Transparency Market Research delivers key insights on the global tunnel lighting market. In terms of revenue, the global tunnel lighting market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global tunnel lighting market report.
In the report, TMR predicts that the global tunnel lighting market would be largely driven by factors such as increase in transport infrastructure and technological advancements. Rise in development of transport infrastructure, development of sustainable products to reduce carbon emission, developments in rural areas, the power sector, and government investment in infrastructure are set to drive the global tunnel lighting market during the forecast period.
According to the tunnel lighting market report, the type segment includes LED lighting, electrodeless lighting, incandescent lighting, fluorescent lighting, and others; the shape segment includes linear, round, square, rectangle, and others; the installation segment includes surface mounted, hanging, and recessed/side wall mounted; the application segment includes roadway tunnel, railway tunnel, mining tunnel, public work tunnel, and others. Based on type, LED lighting accounts for major share. Long life span, better lighting quality, and enhanced controllability offered by LEDs are the key factors driving its demand in the global market. The segment is projected to expand at a significant rate in the near future.
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The demand for tunnel lighting systems is projected to grow owing to increase in tunnel construction activities and efforts to upgrade the existing tunnel lights. Several manufacturers are continuously undertaking technological upgrades for better functionality of their products. Demand for new LED designs and features is continuously increasing in the market.
The presence of many manufacturers leads them to invest extensively in R&D and production equipment to remain competitive in the market. Companies are continuously finding a way to enhance product performance, reduce cost, and serve consumers in an efficient manner.
Political situations between nations has a significant impact on businesses around the world. Many manufacturers are looking for stable trade and regulatory environments between nations to do business. Manufacturers are also entering new markets to cater to new consumers and improve their distribution capabilities.
Sensors and cameras are becoming important in tunnel lighting fixtures. Manufacturers are now providing cameras with light fixtures for data gathering and tackling various transport network issues.
Tunnel Lighting Market: Prominent Regions
Europe holds major share of the global tunnel lighting market followed by Asia Pacific. Key players largely depend on geographical expansion, promotions, and technological advancements to cater to customer demand and gain a competitive edge in the global tunnel lighting market.
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Europe accounted for approximately 35% share of the global tunnel lighting market in 2018, followed by Asia Pacific and North America. Exponential growth in the population has resulted in increased road management, resulting in re-construction and new construction of several road tunnels and underpasses, which in turn have significantly contributed to the overall growth of the tunnel lighting market
Tunnel Lighting Market: Key Players
Key players operating in the global tunnel lighting market include Acuity Brands Lighting, Inc., Aeon Lighting Technology Inc., Cree Inc., General Electric Company, Kenall Manufacturing, Koninklijke Philips N.V., Zumtobel Group AG, NINGBO GOLDEN CLASSIC LIGHTING CO.,LTD., Schréder, and Thorlux Lighting.