Pune, India, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Tunnel lighting has advanced significantly over the years, with energy-efficient, high-performance illumination that lasts a long time. In this area, LED lights have created a name for themselves, as visibility is one of the most crucial requirements in tunnels. The global market participants will be turning to Europe, which is the largest market for tunnel lights, and Asia Pacific, which is predicted to grow rapidly over the next 10 years.
Tunnel Lighting Market in terms of revenue was estimated to be worth $1.9788 billion in 2020 and is poised to reach $2.9557 billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028 according to a new report published by The Insight Partners.
Tunnel lighting has a wide range of advantages such as improving road conditions in a tunnel, reducing driver fatigue, improving tunnel capacity to ensure traffic safety, and improving visual enjoyment in a tunnel. Tunnel lighting allows safe entrance and exit of traffic, illuminating the tunnel interior in a way that enables drivers to adjust quickly to the light. This helps in avoiding any mishap and maintaining the drive through the enclosed area without obstacles and the need to reduce speed.
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Global Tunnel Lighting Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.9788 Billion in 2020 |
| Market Size Value by | USD 2.9557 Billion by 2028 |
| Growth rate | CAGR of 5.4% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2020 |
| Segments covered | By Design, Installation, Type, Application, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Railways play a pivotal role in any economy as the progress of trade activities, and the growth of industrial and commercial sectors are largely dependent on the development of transportation infrastructure. The railways are a cost-effective and reliable mode of transport. Railways allow the transportation of large goods quantities and passengers over long distances with minimum possibilities of failures or delays compared to roadways. Moreover, load capability of trains is elastic as the number of wagons can be increased or decreased. Furthermore, trains are among the environmentally friendly means of transport as modern rail engines are electrically powered, unlike conventional diesel-powered engines. Owing to these benefits governments worldwide are increasingly focusing on the development of their railway network. For instance, the Malaysia’s new East Coast Rail Line, the project that commenced in 2019, involves the construction of 30–40 tunnels over the 640-Km-long railway line. In February 2018, Polskie Linie Kolejowe (PKP), a Polish railway company, won a contract worth €966 million for the development of an 18-km section of the Brenner Base Tunnel in Austria. In 2019, Finest Bay Area Development company along with China Railway Engineering Company, China Railway International Group, China Communications Construction Company were jointly awarded Euro 15 billion for the construction of a 100-km-long tunnel between Finland and Estonia. Thus, the emphasis on developing railway networks across the world is boosting the tunnel lighting market growth.
In 2020, Europe held the largest revenue share of global tunnel lighting market. The market growth in Europe is credited to the rising government initiatives and support, as well as expenditures in the adoption of energy-efficient lighting systems. The MEA and SAM regions are also contributing significantly to the global tunnel lighting market growth. The rise in construction sites integrated with a number of comfort features in the MEA and rise in the number of tunnel construction projects in SAM are the key factors contributing to the market in these regions.
Growing Mining Industry to Propel Tunnel Lighting Market Growth in Coming Years
Mining involves 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. Currently, copper, coal, iron ore, gold, and aluminum are among the most mined minerals. Moreover, the aggregate revenue of 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 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.
Tunnel Lighting Market: Application Overview
Based on application, the tunnel lighting is segmented into mining tunnels, roadway tunnels, railway tunnels, and others. The global tunnel lighting market was dominated by the roadway tunnels segment in 2020, which accounted for 37.1% of market share. The standard segment is anticipated to continue its dominance during the forecast period as well. The segment is expected to capture a decent share of 35.6% of the overall global tunnel lighting market by 2028, registering a CAGR of 4.9%.
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Tunnel Lighting Market: Competitive Landscape and Key Developments
ACUITY BRANDS, INC.; Kenall Manufacturing; Aeon Lighting Technology Inc.; Signify Holding (Philips); Schréder; Thorlux Lighting; Tungsram; Cree Lighting; Siteco GmbH; GE Lighting; C. & G. CARANDINI; S.A.U.; and Eastar Lighting are among the key players that are profiled during this market study. In addition to these players, several other essential market players were studied and analyzed to get a holistic view of the global tunnel lighting market and its ecosystem.
Tunnel Lightning Market – Key Market Dynamics
Drivers
- Growing Railway Infrastructure
- Increasing Need for Road Safety
Restraints
- High Cost of Tunnel Lighting System
Opportunities
- Growing Mining Industry
Future Trends
- Increase in Use of LEDs
Recent Developments:
In 2020, Tungsram Group agreed to install illumination at the "Tnel de Tresponts" in Catalunya, Spain. The project is the Budapest-based company's sixth tunnel lighting contract in Spain in 2020, a significant accomplishment given the country's economic challenges caused by the coronavirus outbreak.
Go through further research published by The Insight Partners:
Industrial and Commercial LED Lighting Market - Global Analysis and Forecast to 2028.
Airport Lighting Market - Global Analysis and Forecast to 2027.
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