Rapid industrialisation all across the world has brought about a huge demand for industrial lighting. The global market of industrial lights has been projected to grow at a CAGR of 8 percent during the tenure of 2018-23. The market value for this industry is likely to become USD 13 Bn by the year of 2023. Moreover, various initiatives taken but the government to accelerate green technology have also resulted in increase in the number of product portfolios in this category. The LED industry has also given positive results because of the growing demand for smart lighting.
Regions in North America have experienced growth in this segment due to the collaboration between the Philips Lighting Holding B.V (Netherlands) and the World Council of City Data
(WCCD). One of the key drivers of this market has also been the governments’ constant support towards businesses in order to reduce as much carbon emission as possible. Subsequently, because of low power consumption, low cost and longer lifespan, the demand for LED lights has grown considerably which added value to the total revenue has gained from this market.
The companies in this domain have also been investing more and more on innovation and coming up with better products that include task lighting spotlights, accent lighting, lighting with hanging features, wall lighting and post lanterns among various others has helped the key players increase their product range in the market.
With urbanisation and industrial development going on in full force, the Asia Pacific region is on a developmental phase. It is further accelerating the demand for industrial lighting in this region which has the potential to et multiplied in future course of time. On the other hand, because of standardised industrialisation, the European market has seen stability in growth for this segment where many have adopted the new LED lighting which is smart and cost efficient too.
General Electric (US), Emerson Electric (US), Philips Lighting Holding B.V (Netherlands) and Hubbell Lighting are some of the companies that hold significant shares in the industrial lighting market. Recently, Syska Group from India has invested USD 25 Mn for setting up three new production units. One of these units will work in accordance with the “Make In India” program and achieving goals for the Indian Government.