NEW YORK, Dec. 13, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global industrial lighting market  size is estimated to grow by USD 3.25 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.43%  during the forecast period. Rise in adoption of energy-efficient lighting technologies is driving market growth, with a trend towards ongoing advancements in lighting technologies in industrial sector. However, high initial cost for industrial lighting solutions  poses a challenge. Key market players include Acuity Brands Inc., ams OSRAM AG, Bajaj Electricals Ltd., Dialight Plc, Eaton Corp. Plc, Emerson Electric Co., Fagerhult Group, General Electric Co., Glamox Group, Hubbell Inc., Iwasaki Electric Co. Ltd., Legrand SA, Mulinsen Co. Ltd., Panasonic Holdings Corp., RAB lighting Inc., Signify NV, TRILUX GmbH and Co. KG, Wipro Ltd., Wolfspeed Inc., and Zumtobel Group AG.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Key Market Trends Fueling Growth

The Industrial Lighting Market is experiencing significant trends with the increasing adoption of energy-efficient LED light sources. Companies like Dialight Group and Signify are leading this shift, offering LED modules and connected lighting solutions. Traditional lighting sources like Linear Fluorescent Lamps (LFL), Metal Halide Lamps (MHL), Incandescent Bulbs, and High-intensity Discharge (HIDs) are being replaced due to their high energy consumption and shorter lifespan. Public organizations are modernizing infrastructure with energy-efficient lighting innovations, such as LED technology. The penetration of LEDs in the market is on the rise, with SSL (Solid-state Lighting) becoming the preferred choice for its low energy consumption. The DOE's Energy Star program is promoting the use of energy-efficient lighting solutions, while e-commerce marketplaces simplify logistics for buyers. Natural Gas (LNG) and electricity prices influence the market, making energy efficiency a priority. LEDinside reports in LED adoption, with data triangulation revealing a decline in sales of fluorescent light bulbs and halogen light bulbs. Installation types like spot lighting are also gaining popularity. The infrastructure development and urbanization drive the market's growth, making it an exciting space for innovation. 

The industrial lighting market is undergoing significant transformation due to advancements in lighting technologies. Innovative solutions like smart lighting systems and connected lighting controls are leading this change. These systems offer enhanced capabilities through integrated sensors, wireless connectivity, and data-driven algorithms. They optimize energy efficiency and operational performance by dynamically adjusting lighting levels based on real-time occupancy data. For instance, a smart lighting system in a warehouse can save energy by adjusting illumination levels according to occupancy patterns. These advancements are revolutionizing industrial lighting, catering to modern industry's dynamic needs. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

• The Industrial Lighting Market is undergoing significant changes with the shift towards energy-efficient lighting solutions. Traditional lighting sources like Incandescent bulbs, Linear fluorescent lamps, and Metal halide lamps are being replaced by LED Lighting due to their low energy consumption and longer lifespan. Companies like Dialight Group and Signify are leading this transformation. However, challenges persist. The penetration of LEDs is hampered by the initial investment in LED modules and connected lighting solutions. Logistics and installation type are also critical factors. Public organizations are driving the modernization of infrastructure with energy-efficient lighting systems. The DOE's SSL program and Energy Conservation efforts are pushing for the adoption of LED technology. Manufacturers like Dialight are offering innovative LED Lighting solutions, while LEDinside's data triangulation reveals the growing importance of SSL in the market. HIDs, including Metal halide lamps and High-pressure Sodium lamps, continue to face competition from LEDs. Natural gas-powered LNG is an emerging trend in industrial lighting, offering cost savings in energy-intensive industries. The e-commerce market is also influencing the demand for energy-efficient lighting. Urbanization and Infrastructure Development are further boosting the market growth. Despite these opportunities, the industry faces challenges such as energy consumption, energy efficiency, and the phase-out of CFL and LFL. LED technology is the future, but the transition requires careful planning and execution.
• The industrial lighting market faces a notable challenge due to the substantial investment required for implementing advanced lighting solutions, such as LED and smart lighting systems. The high initial costs are primarily attributed to the expense of purchasing and installing industrial lighting fixtures and control systems. For instance, the costs for various types of fixtures and their installation range from USD75 for ceiling lights to USD6,500 for chandeliers. Although LED lighting offers energy efficiency and longevity benefits, its upfront cost is typically higher than traditional lighting technologies like incandescent or fluorescent lighting. This financial hurdle may hinder the market's growth and adoption of advanced lighting technologies.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview

