Industrial Lighting Market size to increase by USD 3.01 billion from 2022 to 2027

The industrial lighting market size is expected to grow by USD 3.01 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 6.34% during the forecast period.

The growing demand from the automotive sector drives the market growth. There is a significant growth in automotive lighting fuelled by the demand for exterior lighting, especially headlights. 

The penetration of LED technology from high-end vehicles to mid-range and low-end vehicles is significantly contributing to the growth of the market. In addition, there is an increasing focus by industrial players on launching advanced LED lighting solutions and expanding their presence in the automotive industry. Hence, such factors are positively impacting the market, which, in turn, will drive the market growth during the forecast period.

The market share growth by technology segment is significant during the forecast period. There is an increasing adoption of LED technology across the globe as there is a high growth in the use of LED components and LED-based luminaires by end-users. Factors such as the decreasing cost and compatibility with the existing lighting fixtures are significantly fuelling the adoption of LEDs. For instance, there was a significant penetration of LEDs across Japan after the Fukushima nuclear disaster, resulting in a severe energy crisis in the country. Hence, such factors are expected to fuel the growth of this segment, which in turn will drive the market growth during the forecast period.