Heavy Equipment Lamps Market Overview, Trends and Growth Opportunities Forecasted till 2026
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As per the latest study by Fact.MR, 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.
Signal Lamps to Gain Maximum Traction in the Global Market for Heavy Equipment Lamps
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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HID Lamps to Account for the Highest Revenue Share
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 to Emerge as the Largest End User of Heavy Equipment Lamps
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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