This industrial lighting market report extensively covers market segmentation by

1. Type 
• 1.1 LED technology
• 1.2 Traditional technology
2. Application 
• 2.1 New installation
• 2.2 Replacement installation
• 2.3 Retrofit installation
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 LED technology-  The global industrial lighting market is experiencing significant growth due to the increasing adoption of LED technology. LED components and LED-based luminaires are increasingly being used by end-users due to their energy-saving characteristics and decreasing costs. Japan's energy crisis following the Fukushima nuclear disaster and the European Commission's ban on low-voltage halogen lamps are major drivers of this trend. The LED industrial lighting market will primarily be driven by the replacement market during the forecast period. New industrial units in countries like Australia, European countries, and Asia, particularly China and South Korea, will also contribute to market growth due to a focus on energy efficiency. Additionally, the adoption of smart lighting products is expected to boost sales of LED lighting systems in the industrial sector. These factors will collectively fuel the growth of the LED technology segment in the global industrial lighting market.

Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) 

Research Analysis

The Industrial Lighting Market is experiencing significant growth due to the increasing adoption of energy-efficient lighting solutions, such as LED light sources. Traditional lighting technologies like Linear fluorescent lamps, Metal halide lamps, and Incandescent bulbs are being gradually replaced by LED modules due to their low energy consumption and longer lifespan. Public organizations are leading the way in this transition, with many implementing energy efficiency initiatives and adhering to regulations like Ecodesign. The penetration of LEDs in industrial lighting is on the rise, with Dialight Group's ProSite LED floodlight being a notable offering. The shift to LEDs is also influenced by the rising energy prices and the availability of natural gas and electricity. Logistics and infrastructural development are also driving the demand for industrial lighting, with Signify being a key player in the market. Overall, the market for industrial lighting is expected to continue its growth trajectory, offering significant opportunities for companies and investors.

Market Research Overview

The Industrial Lighting Market is witnessing significant growth due to the widespread adoption of energy-efficient lighting solutions, such as LED Light Source, in various industries. Traditional lighting sources like Linear Fluorescent Lamps (LFL), Metal Halide Lamps (MHL), and Incandescent Bulbs are being gradually replaced with LEDs and SSL (Solid-state Lighting) due to their energy efficiency and longer lifespan. Public organizations are leading the modernization wave, with infrastructure development and urbanization driving the demand for energy-efficient lighting systems. LED modules and connected lighting solutions are the latest lighting innovations, offering customizable lighting experiences and energy savings. Natural gas and electricity prices are influencing the market dynamics, with some industries opting for natural gas-powered HIDs (High-intensity Discharge) for their energy efficiency. Logistics and e-commerce market are also adopting LED technology for their energy savings and low energy consumption. The DOE's Energy Conservation Standards are further pushing the penetration of energy-efficient lighting solutions. LEDinside's data triangulation reports indicate a steady increase in LED adoption across various industries. The market is expected to continue growing, with CFL, LFL, and HIDs gradually losing market share.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• LED Technology
• Traditional Technology
• Application
• New Installation
• Replacement Installation
• Retrofit Installation
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/industrial-lighting-market-to-grow-by-usd-3-25-billion-from-2024-2028--driven-by-energy-efficient-lighting-adoption-with-ai-reshaping-the-market---technavio-302330871.html

SOURCE Technavio