Is IoT & Smart Lighting the Next Big Thing in the Work Light Market?

16 October 2020

The global work light market plays an important role for businesses over the next few years. The global work light market growth is driven by the ongoing demand for the replacement of conventional lighting systems to smart lighting. The vendors are avoiding the use of old technologies to adopt energy-efficient lighting solutions. Digitalization, modernization of technology, and growing awareness of human safety and security is creating a shift in the market towards hybrid solutions. This market trend is expected to create lucrative opportunities for vendors in the work light market. According to Arizton’s research, countries like Europe, North America, are likely to witness a rise in the use of energy-efficient lighting thereby, fueling the replacement demand during the forecast period. The APAC market is observing high traction for work lights due to the ongoing infrastructure development. The global work light market will be valued at over $44 billion by 2020 and is expected to rise by 2025.

Some Key Highlights Include:

  1. The work light market in APAC would realize an absolute growth of around 38% by 2025.
  2. LED lighting will reach over $31 billion in 2025, registering CAGR over 7% during the forecast period.
  3. At the country level, the US registered the highest revenue over 9 billion in 2019.
  4. The work light market in APAC will witness a significant leap of over $6 billion revenue between 2019 and 2025.

Read: Work Light Market Global Outlook and Forecast 2020-2025

Focus on Smart Lighting and IoT

Intelligent lighting plays a crucial role in leveraging the potential of IoT and smart building applications. Smart lighting is the advancement of human-centric illumination with LEDs and organic light-emitting diodes (OLEDs) for dual-use. The development of IoT and connectivity in the lighting system is an opportunity and value proposition for vendors operating in the lighting sectors. The LED technology segment is expected to reach around $31 billion by 2025.  The manufacturers are mostly focusing on low-cost manufacturing and are looking for efficiency in the procurement process to meet the growing demand for low-cost energy efficient solutions in the global market. Did you know in 2019, APAC spend about $375 billion on digital transformation. Such initiatives coupled with investments in the development of IoT and smart lighting solutions will transform the global work light market during the forecast period.

Work Light: A Highly Competitive Market

The global work light market consists of local as well as international players which is boosting the level of competition across the globe. Some of the leading players in the global work light market are Philips, HARMAN International, and Osram. Majority of the vendors are competing on the basis of new products, technology, and online presence. Companies are expected to expand their geographical presence to sustain the growth. Most of leading vendors are focusing on European and North American markets to gain competitive advantage in the work light market. The players are expanding presence geographically in Brazil and China to capitalize on the increasing demand from APAC, Latin America, and MEA.

Read: Stage Lighting Market Global Outlook and Forecast 2020-2025

 FAQs in the Work Light Market:

Q. What is the market size of the work light?

A. The global work light market is projected to reach revenues of over $44 billion by 2020.

Q. What is the market growth of the work light?

A. The global work light market is projected to grow at a CAGR of over 6% during 2019-2025.

Q. What is the global market segmentation of the work light?

A. LED lightings market is segmented by product type, geography, end-users, and technology.

Q. What is the market insight of the work light?

A.  The work light market share in India is expected to reach $2.6 billion by 2025. The LED work light market size in India is expected to grow due to the increasing adoption of LED lighting in commercial, government projects, and so on.

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