Industrial Lighting Market Size to grow by USD 1.78 billion from 2021 to 2025 | Eaton Corp. Plc and IDEAL INDUSTRIES Inc. to emerge among Key Vendors | Technavio
NEW YORK, Oct. 13, 2021 /PRNewswire/ -- The industrial lighting market size is expected to grow by USD 1.78 billion from 2021 to 2025. However, the growth momentum is likely to decelerate at a CAGR of 4.51% during this period. This market research report by Technavio offers key insights into the latest drivers, challenges, and trends, as well as an analysis of the best-performing regions and market segments.
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Drivers and Challenges
Technavio has identified the major drivers and challenges that impact the industrial lighting market. According to our research, strong government support is propelling market growth. However, factors such as the absence of global LED standardization may hamper the market during the forecast period.
The industrial lighting market has been segmented by geography into APAC, Europe, North America, South America, and MEA. During the forecast period, 50% of the market's growth will originate from APAC, with China and Japan being the key countries
Based on type, the industrial lighting market has been segmented into LED technology and traditional technology.
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Some of the Key Vendors and their Offerings:
Technavio has identified key vendors operating in the market. These include Eaton Corp. Plc, IDEAL INDUSTRIES Inc., Legrand SA, LG Innotek Co. Ltd., Nichia Corp., OSRAM Licht AG, Panasonic Corp., Savant Systems Inc., Schneider Electric SE, and Signify NV. The key offerings of some of these vendors are mentioned below:
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Table of Content:
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