Tunnel Lighting Market is expected to reach US$ 2,955.7 Mn by 2028

PRESS RELEASE BY The Insight Partners 23 Jul 2021

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Growing Mining Industry Provides Growth Opportunities for Tunnel lighting Market Players during 2021–2028

According to our latest market study on “Tunnel Lighting Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Design, Installation, Type, and Application,” the market is expected to reach US$ 2,955.7 million by 2028 from US$ 1,978.8 million in 2020; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028.”

Minerals extracted from mining are the backbone of human civilization. These minerals are widely used across industries such as manufacturing, power generation, chemicals and petrochemicals, healthcare and pharmaceuticals, 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, they witnessed a fall in revenue due to the COVID-19 outbreak. Moreover, with the growing rate of industrialization and urbanization, and increasing need of energy, the demand for minerals is projected to rise significantly during the forecast period. The steady growth of the mining industry is subsequently boosting the adoption of tunnel lighting at mining sites, thus generating steady growth opportunities for the tunnel lighting market players.

Impact of COVID-19 Pandemic on Tunnel lighting Market

Rising population, greater government infrastructure investments, and increased transportation worldwide are projected to drive the tunnel lighting market in the coming decade. Furthermore, the increased focus on road building, rehabilitation, and redevelopment is likely to contribute considerably to the growth of the tunnel lighting market in the coming years. The shutdown of commercial facilities across the world adversely affected the tunnel lighting industry in 2020. However, the long-term impact of the outbreak would be low as this industry mostly works with megaprojects. As a result, the sector was able to cope up with the pandemic's predicament in a relatively short time. This industry is currently operating at the same rate as it did prior to the pandemic.

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 major companies operating in the tunnel lighting market.

The tunnel lighting market is segmented based on design, installation, type, application, and geography. Based on design, the tunnel lighting market is sub-segmented into standard and customized. Based on installation, the tunnel lighting market is categorized into surface mounted, hanging, recessed/side wall mounted. Based on type, the market is segmented into LED lighting, incandescent lighting, fluorescent lighting, and others. Based on application, the market is segmented into mining tunnels, roadway tunnels, railway tunnels, and others. Additionally, based on region, the tunnel lighting market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Tunnel Lighting Market — by Region, 2020Tunnel Lighting Market — by Region, 2020

Tunnel Lighting Market to Grow at a CAGR of 5.4% to reach US$ 2,955.7 Million from 2020 to 2028

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Tunnel Lighting Market 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

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