The report titled “Global Industrial Lighting Market 2017-2021” and is available for sale on the company website. Despite stagnancy, the market according to the report will exhibit a CAGR of just over 2% during the course of the aforementioned forecast period.
One of the chief drivers of the global industrial lighting market is strong government support to manufacturers. This support is propelled by the government’s aim of reducing dependence on conventional sources for power. With the implementation of these rules, expansion of nuclear power plants is imminent. While this would encourage the use of green technologies across all areas of manufacturing, subsequently it will promote the deployment of efficient lighting technologies as well thereby aiding in the reduction of power consumption.
For instance, the policymakers in BRICS are encouraging the installation of LED lights by launching new programs. Their governments also have in place subsidy plans for manufacturers deploying energy efficient industrial lighting. As government efforts focus more on increasing the adoption of LEDs in the domestic market, the global industrial lighting market will gain momentum in response.
Currently the market is gaining significant traction from the advent of Internet-connected light bulbs. The transformation however commenced in response to the evolution of the secure sockets layers and Internet of things (IoT) technologies. It is important to note here that both LED and IoT architecture are considered viable alternatives to the conventional methods of generating light inside a heated enclosure. Because the technology has been witnessing high user adoption in the last few years, an increasing number of existing vendors and start-ups are encouraged to venture in the market. Besides this, government support and rising awareness worldwide are encouraging their entry.
Based on product the global industrial lighting market can be bifurcated into traditional and LED lighting. Despite the dominance of the traditional lighting technologies segment, especially in developing economies, the advent of intelligent lighting is slowly changing the landscape of the industrial lighting market. Due to the increasing uptake of the LED technologies, a considerable dip in the sales of traditional lighting is noted. Thus over the course of the forecast period, a higher adoption of the global industrial lighting market is likely.
Regionally, dominance is expected to remain with the market in APAC. China will emerge as the major revenue-contributing country to the APAC industrial lighting market, thereby aiding its surge over the forecast period.
Besides analyzing the various factors encouraging the market’s trajectory and those creating hindrances, the report also evaluates the prevailing vendor landscape. For the purpose of the study it thus profiles companies such as Schneider Electric, LG Innotek, OSRAM, GE Lighting, Panasonic, Philips, Cree, and others.
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