Industrial Lighting Market: Trends and Forecasts 2019-2024
July 3, 2019
The industrial lighting market was valued at US$4,025.6 million in 2018 and is expected to reach US$5179.2 million by 2024, recording a CAGR of 4.5%, during the forecast period of 2019-2024, forecasts a new market research report. With smart manufacturing gaining prominence across regions and the increasing demand for LEDs from industrial setups, smart lightning is expected to become a component of industrial automation over the forecast period.
The availability of a wide range of lighting products at competitive prices and the increasing demand for energy efficient lighting systems across various industrial sectors are driving the market growth, says the report. For instance, in recent years, significant price reductions in LEDs has augmented the adoption of LED lighting products across the world.
Furthermore, favourable government regulations regarding conventional lighting and energy consumption across the United States and China are anticipated to favour market growth.
However, the initial cost required to integrate or replace the lighting system into manufacturing plants and production facilities is a costly affair, especially for small and medium industries.
To meet certain minimum requirements like cost-effectiveness, energy optimization, better productivity, and safety of a plant, many industries pay their utmost attention to evaluate any lighting system. Hence, the growth of the market is sustained by rapid industrialization across the globe, which has fuelled demand for better quality industrial lighting. The industrial lighting market is bifurcated into different light source like LED, high-intensity discharge (HID) lighting, and fluorescent lighting.
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