Adoption of energy-efficient LED lighting and control systems with improved technologies is expected to drive the tunnel lighting market over the forecast period, according to Fact.MR. Moreover, increasing transportation infrastructural development is projected to be a key contributor to market growth over the coming years. Developmental projects, especially in road and rail infrastructure, taken up by developing countries such as India and China, are expected to positively impact market growth.
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Innovations in products such as daylight- and weather-adaptive lighting are expected to fuel demand for tunnel lighting, as they help increase safety of drivers and are also cost-effective. These technologically-advanced LED lights assist drivers in adapting and adjusting to various road conditions effectively. Apart from this, they have the ability to withstand corrosion, offering more than 70% power efficiency. With these features, LED lights are anticipated to be one of the key drivers for the growth of the global tunnel lighting market.
Fact.MR predicts the global tunnel lighting market to cross a valuation of US$ 3 Bn by the year 2030.
Key Takeaways from Tunnel Lighting Market Study
- Europe is the most lucrative market for tunnel lighting. This dominance is expected to continue over the forecast period as well. Asia Pacific is projected to witness the highest growth during the forecast period of 2020-2030.
- Linear-shaped tunnel lights are anticipated to capture a majority of the market in the next decade, when segmented according to shape.
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- Surface mounted tunnel lighting is predicted to be the major segment when classified based on installation, followed by wall mounted lights.
- The global tunnel lightings market experienced sluggish growth during the initial phases of the COVID-19 pandemic, but is now expected to progress at its normal pace over the coming months and years.
Tunnel Lighting Market: Competitive Landscape
The global tunnel lighting market is highly competitive in nature. Presence of several international as well as regional players makes it competitive. Key players in the market are focusing on exploring new opportunities by expanding their geographical footprint. In order to achieve this, players are looking at collaborations and partnerships. Furthermore, companies are finding new applications of tunnel lighting in order to stay ahead of the competition in the market.
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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.
- Thorlux Lighting
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