Yahoo Finance Tunnel Lighting Market Size to Reach $2.95 Billion, Globally, by 2028 – Exclusive Report by The Insight Partners
The global tunnel lighting market size is estimated to grow at a CAGR of 5.4% from 2021 to 2028; it is expected to grow from USD 1.97 billion in 2020 to USD 2.95 billion by 2028.
New York, Feb. 06, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Tunnel Lighting Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Design (Standard and Customized), Installation (Surface Mounted, Hanging, and Recessed/side wall mounted), Type (LED lighting, Incandescent lighting, Fluorescent lighting, and Others), and Application (Mining Tunnels, Roadway Tunnels, Railway Tunnels, and Others) and Geography”; the global tunnel lighting market growth is fuelled by growing railway infrastructure, increasing need for road safety and increase in use of LEDs.
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Global Tunnel Lighting Market – Report Scope:
Market Size Value in | USD 1.97 Billion in 2020 |
Market Size Value by | USD 2.95 Billion by 2028 |
Growth rate | CAGR of 5.4% from 2021-2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 239 |
No. of Tables | 146 |
No. of Charts & Figures | 101 |
Historical data available | Yes |
Segments covered | Design, Installation, Type, and Application and Geography. |
Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Tunnel Lighting Market: Competitive Landscape and Key Developments
ACUITY BRANDS, INC., Signify Holding (Philips), Cree Lighting, Siteco GmbH, and GE Lighting are the top five key players profiled in the tunnel lighting market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments in tunnel lighting market are mentioned below:
In June 2021, Acuity Brands and OSRAM Reach an Agreement for Acuity to acquire the ams OSRAM Digital Systems Business in North America.
In June 2020, Ushio America, Inc. agreed to form a strategic collaboration with the corporation (Ushio). Ushio has committed to provide Acuity Brands with its Care222 UV disinfection module, which generates 222nm far-UVC light capable of inactivating viruses and germs on interior surfaces using filtered excimer lamps.
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Tunnel Lighting Market: Industry Overview
The tunnel lighting market has been segmented on the basis of design, installation, type, application, and geography. Based on the design, the tunnel lighting market is segmented into standard and customized. Based on installation, the tunnel lighting market is segmented into surface-mounted, hanging, and recessed/side wall mounted. Based on type, tunnel lighting market is segmented into LED lighting, incandescent lighting, fluorescent lighting, and others. Based on application, the tunnel lighting market is segmented into mining tunnels, roadway tunnels, railway tunnels, and others. Based on geography, the tunnel lighting market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The tunnel lighting market in Asia Pacific is projected to witness impressive growth during 2022–2028. The region is experiencing significant growth in infrastructure growth across the region, owing to factors such as stable economic growth, increase in industrialization, and rise in the rate of urbanization and population. Furthermore, owing to the increase in the need for energy conservation, governments are inclined toward the deployment of energy-efficient technologies, which is boosting the adoption rate of LED technology for tunnel lighting application, thereby contributing to the tunnel lighting market growth in Asia Pacific region.
Europe is well known for well-developed countries that favor adopting and applying new technologies. Well-established transportation and logistics sectors positively influence the demand for tunnel lighting systems in Europe. Further, the European Commission is funding various projects to improve smart transportation systems in the region. The region is known for its highest transportation safety standards in the world, which are among the major factors responsible for the adoption of tunnel lighting. Also, a high emphasis on energy conservation in the region’s governments is increasing the use energy-efficient technology, thereby favoring the adoption of LED technology for tunnel lighting application and contributing to the tunnel lighting market growth in the European region.
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Growing Mining Industry to Provide Lucrative Opportunities for Tunnel Lighting Market Growth during (2021-2028):
Mining involves the extraction of minerals from the surface of the earth. These minerals are the backbone of human civilization as the utilization of these minerals has flourished the development of human society. The extracted minerals are widely used across various industries such as manufacturing, power generation, chemical and petrochemical, healthcare & pharmaceutical, and construction. Copper, coal, iron ore, gold, and aluminum are among the most mined minerals. Moreover, the aggregate revenue of the top 40 mining companies has grown steadily from 2016 to 2019. In 2020, the fall in revenue was due to the outbreak of COVID-19. Moreover, with the growing rate of industrialization and urbanization and increasing need for energy, the demand for minerals is projected to increase significantly during the forecast period. The steady growth of the mining industry is subsequently contributing to the adoption of tunnel lighting for mining application, thereby generating steady growth opportunities for the tunnel lighting market players.
The tunnel lighting market growth in North America is growing rapidly. The road and transportation construction industry in North America is growing significantly due to an increase in state and local spending, as well as a rise in federal funding for highways and railways. The region is highly inclined toward implementing various standards when it comes to transportation, as paramount importance is given to passenger safety in the region. The US and Canada have fairly matured roadway and railway infrastructures, while Mexico is not yet at par with the other nations in the region. Further, according to the annual economic forecast by the American Road & Transportation Builders Association (ARTBA) in 2020, the US transportation infrastructure is expected to grow by at least 5% in 2021. Thus, a rise in the number of vehicles in the region and an increase in the pace of constructing highways and tunnels are expected to boost the deployment of tunnel lighting in North America.
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