Market Size of Industrial Lighting Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.28 Billion |
| Market Size (2029) | USD 10.50 Billion |
| CAGR (2024 - 2029) | 7.59 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Lighting Market Analysis
The Industrial Lighting Market size is estimated at USD 7.28 billion in 2024, and is expected to reach USD 10.5 billion by 2029, growing at a CAGR of 7.59% during the forecast period (2024-2029).
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.
- Over the years, the demand for industrial lighting has been experiencing steady growth, and this trend is expected to continue over the coming years as well, owing to the increasing use at warehouses and for logistics, industrial establishments, etc., across the world. Industrial lighting is often used in places that have risks of injury and accidents and play an important role in enhancing the safety and productivity of workers.
- Industrial operators often face challenges associated with high 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, along with low maintenance costs, have witnessed a significant demand in the past few years.
- As the industrial output continues to grow rapidly across multiple regions, the reliance on electricity is also increasing. Also, the manufacturers are often challenged with substantial operational costs. This is one of the key factors compelling manufacturers to adopt energy-efficient lighting solutions. Additionally, many regulations imposed worldwide are promoting the use of energy-efficient lighting solutions, such as LED.
- The initial cost required for integrating or replacing the existing lighting systems in manufacturing plants and production facilities is usually high, especially for small and medium industries. Consequently, certain end-users still prefer compact fluorescent lamps (CFL), LFL, and HIDs over new and emerging LEDs, as they have a comparatively lower cost, which hampers the market growth.
- Covid-19 halted many construction activities in the industrial sector, especially in the initial months of the outbreak, temporarily dampening the market demand. However, with many pandemic-related restrictions easing up, construction activities have started picking up in many regions, and the market is witnessing renewed growth.
