According to “Market Data: Industrial and High Bay Lighting,” a recent report from Navigant Research, the global revenue for 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 revenues 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,” said Krystal Maxwell, senior research analyst at Navigant Research. “Additionally, a stagnant building stock results in stagnant renovation rates.”
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.
According to the report, 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.
For more details on this subject and to read about key market issues, including drivers and trends, visit Navigant Research.