Wall Lights, Vintage Industrial Lighting, Industrial Look Lighting, Industrial Hanging Lights, Accent Lighting, Task Lighting, and others. By application, the market has been segmented into Factory & Production Lines, Hotels & Restaurants, Outer Premises, Parking Areas, Hazardous Locations, Warehouse, and others.Regional AnalysisThe global industrial lighting market spans across the regions of Asia Pacific, North America, Europe and Rest of the World. North America is leading the global market for industrial lighting due to high consumption of LED lighting in the region, the presence of key players in the region and a number of merger and collaborative activities between industry giants in the region. Moreover, North America is an industrially developed area which further supports the growth of the market. Ningbo Permanent Magnet Material Co., Ltd.

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