Energy-efficient Warehouse Lighting Market: Snapshot
The global market for energy-efficient warehouse lighting is projected to gain significant traction in the coming years with warehouse owners constantly in search of solutions that can reduce energy consumption and provide significant savings to energy bills. The increasing introduction and implementation of energy-saving policies by governments across the globe is likely to give the energy-efficient warehouse lighting market a considerable boost in the coming years.
The development of smart lighting technologies that can maximize efficiency and provide increased safety and comfort is a key opportunity for players in the energy-efficient warehouse lighting market. Fueled by these favorable industry settings, the global market is poised to expand at a strong CAGR of 13.4% from 2016 to 2024, with the value rising from US$4.2 bn in 2015 to over US$15 bn by the end of the forecast period.
Shifting Focus from Developed to Developing Regions Benefits APAC and LATAM Markets
Geographically, the global energy-efficient warehouse lighting market has been segmented into five regions: North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. In the recent past, lighting companies have shifted their focus from the developed markets of North America and Europe to emerging markets such as India, China, South Africa, Argentina, and Brazil. On account of rapid economic growth, favorable government policies and mega urban projects, these countries present new opportunities for players in the energy-efficient warehouse lighting market.
Regionally, Asia Pacific emerged as the leading segment of the global energy-efficient warehouse lighting market in 2014, with a share of 42.3% in terms of revenue. Japan, China, and South Korea are prominent contributors to the growth of this regional market owing to major investments in the latest lighting technologies. Rapid industrial growth has also stimulated the demand for energy-efficient warehouse lighting. The rising demand for green technologies is likely to be instrumental in boosting the energy-efficient warehouse lighting market in APAC in the coming years.
Europe and North America are highly developed markets with continued steady growth throughout the forecast period. Latin America is fast emerging as an export destination owing to a rapid improvement in trade policies, which has resulted in infrastructure development on a promising scale. This is likely to have a positive impact on the Latin America energy-efficient warehouse lighting market in the years to come.
LED to be Game-changer in Energy-efficient Warehouse Lighting Market
The global energy-efficient warehouse lighting market has been segmented on the basis of source of lighting into linear fluorescent lamps (LFL), high-intensity discharge lamps (HID), light emitting diodes (LED), and others. Owing to the low cost of LFLs, this segment led the energy-efficient warehouse lighting market with a share of 40.0% in 2015. This was followed by the HID and LED segments. Although HID and LED lighting held a significant share in the energy-efficient warehouse lighting market in 2014, their combined share is predicted to decline by 2024 with LED emerging as the key contributor by light source.
The key players in the global energy efficient warehouse lighting market include Dialight, OSRAM GmbH, General Electric Company, Bajaj Electricals Ltd., Toshiba Lighting & Technology Corporation, Digital Lumens, Inc., LIGMAN Lighting Co., Ltd., Eaton, Cree, Inc., Zumtobel Group AG, and Philips Lighting Holding B.V.
This research study analyzes the market for energy efficient lighting in terms of revenue (US$ Bn). The energy efficient lighting market has been segmented on the basis of lighting sources and geography. The geographical segmentation includes regions which are further divided into 14 countries - major players in the global energy efficient lighting market. The report features a detailed regional segmentation with market growth forecasts for the 2016−2024 period. For the research, 2014 has been taken as the base year, 2015 is estimated while all forecasts have been given for the period from 2016 to 2024. Market data for all the segments has been provided at the regional as well as country-specific level from 2016 to 2024. The report provides a broad competitive analysis of companies engaged in the development of energy efficient lighting technologies for the energy efficient lighting business. The report also includes key market dynamics such as drivers, restraints, and opportunities affecting the global energy efficient lighting market. These market dynamics are analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive analysis of the market with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the structure and profitability of the global energy efficient lighting market. The forces analyzed are bargaining power of buyers, bargaining power of suppliers, threat of new entrants, threat of substitutes, and degree of competition.
The high-level analysis in the report provides detailed insights into the energy efficient lighting business globally. There are currently numerous drivers for the market. The most prominent drivers include favorable government regulations supported by growth in warehouse and storage industry, coupled with efforts to reduce energy consumption in warehouses. The prime reason for such transformation is the phasing out of traditional incandescent lighting technologies by governments across the globe. Energy efficient lighting technologies are evolving rapidly, with the availability of a wide variety of LED, HID, LFL lighting technologies replacing traditional incandescent lamps. Market attractiveness analysis was carried out for the energy efficient lighting market on the basis of geography. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.
The energy efficient lighting market has been segmented on the basis of source of lighting technology. On the basis of lighting sources, the market has been segmented into high-intensity discharge lamps (HID), linear fluorescent lamps (LFL), light emitting diodes (LED), and others. Linear fluorescent lamps with market revenue of US $ 1.6 Bn hold the highest market share in the energy efficient lighting market during 2014. This is followed by HID & LED. However, LED is expected to become the single largest energy efficient lighting technology by 2024 by occupying the 41.1% of the total energy efficient lighting market share.
In terms of geography, the market has been segmented into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Asia Pacific was the largest market for energy efficient lighting with market revenue of US$ 1.7 Bn, followed by Europe and North America in 2014. However the market in Latin America is expected to grow at significant rate of 18.8% from 2016-2024. Government policies played a significant role in the development of the energy efficient lighting market. Regional data has been provided for each sub-segment.
Key players in the energy efficient lighting market are Dialight, LIGMAN Lighting Co., Ltd., Philips Lighting Holding B.V., Digital Lumens, Inc., OSRAM GmbH, Cree, Inc., Eaton, General Electric Company, Toshiba Lighting & Technology Corporation, Zumtobel Group AG, and Bajaj Electricals Ltd. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.
Energy Efficient Lighting Market: By Lighting Source
- High-intensity Discharge Lamps (HID)
- Linear Fluorescent Lamps (LFL)
- Light Emitting Diodes (LED)
- Other Lighting Sources
Energy Efficient Lighting Market: By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America