Dover, DE -- (SBWIRE) -- 05/03/2016 -- Industrial lighting market size is estimated to witness significant gains by 2023. The growth in the industry can be attributed to rising population, increasing income and swiftly urbanization. In addition, proliferating concerns for insufficiency of resources along with climate changes might positively impact the industry growth over the few upcoming years.

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Asia pacific industrial lighting market is estimated to be the largest as well as fastest growing region from 2016 to 2023. It was valued more than USD 1.5 billion in 2012 and it is anticipated to reach USD 2.5 billion by 2023. The growth can be subjected to rising number of industries across the region.

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The industry involves high use of various lights such as incandescent, halogen, linear, fluorescent lamps (LFL), high-intensity discharge lamps (HID), compact fluorescent lamps (CFL), organic light emitting diode (OLED) and light emitting diode (LED) technology. It can be further segregated into certain sub-technologies namely metal halide, high-pressure sodium and cold cathode fluorescent lamps (CCFL).

Proliferating programs are anticipated to offer huge energy optimization opportunities to end users as well as utilities. In addition, it aids in cost savings and also helps various industry participants in reaching their energy conservation goals. The global industrial lighting market offers various lamps with varied features such as intensity, dimensions & design and function. In addition, it also offer lighting solutions based on reliability, efficiency and superior performance.

Circular fluorescent and linear lamps are greatly used in manufacturing infrastructures to enlighten indoor shipping and receiving bays, production areas, warehousing and distribution operations. It mainly involves the usage of HID and incandescent lamps owing to which industrial LED lighting market is estimated to experience low penetration rate in this sector.

Various industries have diverse lighting specification that varies from specialized task lighting to varied lighting levels. In addition, lighting specification can also be done based on cost and the colour rendered by light. Certain criteria for choosing lighting system for industrial use include retrofit, upgrade or relight. Retrofitting involves reuse of old fixtures and it is limited only to ballast and lamp improvements. Upgrading the existing fixtures proves to be a better solution at times. This can be done by installing new ballasts and lamps, replacing or installing reflectors, cleaning reflecting surfaces and by replacing diffusers and lenses. Relighting involves more resources when compared to retrofitting. It entails the complete replacement of the existing system. As of 2015, industrial firms are estimated to undergo loss of USD 1.5 billion, owing to inappropriate application of lighting systems.

Regular maintenance of these systems aids in cost saving and also helps in maintaining the light systems. Effective use of these systems assists in cost optimization. Industrial LED lighting market facilitates energy consumption, high cost compared to other lighting solutions might pose as challenge to the industry growth; however, the expected LED price erosion should see a surge in units sold. Flourishing R&D is anticipated to pose potential growth opportunities to the industry players over the forecast period.

North America was valued around USD 1.5 billion in 2012 and it is likely to witness moderate growth over the forecast period. Europe industrial lighting market was valued around USD 1.4 billion in 2012. It is likely to witness moderate growth owing to the debt crises in the region. It is estimated to reach USD 1.7 billion by 2023. Latin America was valued around USD 120 million in 2012. It is anticipated to exceed USD 150 million by 2023.

Middle East and Africa regions was valued for over USD 351 million in 2012 is estimated to exceed USD 420 million by 2023. BRIC countries such as Brazil, Russia, India and China are projected to witness intensifying growth. As these are the developing economies, they are likely to furnish high growth avenues over the forecast period.

Key industry participants occupying significant industrial lighting market share include Siemens, Philips, GE Lighting, OSRAM Gmbh, Acuity Brands Lighting, Inc., Crompton greaves Ltd., Havells India Ltd, USHIO America, Inc. and Litetronics International, Inc. among others.