According to a new report, published by KBV research, The Global Energy Efficient Warehouse Lighting System Market size is expected to reach $31.9 billion by 2031, rising at a market growth of 12.2% CAGR during the forecast period.
The Industrial segment is leading the Global Energy Efficient Warehouse Lighting System Market by Application in 2023; thereby, achieving a market value of $16.3 billion by 2031. The widespread deployment of energy-efficient lighting systems in industrial warehouses, motivated by the need to lower operating costs and improve sustainability, is responsible for this domination. Because industrial facilities use a lot of energy, installing efficient lighting systems is a strategic objective that saves a lot of money and improves environmental performance. Consequently, the industrial sector's commitment to energy efficiency has solidified its leading position in the market.
The Linear Fluorescent Lamps (LFL) segment is anticipating a CAGR of 12.4% during (2024 - 2031). For LFLs, cost-effectiveness and established reliability have driven their warehouse use for many years. LFLs provide adequate brightness levels and have moderate energy-saving capabilities, making them a familiar and budget-friendly choice for warehouses, especially those transitioning gradually toward energy efficiency. LFLs’ demand is growing as they offer an affordable option for facilities that may not yet be ready for a full LED transition. Warehouses with limited budgets or older infrastructures may continue to rely on LFLs as a feasible energy-efficient solution.
Full Report: https://www.kbvresearch.com/energy-efficient-warehouse-lighting-system-market/
The Asia Pacific region dominated the Global Energy Efficient Warehouse Lighting System Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $12.6 billion by 2031. The North America region is experiencing a CAGR of 11.5% during (2024 - 2031). Additionally, The Europe region would exhibit a CAGR of 12% during (2024 - 2031).
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