NEW CASTLE, Delaware, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Energy Efficient Warehouse Lighting System Market by Type (High-Intensity Discharge Lamps (HID), Linear Fluorescent Lamps (LFL), Light Emitting Diodes (LED), Others), Application (Commercial, Industrial and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the energy efficient warehouse lighting system market was valued at $14.0 billion in 2023, and is estimated to reach $42.5 billion by 2033, growing at a CAGR of 12.5% from 2024 to 2033.
Prime Determinants of Growth
Energy efficient warehouse lighting involves utilizing lighting systems that use less energy while delivering optimal illumination and visibility within warehouse environments. This approach is becoming increasingly important as companies seek to cut energy expenses, minimize their carbon footprint, and adhere to environmental regulations. Despite the benefits, challenges such as the high upfront costs of energy-efficient lighting solutions and limited awareness regarding their advantages can impede broader adoption. The market is evolving due to a shift towards LED technology, integration of smart lighting solutions, and rising demand for tailored lighting designs aimed at boosting productivity and ensuring safety in warehouse settings.
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Report Coverage & Details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $14.0 billion |
| Market Size in 2033 | $42.3 billion |
| CAGR | 12.50% |
| No. of Pages in Report | 320 |
| Segments Covered | Type, Application, and Region. |
| Drivers | Rising awareness and corporate commitments toward reducing carbon footprints and achieving sustainability goals. |
| Improved lighting quality can enhance worker productivity and safety, further motivating warehouse operators to adopt advanced lighting systems. | |
| The rise of e-commerce and the need for large-scale, efficient warehouse operations contribute to an increase in demand for energy-efficient lighting. | |
| Restraint | The upfront investment required for installing energy-efficient lighting systems can be a barrier for many businesses. |
| Opportunities | Continued government incentives and support for energy-efficient initiatives can drive further adoption. |
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Based on type, the light emitting diodes (LED) sub-segment is projected to have a dominant market share during the forecast period.
LED technology offers warehouse owners a wide range of customization and control options. LED lights can be adjusted in brightness to meet the specific needs of different areas within a warehouse, providing flexible lighting levels. In addition, LEDs can be seamlessly integrated with sophisticated lighting control systems, including motion sensors and daylight harvesting features. This adaptability not only improves energy efficiency but also ensures that lighting conditions are optimized according to the warehouse's operational needs.
Based on application, the commercial sub-segment is predicted to have a dominant market share during the forecast period.
In the commercial sector, energy-efficient lighting systems play a crucial role in enhancing operational efficiency and reducing costs. These lighting solutions are designed to meet the specific needs of commercial spaces, such as retail stores, office buildings, and service facilities. Energy-efficient lighting, including advanced LED technologies, provides superior illumination while consuming less power, resulting in lower utility bills.
Based on region. Asia-Pacific is anticipated to have a dominant market share during the forecast period.
Asia-Pacific, driven by swift industrialization and urbanization, offers a vibrant market for energy-efficient warehouse lighting systems. Countries like China and India are experiencing significant investments in warehouse infrastructure, driven by government incentives for energy conservation and advancements in lighting technologies. This growth is accompanied by a rising adoption of energy-efficient lighting solutions in warehouses, as businesses become more aware regarding sustainability practices and the necessity to adhere to international energy standards. These regional trends highlight a global transition towards more sustainable and cost-effective lighting solutions in warehouse operations.
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Players in the Market
- Osram
- Ligman Lighting
- General Electric
- Nichia
- Dialight
- Toshiba Lighting
- Eaton
- Philips Lighting
- Cree
- Acuity Brands
The report provides a detailed analysis of these key players in the global energy efficient warehouse lighting system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. Following are some of the recent developments in the industry:
- On June 24, 2024, Acuity Brands, Inc. announced its expansion into the refueling sector, targeting service stations, convenience stores, and quick-service restaurants. The company aims to enhance the customer experience by introducing solutions specifically designed for these applications, alongside other products from its lighting and controls portfolio.
- On May 28, 2024, Hydrel, a leader in outdoor architectural and landscape lighting, announced the expansion of its Hyline501 outdoor linear accent luminaires. The range now includes 2-foot and 4-foot linear models in Quad Tech RGBW.
The report is further valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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