Industrial Lighting Market by Application and Geography — Forecast and Analysis 2020–2024
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Industrial Lighting Market by Application and Geography — Forecast and Analysis 2020–2024
The industrial lighting market size has the potential to grow by USD 3.77 billion during 2020–2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by application (traditional technology and LED technology) and geographic landscape (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape. It offers information on several market vendors, including Cree Inc., Eaton Corporation Plc, General Electric Co., Koninklijke Philips NV, Legrand SA, LG Innotek Co. Ltd., NICHIA Corp., OSRAM Gmbh, Panasonic Corp., and Schneider Electric.
The strong government support provided to the manufacturers in the industry is one of the critical factors driving industrial lighting market growth. Governments across the globe are focusing on reducing power generation from coal plants, expand the nuclear power generation base, encourage green technologies in all areas of manufacturing, and promote efficient lighting technologies to reduce power consumption. For instance, governments in BRIC countries are supporting the use of LED lights by launching new programs and providing subsidies to manufacturers. All government efforts are focused on increasing the adoption of LEDs in the domestic market, which will improve the growth prospects for the market during the forecast period.
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Moreover, the emergence of Internet-connected light bulbs, one of the critical industrial lighting market trends, will also drive market growth during the forecast period. The evolution of the IoT and SSL technologies has transformed the lighting market. LEDs and IoT architecture for powering smart lighting is being considered as a viable alternative to the generation of light with wires and gas inside a heated enclosure. Moreover, the high user adoption of this technology has encouraged both existing vendors and start-ups to enter this market. The increasing number of vendors and initiatives undertaken by governments will help in growing awareness and adoption of smart lighting systems. Such factors will drive market growth at a CAGR of almost 8%.
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