According to the latest research, sales of work light is set to witness steady growth with a CAGR of over 3.8% during 2021-2031. Demand for work light might witness substantial growth post suffering a drop in demand and sales throughout the COVID-19 pandemic period. Post-pandemic the anticipated growth in the industrial sector is expected to see a rise in demand for work light.
What is Driving Demand for Work Light?
Adoption of light sources has taken a significant upsurge in the market of global residential lighting sales. The sales have augmented with increasing preference of fluorescent type lights sales in the residential sector, and that share is expected to continue expanding. The preference of such lights in DIY projects by increasing number of customers who prefer working at night has driven the market in upward projections.
One of the key factors driving the worldwide market's growth is rising need of such lights in commercial construction sites. The rise of LED as well as fluorescent lights that emit high intensity rays has attracted big construction companies for their preference. Furthermore, the market is predicted to grow in response to rising corporate infrastructure across the globe, acting as a major factor in the market growth.
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Trend of LED Work Light Likely to Augment Sales
Apart from being more energy-efficient, LED lights to have significantly extended lifetime as compared to that of conventional ones. This has been progressively affecting the market with such lights becoming more and more appealing to the consumers. As renovations and new infrastructures are followed by new installations, preferential purchase of LED work lights has been an important trend observed in recent times.
Furthermore, the increasing preference of people for different coloured LED lights has augmented since the past few years. Not only for industrial and personal use but also people operating in different areas such as fire and emergency service stations, police departments, military operations, etc., are opting for high efficiency LED lights that provide better application than its alternatives.
Such various factors have been leading to increase in volume of sales of LED lights at different workplaces.
Impact of COVID-19 on Work Light Market
COVID-19 had an immediate impact on the global industry. Manufacturers of work lights were directly impacted by the COVID-19 pandemic. Governments in a number of countries had imposed a shutdown to prevent the virus from spreading further. The supply chain was interrupted as a result of the closing of production plants and trade sanctions, resulting in a negative impact on market growth.
Such restrictions had also hampered the domestic markets in various regions leading to decline in sales of work lights. Moreover, the weakening of raw material supply for manufacturing and its negative implications were felt due to the impact of the pandemic leading to degrading market growth.
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US and Canada Work Light Market Outlook
The rapidly growing infrastructure in regions like North America, as well as customer demand for high efficient lights in the region, are two major factors driving the use of work lights. Furthermore, due to a high number of work force in the region, there has been a reasonable demand for such lights recent years, and this, together with the rising number of construction projects in the region, has generated a potential market for the competitors.
One of the major trends in the US and Canada region that is attracting customer attention is the variety of innovative products offered by the manufacturers. Moreover, the high level of penetration of key global brands in the region is another leading factor for market growth.
The preference of regional population for high intensity work lights on back of high spending power is one of the significant factor contributing towards market growth in the region.
Europe Demand Outlook for Work Light
The rapid development of technology in lights has enabled a better energy-efficient feature than traditional light sources. Being a huge producer of farm products, Europe stay ahead of the other region in terms of consumption of lights that are used at different workplaces. Also, application of lights in agricultural lighting can efficiently increase crop yields.
With an ongoing advancement in the contemporary lights, it has been assessed that Europe has emerged as a lucrative market. Moreover, countries are mandating standards that could eventually outlaw other high-wattage lighting solutions, thereby, attributing to the high sales of work lights.
Additionally, OSHA’s workplace lighting standards and regional regulations to avoid the usage of halogen and incandescent work lights are foreseen to bolster the demand for such lights.
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Who are the Key Manufacturers and Suppliers of Work Light?
Some of the leading manufacturers and suppliers of work light include
ABL Lights Inc.
Bayco Products Inc.
Cooper Industries (EATON Corporation)
Ericson Manufacturing Co.
Larson Electronics LLC
Lex Products Corp.
Luceco plc.
Streamlight Inc.
and WF Harris Lighting among others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
