Underground Lighting Market

Underground Lighting Market Value Size (2023 - 2028):

The Global Underground Lighting Market was valued at USD 117.79 billion in the year 2022 and is foreseen to reach a valuation of USD 165.8 billion by the end of the year 2028, with a CAGR of 6.12% over the outlook period 2023-2028.

Market Trends:

Trends in the mining industry directly affect the call for underground lighting systems. The fall in the prices of raw materials has affected the mining industry worldwide. Developed areas like North America and Europe slowed the expansion rate of training activities. However, developing countries like India and China can ensure steady expansion in the mining industry. The sanctioned infrastructure and industrial development projects in the Asia and Africa region will complement the call from the underground mining industry during the foreseen period. Thus, the market for lighting systems for underground mines could grow in the coming years.

Market Drivers:

In conventional lighting, the designs were limited and unattractive, which have been replaced by underground lighting where there is a wide range of designs available in the global underground lighting market. As the call for attractive and aesthetic home and office spaces in developing and developed countries has increased. The purchasing power of households is rising with the emergence of dual-income households. This factor also plays a vital role in increasing spending on aesthetic requirements in residential and commercial settings. Underground lighting offers attractive designs that are driving the call for the worldwide market.

Market Restraints:

The coronavirus pandemic has severely affected the expansion of most industries. With some underground projects on hold and new projects not approved in the first and second quarters of 2020, the expansion of the underground lighting industry has experienced a slowdown and an investment crisis.

Market Opportunities:

This lighting system is generally employed in mines. It plays a crucial role in the mining industry because it offers high efficiency, low radiated heat at low voltage, lightweight, impact resistance, high current, sufficient brightness, and constant power supply, which are the main requirements of the mining industry. The high calls and needs of the mining industry are driving the call for underground lighting.

Market Challenges:

In addition to the coronavirus pandemic, the high cost of installation and repair is limiting market expansion in developing and underdeveloped nations.

UNDERGROUND LIGHTING MARKET REPORT COVERAGE:

Market Segmentation:

Underground Lighting Market - By Type:

• LED
• Tungsten Filament
• Incandescent Lamps
• Xenon and Mercury Vapour lights
• Metal Halide
• Fluorescent Lights
• High and Low-Pressure Sodium

Where the LED is highly recommended and is employed for all purposes, according to the CIVITTA study, LED technology will gain up to 95% of the lighting market share by 2026. Most of the underground lighting market is covered by LEDs.

Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East & Africa 

North America is a leader in the underground lighting market with a prominent market share. China, India, and other developing countries in the Asia Pacific are developing at a moderate stage, but projects such as underground railways, the subway, and connecting mountain towns are inflating the call for underground lighting in these countries.

Impact of COVID-19 on the Underground Lighting Market:

Most lighting manufacturers depend on China for a significant percentage of the components they use. As the coronavirus is believed to be originated in Wuhan city, Hubei province, China was the first country affected by the outbreak. Therefore, it implemented the first lockdown measures, which several other countries subsequently took to halt the spread of the disease. In many cases, workers in factories where LEDs and other lighting components are made have been ordered to remain in their homes. This has profoundly affected the supply chain of the lighting industry, unsurprisingly. Without the necessary components, production came to a complete halt in many places. Of course, once the pandemic is over and life is back to normal, these facilities will not be able to instantly regain their full productivity. Most likely, there will be a huge effort to fulfill backorders. In some cases, workers were laid off in response to the financial crisis caused by this pandemic. This is likely to hamper efforts to speed up production, as inexperienced replacements will need to be trained. In the end, it is that the worldwide lighting industry can predict the reverberations of the COVID-19 pandemic to be felt for some time. Longer lead times, out-of-stock, and higher prices are just a few of the ways that suppliers, manufacturers, and their customers can experience this.

Market Key Players:

Some of the companies that operate in this industry are

1. MineARC Systems
2. Elign Equipment Group
3. Wye Valley Associates Ltd
4. Coolon Pty Ltd
5. Mine Supply Company
6. Atlas Copco AB
7.  Xerebrus Inc
8.  Voltex Lighting
9. Hudaco Industries Ltd
10. Eaton, Victor Products
11. Metindustrial (Pty)Ltd
12. Northern Lights Electronic Design, LLC

Market Recent Developments:

• Joliet Technology, one of Europe's leading street lighting providers, presents a lamp specially designed for underground and tunnel lighting applications. Switching to LED street lights offers up to 80% savings in energy consumption and ensures a total return on investment in less than 17 months with colossal savings over the 10-year life of the product.
• Koehler Lighting Products introduced its new Gen II “WHEAT” cordless base lamp. The Gen II lamp, for the second generation, offers the best visual performance in its class by escalating the visual acuity of minors. This improvement in vision improves safety with better object and hazard recognition, combined with less fatigue.