Summary
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.
Owing to the increasing need for energy conservation and rising concerns over carbon emission, governments and corporates across the region are investing in technologies, which are energy efficient as well as effective.The lighting used in tunnel installation is majorly incandescent lighting, fluorescent lighting, or sodium lighting.
These types of lights consume more energy.However, with the emergence of LED technology, tunnel lighting players are highly inclined toward the use of LEDs in their tunnel lighting products.
The LED light can be developed in all kinds of shapes such as linear, square, round, and rectangular.Moreover, in comparison with CFL light which emits about 80% of its energy as heat and incandescent light that emits 90% of its energy as heat, LEDs are the most energy-efficient.
LEDs are compact compared to incandescent lighting, fluorescent lighting, and sodium lighting. Owing to the aforementioned advantages of LEDs, the use of LEDs for tunnel lighting is anticipated to increase during the forecast period.
Based on type, the LED lighting segment led the APAC tunnel lighting market in 2020.Currently, a light-emitting diode (LED) is one of the most widely used lighting solutions.
The LEDs emit light in a specific direction, thereby reducing the need for diffusers and reflectors which trap the light.This characteristic of LEDs makes them more efficient for various applications including task lighting and recessed downlight.
The LEDs are compact.A mix of blue, green, and red LEDs is usually used, which makes white light.
Moreover, LED is the most energy-efficient as well as rapidly developing technology.
The APAC region is greatly affected by COVID-19, owing to the massive number of cases in China.China 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 were brought to a halt because of the pandemic, and also the manufacturing industries were closed for a long time.
In 2020, the COVID-19 outbreak 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 significant decline in the automobile sector in terms of demand with subsequent lockdowns to contain the virus.
The disruption of the supply chain and shutdown of manufacturing industries have severely impacted the sales of lights and their components. However, as part of their development objectives, countries in the Asia Pacific area are investing more in infrastructure. In the future, this is projected to accelerate. There is an increase in infrastructural development in both road and rail transportation in countries such as India and China, which is leading the industry in the region. The tunnel lighting industry is predicted to grow in the next few years as a result of these factors.
The overall APAC tunnel lighting market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the APAC tunnel lighting market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC tunnel lighting market. Aeon Lighting Technology Inc., Cree Lighting, Eastar Lighting, Schréder, Signify Holding (Philips), and Thorlux Lighting are among the key players operating in the APAC tunnel lighting market.
