BOULDER, Colo.--(BUSINESS WIRE)--A recent report from Navigant Research examines the market for industrial and high-bay lighting in six building types, with forecasts for unit sales and revenue, through 2024.
Falling prices and increased efficacy have allowed light-emitting diodes (LEDs) to penetrate the high-bay and industrial lighting markets, both of which are currently led by fluorescent lighting. Payback periods are reaching the point where LEDs are being selected for their relatively quick return on investment, added controllability, long lifespans, and low maintenance. Click to tweet: According to a recent report from @NavigantRSRCH, global sales of high-bay luminaires and lamps are expected to total nearly $20.4 billion by 2024.
“There is still a fair amount of resistance from facility managers to the technology’s increased upfront capital costs,” says Benjamin Freas, principal research analyst with Navigant Research. “However, they are also beginning to understand that while LEDs are currently more expensive, future controls applications will depend on LED functionality to operate properly.”
Globally, networked lighting controls are expected to see consistent revenue increases through 2024, according to the report. While the same trend of increasing LED sales is expected to continue beyond 2020, average selling prices are anticipated to continue falling and lamp replacement sales are expected to slow as the installed base of longer-life LED lamps grows.
The report, Industrial and High-Bay Lighting, analyzes the global market for industrial and high-bay lighting in the following building types: warehouse, industrial, gymnasium and indoor sporting facilities, high-bay retail, and transportation. The study provides an analysis of the significant market drivers, trends, and opportunities associated with luminaires, lamps, and networked lighting controls in these applications. Global market forecasts for unit sales and revenue, segmented by lamp type, building type, industrial segment, and region, extend through 2024. The report also examines the major technology issues and trends related to high-bay lighting and profiles the key industry players in this market. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Energy Technologies, Utility Transformations, Transportation Efficiencies, and Buildings Innovations sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Industrial and High-Bay Lighting, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.