Global industrial lighting market valued at USD 4,206.7 million in 2019

The global industrial lighting market was valued at USD 4,206.7 million in 2019, and it is expected to reach USD 5,412.26 million by 2025, recording a CAGR of 4.5%, during the forecast period, (2020-2025).

With smart manufacturing gaining prominence across regions and the increasing demand for LEDs from industrial setups, smart lighting is expected to become an important component of industrial automation over the forecast period.

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 are driving the market growth. For instance, in recent years, significant price reductions in LEDs has augmented the adoption of LED lighting products across the world.

Recently, government associations and utility companies have started providing incentives in order to help reduce industrial energy consumption. For which, rebates were provided to help offset the cost of a facility LED conversion or retrofit to lower energy usage.

Furthermore, many companies have been rolling out LED fixtures for both indoor and outdoor applications, retrofit applications, by which they are slowly expanding to hazardous environments as well.