LED lighting Segment to Dominate APAC Tunnel Lighting Market during 2021–2028
According to The Insight Partners market research study on “APAC Tunnel Lighting Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Design, Installation, Type, and Application” is expected to reach US$ 902.07 million by 2028 from US$ 587.06 million in 2021. The market is estimated to grow at a CAGR of 6.3% from 2021 to 2028. The report provides trends prevailing in the APAC tunnel lighting market along with the drivers and restraints pertaining to the market growth. Amplifying mining industry is the major factor driving the growth of the APAC tunnel lighting market. However, issues associated with the high cost of tunnel lighting system hinder the growth of APAC tunnel lighting market.
The APAC tunnel lighting market is segmented based on design, installation, type, application, and country. Based on design, the tunnel lighting market is sub-segmented into standard and customized. The standard segment dominated the market in 2020 and customized segment is expected to be the fastest growing during the forecast period. Based on installation, the tunnel lighting market is categorized into surface mounted, hanging, recessed/side wall mounted. The surface mounted dominated the market in 2020 and hanging segment is expected to be the fastest growing during the forecast period. Based on type, the market is segmented into LED lighting, incandescent lighting, fluorescent lighting, and others. The LED lighting segment dominated the market in 2020 and incandescent lighting segment is expected to be the fastest growing during the forecast period. Based on application, the market is segmented into mining tunnels, roadway tunnels, railway tunnels, and others. The mining tunnels segment dominated the market in 2020 and is expected to be the fastest growing during the forecast period. Based on country, the market is segmented into Australia, China, India, Japan, and South Korea.
Due to the massive number of cases in China, the APAC region is greatly affected by COVID-19. The country also homes the largest population across the world, which is imposing greater risk to a large number of individuals. China is also a world leader of many global brands. In 2020, many major constructions we brought to a halt because of the pandemic and also the manufacturing industries were closed for a long time. In 2020, the breakout of COVID-19 functioned as a major drag on the lights manufacturing business, as supply chains were disrupted by trade restrictions and consumption fell as a result of government-imposed lockdowns around the world. India saw a significantly decline in automobile sector in terms of demand with subsequent lockdowns to contain the virus. The disruption of supply chain and closing on manufacturing industries has impacted severely to the sales of lights and its components. However, as part of their development objectives, countries in the Asia Pacific area are investing more on infrastructure. In the future, this is projected to accelerate. Infrastructural development in both road and rail transportation is growing in countries like India and China, which are leading the industry in the region. The tunnel lighting industry is predicted to grow in the next years as a result of these factors.
Aeon Lighting Technology Inc., Cree Lighting, Eastar Lighting, Schréder, Signify Holding (Philips), and Thorlux Lighting among the leading companies in the APAC tunnel lighting market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Cree Lighting Announces Expansion of Racine, Wisconsin Manufacturing Facility.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com