The global industrial lighting market was valued at more than USD 5 billion in 2016 and is expected to surpass USD 6 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global industrial lighting market to its lighting portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like GE Lighting, Cree, LG Innotek, Philips, OSRAM, Panasonic, and Schneider Electric.
According to Sunil Kumar Singh, a lead analyst for lighting research at Technavio, “Various industries across the globe are implementing power-saving lighting solutions to reduce the consumption of energy and operational costs. LED lights have low lighting and power consumption, and limits power consumption more effectively than conventional incandescent bulbs.”
The life span life span of LED lights can range from 25,000 to 50,000 hours, and it consumes less energy than traditional lighting systems. Some industries are installing LED lighting control systems that include occupancy sensors and daylighting controls which save more than 40% energy. These lighting solutions are also equipped to control the brightness and intensity of these bulbs.
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Emergence of Internet-connected light bulbs
The manufacturers in the market are offering semiconductors like LEDs and IoT architecture for powering smart lighting as an alternative to the generation of light with wires and gas inside a heated enclosure. Furthermore, the development of secure sockets layer (SSL) technologies will transform the lighting market during the forecast period. Recently, Cree introduced the Connected Cree LED bulb that is compatible with Wink and ZigBee-certified hubs.
Growing adoption of smart lighting systems
The smart lighting systems available in the market can control color, temperature, occupancy, and natural light. The increasing efforts towards energy consumption and government mandates regarding energy will boost the demand for smart lighting in several industries. Several countries are promoting smart lighting system through summits, and it will help vendors to reach to more consumers and increase their profitability.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Industrial Lighting Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Traffic Lights Market 2017-2021
- Global Motorcycle Lighting Market 2017-2021
- Global Solar Street Lighting Market 2016-2020
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