Global Heavy Equipment Lamps Market: Future Forecast Indicates Remarkable Growth Rate through 2017-2026 | By Koito Manufacturing Co. Ltd., Stanley Electric, OSRAM GmbH, General Electric Company, etc.
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The demand for powerful lamps along with the electrical system for heavy equipment. Various lamps and blubs are prone to breakage and damage due to impacts and vibrations. Hence, manufacturers are researching on developing lamps that can be installed on heavy equipment and are able to withstand various conditions. Heavy equipment lamps are being developed to provide powerful illumination, without draining on equipment’s electrical system. LED technology is adding value to the heavy equipment as the light produced by LED lamps produce less glare and are cleaner and also offer nearly 40% in fuel saving. With the ability to cut down the cost of energy, LEDs includes various eco-friendly benefits. LEDs are also popular among heavy equipment owing to their relatively simple installation. Increasing number of companies are using LED lamps for heavy equipment to perform safely, especially during night-time operations. Moreover, LED can also operate in a wide variety of voltages which makes it suitable for heavy equipment. Moreover, instead of permanent lighting fixtures, portable LED towers are being used as it can be easily installed.
As per the latest study by FactMR, the global market for heavy equipment lamps is likely to experience moderate growth. The global market for heavy equipment lamps is estimated to reach US$ 9,065.3 million revenue by 2026 end.
Compared to the various lamp types, signal lamps are likely to witness the highest growth between 2017 and 2026. Signal lamps are estimated to reach nearly US$ 3,000 million revenue by 2026 end. Signal lamps are visual signaling device for optical communication. Signal lams are largely used on construction sites such as during roadworks. These lights are also used in marine and air traffic control.
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Among various lighting types, HID lamps are likely to account for more than one-third of the revenue share by 2017 end. HID lamps are also estimated to create an incremental opportunity of over US$ 1,300 million between 2017 and 2026. Owing to the low energy usage, longer life than halogen bulbs, HID lamps are being used on a large scale. HID lamps are being used in large indoor and outdoor areas such as warehouses, construction sites, shops, arenas, etc. Meanwhile, LEDs are also likely to witness growth in the near future.
Construction equipment is likely to emerge as one of the largest end use industries in the global market for heavy equipment lamps throughout the forecast period. By 2026 end, construction equipment is estimated to exceed US$ 3,500 million in terms of value. New infrastructure projects across various countries are driving the use of construction equipment. Various construction equipment are being used on the basis of the type of construction. Light towers are being used on a large scale as they are easily transportable and can be setup seamlessly.
The report provides details on various key companies that are likely to contribute towards the expansion of global heavy equipment lamps market through 2026, which include Koito Manufacturing Co Ltd., Stanley Electric, OSRAM GmbH, General Electric Company, and Catepillar, Inc.
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