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Underground Lighting Market Size Analyzed to Grow at CAGR of 12.46% During Forecast 2022-2027

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Underground Lighting Market Size Analyzed to Grow at CAGR of 12.46% During Forecast 2022-2027

May 04
10:50 2022
Underground Lighting Market Size Analyzed to Grow at CAGR of 12.46% During Forecast 2022-2027
Underground Lighting Market | IndustryARC
Growing Acquisition of the Overseas Mining Resources and Substantial Generation of Funds by State-owned Enterprises for Mining Investment Are Estimated to Drive the Underground Lighting Market.

The Underground Lighting Market size is analyzed to grow at a CAGR of 12.46% during the forecast 2022-2027 to reach $42.82 Billion by 2027. The Underground Lighting solution is developed with overcharge and over-discharge protection functions, which offers advantages of high brightness, efficiency, and safety for the long term across mining, and other underground industrial landscapes. The availability of diversified portfolio of lighting products at competitive prices, rapid introduction of incandescent lamps and fluorescent lights, along with the growing integration of use of LED lightings for worker’s safety across industrial sectors, such as oil and gas, mining, energy and others are estimated to aid the growth of the Underground Lighting Market. In order to meet the specific requirements such as supreme productivity, cost-effectiveness, and enhanced safety across the industrial landscape, various industry verticals are adopting advanced energy-efficient lighting systems, thereby driving the growth of the market. In addition, the promising emergence of LEDs as a light source, and increasing use of portable electronic devices, along with the advancement in the mining equipment solutions, such as tungsten filament are analyzed to drive the market demand. Therefore, the increasing replacement of traditional lighting systems with LEDs, due to the advanced features such as Light emitting diode technology, various regulatory standards promoting the use of efficient lighting solution and introduction of the lighting technologies for hazardous sectors such as metal halide are some of the factors that contribute to the growth of the Underground Lighting Market.

Underground Lighting Market Segment Analysis – By Type

The Underground Lighting Market share is segmented into LED, Tungsten Filament, Incandescent Lamps, Xenon and Mercury Vapour lights, Metal Halide, Fluorescent Lights and High and Low-Pressure Sodium. The LED segment is analyzed to hold the maximum share of 38% in 2021, owing to the advanced features such as high lumen power at less wattage and promising service life, pertinent to the requirement of the underground sectors. In August 2021, Dialight Group, a leader in industrial LED lighting innovation, launched its new ProSite LED floodlight range for the markets across Europe, the Middle East and Africa and Asia pacific region. The ProSite LED floodlight was launched at the Offshore Technology Conference in Houston, USA, which is designed for industrial applications, and also capable of withstanding harsh environments. Thus, the emergence of the brighter and safer Lighting solution, and the growing demand of the affordable, easy to install and virtually maintenance free lighting solution are further attributed towards the growth of the Underground Lighting Market.

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Underground Lighting Market Segment Analysis – By Industry Vertical

The Underground Lighting Market share is segmented into Oil and Gas, Power Generation, Mining and others. The Mining sector is analyzed to hold the major share of 47% in 2021, owing to the significant demand of the effective underground lighting solution for mine workers to work safely. Moreover, the dynamic environment across the underground mining areas mostly includes confined spaces, dust and vapors that reflect light poorly and thus, low visual contrasts. In November 2021, Daymak Inc., a pioneer in personal Light Electric Vehicles (LEVs), announced the launch of the patent-pending CryptoSolarTree; the world’s first commercial, emission-free cryptocurrency mining solution. The CryptoSolarTree is a 5G-enabled, on-grid/off-grid-compatible alternative energy crypto mining solution, which is developed to denote up to 11 kW of renewable energy generation, and also, offer alternative solutions as an EV charging station or backup electricity source. Therefore, the launch of various lighting solutions for the harsh industrial sectors and growing demand to install advanced lighting solutions across tunnels and other underground sectors are estimated to accelerate the Underground Lighting Market.

Underground Lighting Market Segment Analysis – By Geography

Based on Geography, the Asia Pacific region is estimated to hold a significant share of 51% in 2021, owing to the high industrial and infrastructure development across India, China, Japan, South Korea and other regions. The growing requirement to install energy-efficient lighting technologies across the hazardous industrial sectors, and strong government initiative to minimize outages and enhance emergency preparedness for various electric utilities are significantly driving the growth of the Underground Lighting Market significantly. In December 2021, ZOOMLION launched a complete mining machinery lineup at its factory in Ningxiang, Hunan Province, and among them, a fully electric and hybrid versions of its 72 t ZT118 wide body mining truck is the most advanced version solution to denote across hazardous mining sectors. The company always ensures production efficiency, the energy-saving effect that is required to meet China’s dual carbon target. Therefore, the demand for the high-efficiency mining equipment, and growingly stringent requirements of government policies on the mining sectors, are some of the factors that are promoting the growth of the Underground Lighting Market.

