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The industrial lighting market is expected to register a CAGR of 4.5% during the forecast period (2021 - 2026)

·6-min read

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 drive the industrial lighting market’s growth.

New York, May 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Lighting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06074766/?utm_source=GNW


- Industrial operators are often faced with challenges of maintenance costs due to heat losses of the traditional and most common lighting fixtures in commercial and industrial settings, i.e., fluorescent and high-intensity discharge (HID) lights. LED lights that offer greater energy and cost savings, as well as low maintenance costs, have witnessed high demand in the past few years.
- Factors, such as the regulatory standards promoting the use of LED lightings and worker safety in industrial locations, regulations that halt the usage of mercury vapor ballasts and metal halide activated lighting, demand for cost-effective lighting solutions, high service life, and replacement of traditional lighting systems with LEDs, are expected to drive the growth of the market during the forecast period. The emergence of LED lighting as a viable alternative to conventional lighting provides growth opportunities across various markets globally.
- With the introduction of new solutions to illuminate the work area, players in the market are finding exciting growth opportunities. For instance, Emerson introduced ’Appleton Rigmaster LED Linear Luminaire,’ a new solution to quickly and safely illuminate land-based drilling rigs, for the oil and gas industry, in May 2019. This solution is expected to streamline the cumbersome and time-consuming task of installing and maintaining bright, energy-efficient lighting in hazardous areas on drilling rigs.
- The increase in demand for LED lighting in industrial locations is likely to be aided by the growth of the new oil and gas plant project in India, China, and Indonesia, coinciding with the coal-to-gas switching policies. For instance, China planned and announced the completion of around 305 petrochemical plants, with a total capacity of about 152.4 MTPA, by 2030, with major capacity additions coming from Hengli Petrochemical and China Petrochemical Corp. Therefore, the optimistic oil and gas industry provides significant scope for the market over the forecast period.
- Amid the COVID-19 pandemic, the market has witnessed the halting of production and disruption in the supply chain. It led to weakened industrial output growth and the decline of light-manufacturing output across significant manufacturing hubs. Due to the impact of the COVID-19 outbreak on the chemical industry globally, the market is also susceptible to increased LED lighting price. For instance, in April 2020, Lumileds announced the increased prices for LED lightings by 4% starting mid-April 2020. It attributed the same as a measure to offset costs incurred during the coronavirus pandemic.

Key Market Trends
LED Light Source is Expected to Hold Major Share

- LED has features, such as longevity, energy efficiency, low operational/maintenance costs, and ability to deliver an increasingly shorter return on investment (ROI), which may ultimately drive its demand in the industrial lighting market. Moreover, LEDs produce no harmful ultraviolet or infrared radiation, thereby offer numerous benefits, such as lowered cooling costs, maintenance simplification, prolonged product life, avoiding damage to eyes and sensitive equipment, and providing a margin of safety in an industrial environment.
- Governments and public organizations worldwide are increasingly deploying these LED Lighting networks to address the maintenance issues created by incandescent lamps’ usage. These bulbs and high-pressure sodium are easily compounded due to the surrounding reactive gases. Besides, as a lighting source, LED also provides a high luminosity and high efficiency and offers operational solutions against corrosion and vapor resistance compared to traditional lighting
- Also, LEDs contain no moving parts. Hence, they are more durable and can withstand shock and corrosion better. Their inability to ignite with a spark is an added advantage. With such properties, LEDs are extremely useful for the mining industry applications that are often subject to high vibrations, debris, chemicals, and explosive solutions.
- One other prominent characteristic of LEDs is that it eliminates light pollution by reducing energy waste reduction, by controlling each diode through lensing to aim the light exactly where it is needed. Light pollution can be controlled by up to 50% and energy waste by up to 70%.

Europe to Hold Significant Market Share

- The associations in the region frequently engage by proposing strategies and plans for lighting segments. The European SSL Support Strategy of 2011 was proposed and implemented for European LED standardization and accelerating large-scale Solid-State- Lighting deployment. Then, in March 2019, the Russian government announced plans to increase the volume of support for its domestic petrochemicals industry by doubling the capacity. The government further aims to attract over USD 40 billion of additional investments to the industry by 2030.
- Further, most European countries, primarily the United Kingdom, are aiming for net-zero carbon emissions by 2050. Therefore, local manufacturing companies are investing considerably in lighting innovations based on this agenda. As a result, the manufacturers are innovating to keep up with the environmental norms. Also, the Europe Association of Lighting and Lighting Europe released, in August 2019, the norms on how modulated fees can be applied to the lamps and luminaires segment. After enforcing the waste management fees system in the EU market, the lighting segment still faces challenges.
- Furthermore, the use of LED lighting in quarries is increasing in the region due to various mines, around 2,000 mines, and quarries in the United Kingdom alone to produce a vast range of materials, despite reduced activity in the region. Despite the slow growth of mining in Europe, the investments are skewed toward reducing overall cost using technology that miners focus upon currently.
- Other recent developments, such as the ban on mercury in lamps to cut the EU’s CO2 emissions by more than 40 megatons and electricity use by 138 TWh by 2030, lead to increased LED lighting applications across coal-based power plants in the region. The report by the Swedish Energy Agency (SEA) and CLASP in late 2019 underlines four major power plants dependency on mercury-based lightings.

Competitive Landscape
The industrial lighting market is highly fragmented. Overall, the competitive rivalry among existing competitors is high. Further, the new innovation strategies of large and small enterprise companies are expected to drive market growth. Some of the recent developments in the market are:
- July 2020 - Savant Inc. completed its acquisition on GE lighting to enhance its product portfolio for Lighting market. This acquisition will support both these companies to provide a unique and cost-effective solutions to its customers.
- November 2019 - Dialight launched its new SafeSite Glass Reinforced Polyester (GRP) linear form factor for the APAC and EMEA markets. This new LED fitting includes IECEx / ATEX Zone 2, 21 & 22 certification for the ultimate solution in hazardous applications including upstream and downstream oil and gas, petrochemical, mining and heavy manufacturing applications. This newly launched product will help the company to expand its existing portfolio of hazardous lighting.
- June 2019 - R. Stahl Tranberg AS, a major lighting and electrical heating service provider, launched the TRANBERG BlueLine Lighting Series for the maritime and offshore oil and gas sector. The company claims increased functionality and greater flexibility and resolution in searchlight and hazardous operations, with the ability to move faster and incorporate both vertical and horizontal movements.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
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Read the full report: https://www.reportlinker.com/p06074766/?utm_source=GNW

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