Market Overview
Light is an essential medium required in every industrial sector. There are many driving factors of the Industrial Lighting Market. The increase in demand in the photography field, interior designing, and other sectors drive the Global industrial lighting market report. The support of the government for promoting green technology has brought a big revolution in the market size. The use of LED light for different applications has been a growth factor of the market. Due to the increased rate of urbanization and smart living, the demand for smart lighting has increased. People’s awareness of an eco-friendly environment with the government’s support is largely driving the market. This lighting system has no bad impact on human health; therefore, its demand is progressing high. The rise in the need for energy-efficient lighting systems in the various industrial sectors is boosting market growth. Other major factors like the demand for cost-effective lighting, high service, and other effective properties drive the market globally. The market is receiving huge opportunities because of the invention of a new solution to illuminate different workplaces.
The virus outbreak has been a difficult time for everyone, and it almost hampered every market growth. The Industrial Lighting Fixtures Market also faced huge losses due to the pandemic period. The manufacturing units and production process were declined due to the strict lockdown rules. Drastic change was shown in the graph of the market. The market players are focusing on the restraining factors and trying to innovate the features of the products to give their best service to the customer to overcome these issues. The government’s support for the eco-friendly product is even driving the market.
The market is to continue with its significant growth, and it is expected to register a CAGR of 7.32% worth USD 8.61 Billion by 2023 during the forecast period.
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Market Segmentation
The Industrial Lighting Market Report is fragmented into various segments based on light source type, by-products, and applications. The light source type segment is classified into incandescent, halogen, LED, CFL, high-intensity discharge, fluorescent. Based on the product segment, the market is subdivided into task lighting, industrial wall lights, accent lighting, vintage industrial lighting, industrial hanging lights, industrial look lighting, and others. The market is categorized into hotels and restaurants, factory & production lines, hazardous locations, parking areas, outer premises, warehouses, and others in the application segment. Among these, the factory and production lines hold the highest share in the market, and the share will continue strong in the upcoming years.
Regional Analysis
The Industrial Lighting Fixtures Market is geographically distributed into various regions worldwide, such as Europe, North America, Asia Pacific, and the Rest of the World. Among all these developing regions, the North American region dominates the market with the largest market share. The Asia Pacific region is even emerging in the Industrial Lighting Market. The regions of Asia Pacific like India, China, and Japan are expected to drive the market to reach the highest CAGR.
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Industry News
The Global Industrial Lighting Market shows significant growth at a strong CAGR of 8% during the forecast period from 2017 to 2023.
Cree Inc., in the year 2019, launched XPE2 Photo red in the market. The product was designed to help the horticulture sector.
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