Underground Lighting Market Drivers

Prominence of global mining sectors induce the growth of the Underground Lighting Market

The mining sector consists of managing and selling of various minerals, metals and other significant materials, including coal, sand and gravel, and stones, and thereby the diversification of the sectors has encouraged the growth of the Underground Lighting Market massively. Moreover, several vendors such as sole traders, organizations, and other agencies undertake various processes of extraction, which requires fundamental solutions to meet the restrictive containment measures. According to the government of India, in 2019, the government announced the approval that directs the increase of iron ore leasing areas from 10 square kilometers to 58 square kilometers in Orissa. In addition, the government initiated private auction of the collective ores, and the participants are TATA steel, the leading operator in the metal ore mining sector. These government policies will continue to support the growth of the mining market. In fact, China held the record of producing over 1 billion tons of crude steel in 2020, and as per the present business circumstances, the leading miners, including Zijin across China are moving to develop mines in low-cost regions. Therefore, the growing acquisition of the overseas mining resources and substantial generation of funds by state-owned enterprises for mining investment are estimated to drive the Underground Lighting Market.

Considerable growth of the Tunnel Automation sector is analyzed to drive the growth of the Underground Lighting Market

The Tunnels offers an easier solution to transport people, and vehicles without disturbing the ecological balance of the place with the support of tunnel automation solutions, which further attributes to the significant demand of the Underground Lighting Market. Thus, the growing number of tunnel construction for developing urban areas, initiation of the government regulation to preserve natural bodies, including eater and forest are expected to boost the demand of the Underground Lighting Market. In October 2020, China developed the largest road tunnel in the world, known as Jiaozhou Bay Subsea tunnel, which is 7 km long and invested about $170 Million on the Sichuan-Tibet Highway. The project has significantly reduced the travel time to reach Tibet by two long hours. Thus, the growth of the well-established construction industries and the massive introduction of the Tunnel automation solution by Johnson Controls, Siemens, Trane, and other leading organizations are driving the growth of the Underground Lighting Industry.

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Underground Lighting Market Challenges

The variety of connectivity options and also the notable use of LED solutions are required to develop a robust Underground Lighting management. Moreover, the Underground Lighting automation is an important part to strengthen the entire project of the Underground Lighting system, which requires a hefty budget. Many companies are sharing a parallel strategy to invest upon the LED-based solid-state lighting (SSL), but the association of the automation system adds more price to construct the entire connectivity technology. Therefore, the price of the initiating Underground Lighting technology is very expensive, which proves to be a hindrance to the growth of the Underground Lighting Market.

Underground Lighting Industry Outlook

Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in the Underground Lighting Market. The Underground Lighting Market top 10 companies include

MineARC Systems

Elign Equipment Group

Wye Valley Associates Ltd

Atlas

Copco

ABXerebrus Inc.

Voltex Lighting

Hudaco Industries Ltd.

XtraLight Manufacturing

Hubbell C&I lighting

Eaton,

Victor Products

Recent Developments

In October 2021, GE Current, a Daintree company acquired Hubbell C&I lighting business including controls, and invested $350 million for Hubbell’s industrial lighting-centric businesses.In July 2020, XtraLight Manufacturing, LTD launched its VIGOR series. The vandal resistant luminaires are engineered and developed to denote the best alternative lighting solution for LED lighting that meets specification requirements. The VIGOR series include durable, strong Lenses, and other features for the highest quality.

Key Takeaways

The Asia Pacific region is estimated to hold a significant share of 51% in 2021, owing to the high industrial and infrastructure development across India, China, Japan, South Korea and other regions, and the growing requirement to install energy-efficient lighting technologies across the hazardous industrial sectors.

The growing number of tunnel construction for developing urban areas, initiation of the government regulation to preserve natural bodies, including eater and forest are expected to boost the demand of the Underground Lighting Market.

The Mining sector is analyzed to hold the major share of 47% in 2021, owing to the significant demand of the effective underground lighting solution for mine workers to work safely.

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