The report predicts the global High Bay Lighting Market to grow at a healthy CAGR over the forecast period from 2022-2031.
SDKI recently added a report on the High Bay Lighting Market in its repository of scheduled syndicated market reports. The report offers an in-depth analysis on the basis of size, volume, latest trends, opportunities, and challenges associated with the market.
The High Bay Lighting Market is assessed to grow with a compound annual growth rate during the studied forecast period 2022 to 2031, The growth of the market can be ascribed primarily to the growing number of users of consumer electronics, such as smartphones, TVs, and security systems, around the world. The total number of smartphone users in the world accounted for a value of more than 6 billion as of 2022. The total number of people that owns a smartphone and a feature phone is comparatively more, valued at about 7 billion users.
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Moreover, there is an upsurge in the adoption of technologies, such as artificial intelligence (AI), internet of things (IoT) and wireless communication, coupled with ongoing R&D activities in the semiconductors industry. These, in turn, are projected to offer abundant opportunities for the expansion of the High Bay Lighting Market in the upcoming years.
Along with these, increasing implementation of industrial robotics, and spiraling production of integrated circuit components, especially in Asian countries, namely China and Japan, are also anticipated to propel market growth in the near future. In 2020, there were more than 10 million robotic units around the world. Also, the number of robotic units sold that year also increased up to about 450,000. It is estimated that there would be a 14% increase in global shipments of robots between 2020 and 2022.
Based on geographical analysis, the High Bay Lighting Market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. These regions are further sub-classified into the following: North America (U.S. & Canada); Latin America (Argentina, Mexico, Brazil, Rest of Latin America); Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe); Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific); Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The High Bay Lighting Market is also segmented by SEGMENTS. The report takes into account the different factors that are contributing to the growth of the market, including the latest opportunities, key trends and the challenges associated with the progress of market.
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Some of the major companies operating in the High Bay Lighting Market are KEY PLAYERS:-
- Ichikoh Industries Ltd.
- Magneti Marelli S.P.A.
- Osram Licht AG
- GE Lighting
- Koito Manufacturing Co. Ltd.
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