LONDON--(BUSINESS WIRE)--The global industrial lighting market is expected to grow by USD 3.77 billion as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 8%. Request free sample pages
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The market is driven by the strong government support. In addition, the emergence of Internet-connected lightbulbs is anticipated to boost the growth of the Industrial Lighting Market.
Strong government support is one of the major factors driving growth in the global industrial lighting market. For instance, the Chinese government is looking at reducing power generation from coal plants, expanding the nuclear power generation base, encouraging green technologies in all areas of manufacturing and promoting efficient lighting technologies to reduce power consumption. The government plans to provide subsidies to LED lighting manufacturers to scale up and encourage the production of innovative lighting solutions. Similar, Malaysia rolled out its LED lighting upgrade project, through which it expects to fully replace the conventional lighting systems with LED lighting systems. All these government efforts are focusing on increasing the adoption of LEDs in the domestic market, which, in turn, will increase the growth prospects of the market during the forecast period.
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Major Five Industrial Lighting Companies:
Cree Inc. has business operations under two segments, Wolfspeed and LED products. The company's key offerings include XLamp XHP35.2, which is the next generation of Extreme High Power LEDs available in the XP footprint. Built on Cree's latest high-power LED technology, the XHP35.2 LED improves the voltage characteristics, efficacy and reliability of the XHP35 LED in the same 3.45 mm x 3.45 mm footprint.
Eaton Corporation Plc
Eaton Corporation Plc operates its business through various segments, such as electrical products, electrical systems and services, hydraulics, aerospace, and vehicle, and eMobility. The company's key offerings include Champ CPMV LED, which provides maintenance free illumination, long life and high performance in Class I, Division 2 areas.
General Electric Co.
General Electric Co. has business operations under various segments, such as power, renewable energy, aviation, oil and gas, healthcare, transportation, lighting, and capital. The company's key offerings include GE LED + Soft White, BR30, which has 5 hours of battery life at 120 lumens and has 65W equivalent light.
Koninklijke Philips NV
Koninklijke Philips NV operates its business under various segments, such as diagnosis and treatment, connected care and health informatics, and personal health. The company's key offerings include Tornado, which provides bright light and makes colors appear more vivid. Due to its compact design, this low-consumption spiral bulb fits nearly everywhere, and saves energy and money as it can last for up to 10 years.
Legrand SA has business operations under various geographic segments, comprising of France, Italy, Rest of Europe, North and Central America, and Rest of the World. The company offers Vortex LED Highbay, which is ideal for warehouses, factories, storage facilities, and shopping centers.
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Industrial Lighting Application Outlook (Revenue, USD bn, 2020-2024)
- Traditional technology
- LED technology
Industrial Lighting Regional Outlook (Revenue, USD bn, 2020-2024)
- North America
- South America
- Key leading countries
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