Industrial Luminaire Market: Pin-Point Analysis For Changing Competitive Dynamics
Rapid urbanization and industrialization have increased the requirement for lighting sources, which has resulted in more demand. Lighting consumes about 20% of the global electricity, and this has led to the focus on promoting energy-efficient luminaire technologies by governments across the globe.
Growing energy consumption and necessity of energy saving has resulted in growing adoption of CFL, halogen, LFL, and LED technologies. Additionally, increased awareness about power saving and energy saving and use of energy- efficient lightning technologies in the corporate world is anticipated to have a positive impact and help in the growth of the luminaire market.
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The industrial market is looking for innovations in material, manufacturing, and technology, targeted at improving energy efficiency, product functionality, and eco-friendliness.
The luminaires and lamps sector is expected to acquire the largest share of the industrial luminaire market during the forecast period. The high share of the luminaires and lamps sector is attributed to the rapid entry of LED lighting and the demand for technologically advanced LED light fitting. Moreover, benefits such as high efficiency, low power consumption, and a comparatively longer life span related to LEDs is set to drive the industrial lighting market growth for the lamps and luminaires segment during the forecast period.
The luminaire market thrives on a zero capital cost model and improved financial benefits, as also on government policies and regulations for adoption of energy efficient lighting systems. This market focuses on reducing energy consumption, which leads to the use of energy efficient systems. However, the main restraint of this market is lack of awareness about the value of service oriented models of lighting.
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Despite this drawback, the market is rapidly growing and has many opportunities lined up such as convergence of internet of things with lighting systems and development of smart cities. As smart cities develop, demand for lighting will increase for various purposes, thus creating opportunities for this market. However, low-quality LED products flooding the market and their poor performance is still the biggest challenge for the luminaire market.
The global industrial luminaire market is segmented by installation type, light source, offering, product, and application. Installation type includes new installation, replacement installation, and retrofit installation. Furthermore, there are different light sources such as LED lighting, High Intensity discharge (HID) lighting, and fluorescent lighting.
Offerings include lamp, luminaires, control systems and services. The luminaire market is also segmented by products such as industrial linear lighting, spot lighting, flood lighting or area lightning, and high bay lighting. There are various applications of luminaires in warehouses and cold storage, factory and production lines, outer premises, parking areas, and hazardous locations. In terms of regions, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
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