Heavy Equipment Lamps Market Poised to Register 4.9% CAGR through 2017 to 2026
Added: (Mon Jul 09 2018)
Heavy equipment designed today for industrial applications have a unique design and exceptional quality. However, challenges still arise due to the environment and situation it is being operated in. Most of the heavy equipment are equipped with basic accessories. Hence, there has been a growth in the demand for lighting accessories that can be mounted on the equipment and can run on its own electrical system. The manufacturers of heavy equipment lamps are focusing on providing lighting depending on the use of equipment with the focus on safe operation.
One of the challenges in the heavy equipment lams is fragile nature of the standard lighting system. Hence, manufacturers are focusing on introducing the bulbs and lighting system that can operate in wet, dusty and other conditions. Heavy equipment and machinery are using LED lights as it offers several benefits such as brightness, zero maintenance, and durability. Multiple size and mounting options are also offered to ensure that light can be attached to very large or small equipment. Governments around the globe are also passing stringent regulations on the energy efficiency requirements, thereby boosting energy-efficient lighting technologies.
As per the new report by Fact.MR, the global heavy equipment lamps market is anticipated to witness moderate growth. The market is projected to increase to 4.9% CAGR. The global heavy equipment lamps market is also projected to bring in US$ 9,065.3 million revenue towards the end of 2026. Increase in the number of infrastructure projects globally is one of the factors resulting in the increasing use of heavy equipment lamps to ensure efficiency and safety. Below are some of the insights on how the global heavy equipment lamps market will perform in the future.
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5 Key Insights on Global Heavy Equipment Lamps Market
- Asia Pacific Excluding Japan (APEJ) is projected to remain the largest region in the global heavy equipment lamps market during the forecast period. Rapid urbanization and development of various infrastructure projects including railroads, highways, etc., are some of the factors contributing to the growth of the market in APEJ. Increasing use of heavy equipment in industrial and residential construction in China and India are also leading towards the growth of the market in the region.
- North America is also projected to witness growth in the heavy equipment lamps market. Increasing construction of airports, bridges, roads in the U.S. is resulting in the market growth.
- Signal lamps are expected to witness steady growth during the forecast period. By the end of 2026, signal lamps are projected to bring in more than US$ 2,900 million revenue.
- HID lamps are expected to account for maximum revenue share. HID lamps are projected to surpass US$ 3,400 million revenue towards the end of 2026.
- The construction industry is expected to be one of the largest end use industries. By the end of 2026, the construction industry is projected to surpass US$ 3,500 million revenue.
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The report also offers a detailed profile on some of the prominent companies in the global market for heavy equipment lamps, Companies that will play a major role in the market through 2026 are Catepillar, Inc., General Electric Company, OSRAM GmbH, Stanley Electric, Koito Manufacturing Co Ltd.