Industrial Lighting Market - Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2028)

2022-04-27 05:20:16 UTC | Manufacturing & Construction
Industrial Lighting Market - Growth, Trends, Covid-19 Impact, And Forecasts (2022 - 2028)

Industrial Lighting usage has grown not just in terms of application in these broad fields of end users but also due to technological advancements in them. Over the years, as industrial automation in various sectors has gained momentum, coupled with a labor shortage and the need to reduce labor costs, more industry owners are relying on smart industrial lighting as an investment with long-term financial gains in mind.

The Global Industrial Lighting Market was previously valued at USD 6175.6 Million in the year 2020, and it is anticipated to expand to be worth USD 8168.2 Million by the year 2027, registering a CAGR of 5.3% during the period of 2021-2027.

There are various factors that significantly affect the Industrial Lighting Market. Factors such as an increase in demand for cost-effective and energy-saving LED lighting, a rise in government initiatives toward LED adoption, and a surge in the need to replace traditional lighting systems drive the growth of the market. However, the high initial cost of LED lighting technology and the presence of voltage sensitivity and temperature dependency hamper the market growth. Furthermore, an increase in the adoption of smart lighting systems is expected to offer lucrative opportunities to the industrial and commercial LED lighting market growth.

The Major Players In The Industrial Lighting Market Include:

Siemens, GE Lighting, Signify (formerly Philips Lighting), USHIO America Inc., Crompton Greaves Ltd., Acuity Brands Lighting Inc., Litetronics InternationalInc., Havells India Ltd, and OSRAM Gmbh, among others

Market has segmented the global Industrial Lighting market on the basis of type, application, and region:

The Industrial Lighting market is segmented by type and application. Growth between segments over the period 2022-2028 provides accurate calculations and forecasts of revenue by type and application in terms of volume and value. This analysis can help you expand your business by targeting eligible niches.

By Type:

 High/Low Bay Lighting, Flood/Area Lighting

 By Application:

 Oil and Gas, Mining, Pharmaceutical, Manufacturing, Warehouse, Other End-user Applications

 By Regional Outlook (Revenue, USD Billion, 2017 – 2028)

Covid-19 Impact and Recovery Analysis on Industry:

The COVID-19 pandemic has had devastating effects on several industry verticals globally. To constrain the number of cases and slow the coronavirus spread, various public health guidelines were implemented in different countries across the globe. COVID-19 protocols ranging from declaring national emergency states, enforcing stay-at-home orders, closing nonessential business operations and schools, banning public gatherings, imposing curfews, distributing digital passes, and allowing police to restrict citizen movements within a country, as well as closing international borders. With the growing vaccination rate, governments are uplifting the protocols to give a boost to the stagnant economy. Like other industries, Industrial Lighting Market have experienced slowdown the growth, however market is expected bounce back as restrictions are being lifted up by governments across the globe. 

Report covered the major key points:

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