Global Industrial Lighting Market Expected to grow nearly 8% by 2024!

The global industrial lighting market is expected to grow at CAGR of 7.9% between 2017 and 2024, according to a new report from Research and Markets. That growth is being driven by increasing modernization and infrastructural development as well as the growing penetration of LEDs, the market research firm says.

LEDs are picking up due to lower prices across diversified industrial applications, durability for industrial usage, and low energy consumption for warfare operations, the new analysis says. However, the report notes that the lack of standardization across industries, and the high cost of equipment and implementation are restraining market growth.

Called “Global Industrial Lighting Market – Technologies, Market share and Industry Forecast to 2024,” the report looks at market drivers and analyzes the market by lighting source, offering, installation type, product, application, and geography.

For light source, the LED segment is dominating the market. On the basis of offering, lamp and luminaries are likely to have the biggest chunk, the report says. New installation is likely to dominate on installation type due to increases in infrastructure development.