Global Annual Revenue for Industrial and High Bay Lighting Is Expected to Reach $16.5 Billion by 2028
LED products and connected lighting control systems can help minimize energy use while enhancing lighting quality
A new report from Navigant Research examines the global market for industrial and high bay lighting, providing forecasts of shipments and revenue for lamps and luminaires through 2028.
Industrial and high bay lighting manufacturers continue to be challenged to create products that can illuminate large spaces from afar with low glare and low contrast that also meet today’s strict safety and hazardous environment requirements. Recently, though, newer lighting technology options capable of minimizing energy use while enhancing lighting quality—such as LED products and connected lighting control systems—have emerged to provide stakeholders with more flexibility. Click to tweet: According to a new report from @NavigantRSRCH, global revenue from high bay luminaires and lamps is expected to increase at a compound annual growth rate (CAGR) of 1.6% between 2019 and 2028, with annual revenue reaching $16.5 billion at the end of the forecast period.
“The increase in revenue is small throughout the forecast period because the global building stock is not growing rapidly in these building types,” says Krystal Maxwell, senior research analyst at Navigant Research. “Additionally, a stagnant building stock results in stagnant renovation rates.”
While the industrial and high bay market was historically dominated by high intensity discharge (HID) lamps, fluorescent lamps, particularly high output T5 lamps, have become a major player in the high bay market due to their superior lumen maintenance and enhanced control options. Only in the past few years have technological and cost improvements allowed LED lighting to penetrate the market in significant quantities. LED retrofit lamps designed for direct replacement for HID and fluorescent lamps are also available. Though they are less efficient than new LED luminaire options, they are penetrating low and high bay applications.
The report, Market Data: Industrial and High Bay Lighting, analyzes the global market for industrial and high bay lighting. The report briefly covers the market issues, including key drivers and trends. The main focus of the report is the global market forecasts. The study provides forecasts for industrial and high bay lighting shipments and revenue for lamps and luminaires. These forecasts are segmented by building type and region from 2019 through 2028, as well as by controls within these applications. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Market Data: Industrial and High Bay Lighting, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.