Energy Efficient Warehouse Lighting System Market Size, Regional Outlook, Application Development Potential, Price Trends, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3713
Energy-Efficient Warehouse Lighting System Market size is projected to record substantial gains during the forecast period 2021-2027. The growth is driven by the need to cut down energy costs and improve safety and productivity. Strict energy-efficiency norms to reduce the environmental impact of warehouses is leading to the replacement of existing warehouse lighting solutions with sustainable alternatives.
The energy-efficient warehouse lighting system market is continuously witnessing new developments as manufacturers work towards introducing better technologies. Outdated lighting systems are highly inefficient and prone to power losses, resulting in significant energy costs, which make up a big part of the overall logistics expenses. Ongoing efforts of the industrial and warehousing sector towards lowering its carbon footprint and improving productivity will bolster the industry outlook.
On the basis of product, the energy-efficient warehouse lighting system market is divided into light emitting diodes (LED), linear fluorescent lamps (LFL), high-intensity discharge lamps (HDL), and others. The HDL segment is expected to witness increasing demand through 2027. These lamps are preferred owing to their high efficiency in converting electricity into light as well as their long life. The need for improved safety and productivity in warehousing operations and the ongoing replacement of existing lighting systems with efficient solutions will drive the adoption of HDL.
In terms of the regional landscape, Europe energy-efficient warehouse lighting system industry size will experience notable expansion over the coming years. The regional growth will be influenced by the tightening regulations to promote energy-efficiency in the industrial sector. According to the European Commission, switching to energy efficient lighting solutions could enable the region to save more than 34 TWh of energy per year by 2030. Moreover, starting September 2021, the European Union had rescaled its energy source labels which provide information on energy efficiency and power consumption. The evolving regulatory landscape will certainly accelerate the replacement of existing warehouse lighting systems with new, improved solutions.
BBC Lighting, Philips Lighting, Orion, Warehouse Lighting, Mid State Supply, Rapco, Zhengzhou Inledco Lighting, BJ Electric Supply, Ligman Lighting, and Dialight are among the leading players in the global energy-efficient warehouse lighting systems market. These manufacturers are constantly investing in R&D to bring new solutions to the market.
Back in August 2019, for example, Orion Energy Systems had launched a range of new LED lighting solutions as well as product line expansions. These include the Innovative Field Adjustable Lumen Select High Bay and the ISON Linear Retrofit Kits.
How has COVID-19 impacted energy-efficient warehouse lighting system market forecast?
The coronavirus pandemic has had a significant impact on the global energy-efficient warehouse lighting system market growth due to strict containment measures introduced by respective governments to curb the spread of the outbreak. According to the International Finance Corporation (IFC), companies involved in the transportation, storage, and flow of goods have been directly impacted during COVID-19.
Additionally, due to the decline in industrial activities and restrictions on transportation have resulted in warehouse closures and supply delays. As a result, numerous warehouse lighting system replacement and refurbishment projects have been put on hold across the globe.
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