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Industrial Lighting - Market Drivers and Forecasts from TechnavioTechnavio analysts forecast the global industrial lighting market to grow at a CAGR of over 2% during the forecast period, according to their latest report. This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170110005881/en/ 
Technavio has published a new report on the global industrial lighting market from 2017-2021. (Graphic: Business Wire) The research study covers the present scenario and growth prospects of the global industrial lighting market for 2017-2021. Lighting systems are used for multiple applications in the residential, architectural, office, and industrial sectors. The report includes the market for finished lighting products that are used for industrial applications only. LFLs and HIDs are the major lighting technologies employed in the industrial segment, as industries mainly require high-intensity bright lights. In comparison to HIDs that are used for industrial lighting applications, LEDs have lower illumination. However, LEDs are more cost-effective in terms of power consumption and have lower heat dissipation when used over extended periods. Request a sample report: http://www.technavio.com/request-a-sample?report=55637 Technavio's sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more. Technavio hardware and semiconductor analysts highlight the following three factors that are contributing to the growth of the global industrial lighting market:
Strong government support Strong government support is one of the majorfactors driving the growth in the global industrial lighting market. The Chinese government is looking at reducing power generation from coal plants, expanding the nuclear power generation base, encouraging green technologies in all areas of manufacturing and promoting efficient lighting technologies to reduce power consumption. The government plans to provide subsidies to LED lighting manufacturers to scale up and encourage the production of innovating lighting solutions. Sunil Kumar Singh, a lead lighting analyst at Technavio, says, "The government in the BRIC countries is encouraging the use of LED lights by launching new programs and providing subsidies to manufacturers. China had the largest LED industry in the world and accounted for approximately 30% of the world production, as of 2015." Rising need for energy-efficient LED bulbs Unlike residential customers, who use lights for only a few hours a day, industrial facilities need lighting for almost 24 hours. As the industries are more focused on profits, long life span of LED lighting system leads to low TCO, which helps in the profitability of the industries. These benefits of LEDs make them suitable for industrial customers. "High energy costs have been compelling both governments and consumers to reduce their energy consumption and make use of power-saving lighting solutions. LEDs are efficient in terms of lighting and power consumption, as they limit power consumption more effectively than conventional incandescent bulbs," adds Sunil. Upcoming major events and infrastructure projects Lack of infrastructure development is hampering the growth of the Brazilian economy. To overcome this challenge, the government is prioritizing the infrastructure development spending for the forecast period. This is also because of the Olympic Games in 2016, which will support the growing demand for roads, rails, and airports. Another set of projects planned to start by the government from 2018 is estimated at USD 64.1 billion. The Russian lighting market is seeing an explosive growth in the LED market spurred by the government initiatives to increase energy efficiency. The Russian Railway Corporation has planned to retrofit LED lights in all railway stations across Russia. Even the railway wagons are witnessing the installation of LED lights. Top vendors: Browse Related Reports:
Become a Technavio Insights member and access all three of these reports for a fraction of their original cost. As a Technavio Insights member, you will have immediate access to new reports as they're published in addition to all 6,000+ existing reports covering segments like computing devices, displays, and sensors. This subscription nets you thousands in savings, while staying connected to Technavio's constant transforming research library, helping you make informed business decisions more efficiently. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
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