Market Introduction
Australia, China, Japan, India, and South Korea are among the prime contributors to the tunnel lighting market in Asia Pacific. The region is characterized by the presence of dynamic and emerging economies such as China, India, South Korea, and Vietnam. The region is experiencing significant growth in infrastructure growth across the region, owing to factors such as stable economic growth, increase in industrialization, and rise in rate of urbanization and population. Amplifying mining industry is the major factor driving the growth of the APAC tunnel lighting market.
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.
Market Overview and Dynamics
The tunnel lighting market in APAC is expected to grow from US$ 587.06 million in 2021 to US$ 902.07 million by 2028; it is estimated to grow at a CAGR of 6.3% from 2021 to 2028. The railway plays a pivotal role in the transport system of any economy as the development of trade, industry, and commerce is largely dependent upon development of transport infrastructure. The railways are not only considered the cost efficient but also a reliable source of transport. Large amount of goods and passengers can be transported over long distances with minimum possibilities of failures or delays compared to roadways. Moreover, load capability of trains is flexible as the number of wagons can be increased or decreased. Furthermore, it is also one of the environmentally friendly means of transport as modern rail engines are electrically powered unlike conventional diesel-powered engines. Owing to these benefits, governments across the globe are increasingly focusing on developing their railway network. For instance, Malaysia’s new East Coast Rail Line, which was started in 2019, is expected to witness construction of 30–40 tunnels for the 640 km railway line. In 2019, Finest Bay Area Development Company— along with China Railway Engineering Company, China Railway International Group, and China Communications Construction Company—was jointly awarded EUR 15 billion for construction of a 100 km tunnel between Finland and Estonia. Thus, the growing railway network across the region is projected to drive the tunnel lighting market.
Key Market Segments
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.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the tunnel lighting market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Aeon Lighting Technology Inc., Cree Lighting, Eastar Lighting, Schréder, Signify Holding (Philips), and Thorlux Lighting are among others.
Reasons to buy report
APAC Tunnel Lighting Market Segmentation
APAC Tunnel Lighting Market -By Design
APAC Tunnel Lighting Market -By Installation
APAC Tunnel Lighting Market -By Type
APAC Tunnel Lighting Market -By Application
APAC Tunnel Lighting Market -By Country
APAC Tunnel Lighting Market -Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 587.06 Million |
| Market Size by 2028 | US$ 902.07 Million |
| CAGR (2021 - 2028) | 6.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Design
|
| Regions and Countries Covered |
Asia-Pacific
|
| Market leaders and key company profiles |
|
The Asia Pacific Tunnel Lighting Market is valued at US$ 587.06 Million in 2021, it is projected to reach US$ 902.07 Million by 2028.
As per our report Asia Pacific Tunnel Lighting Market, the market size is valued at US$ 587.06 Million in 2021, projecting it to reach US$ 902.07 Million by 2028. This translates to a CAGR of approximately 6.3% during the forecast period.
The Asia Pacific Tunnel Lighting Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Tunnel Lighting Market report:
The Asia Pacific Tunnel Lighting Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Tunnel Lighting Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Tunnel Lighting Market value chain can benefit from the information contained in a comprehensive market report.
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