LONDON--(BUSINESS WIRE)--The global modular tower lights market is expected to grow at a CAGR of around 2% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global modular tower lights market for 2017-2021. The market is segmented on light source, (LED lights and conventional lights), product (without alarm and alarm-enabled), and end-user (discrete industries and process industries).
The global modular tower lights market is expected to witness a slow growth due to their rapid replacement by industrial tablet PCs, which can display information from the machinery processes. End-user industries, such as oil and gas, automotive, and packaging, use industrial tablet PCs for status indication purposes and have a lower use of modular tower lights. However, the replacement rate of modular tower lights is low as they are durable.
Technavio’s industrial automation research analysts categorize the global modular tower lights market into the following segments by regions:
- APAC
- EMEA
- Americas
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APAC: largest modular tower lights market
“APAC was the highest-revenue generating region during the base year mainly owing to the increasing demand for modular tower lights from countries, such as China, Singapore, Japan, and India. The rising investments in the region will contribute to APAC's domination in the market in the next five years,” says Bharath Kanniappan, a lead analyst at Technavio for research on automation.
Automotive, oil and gas, packaging, water and waste water management, and food processing are the major end-user industries for modular tower lights in this region. Due to the favorable government policies in countries, such as India, investments are rising, leading to the increased demand for modular tower lights.
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Modular tower lights market in EMEA
“Oil and gas, power generation, food processing, and water and wastewater management are the major end-user industries in EMEA for modular tower lights. Rising investments in this region are expected to create the demand for modular tower lights. The oil and gas industry is recovering from the recent decline in crude oil prices. In addition, investments are being made to upgrade the existing facilities in the oil and gas industry where the demand for alarm-enabled modular tower lights is high,” adds Bharath.
Alarm modular tower lights are used in various processes, such as exploration in the oil and gas industry to alert workers about any high pressure in the valves. This, in turn, is expected to drive the demand for alarm-enabled modular tower lights.
Modular tower lights market in the Americas
The Americas is the smallest revenue generating region in the market as there are fewer end-users of modular tower lights when compared with other regions. Power generation, chemicals, and automotive are the major end-user industries for modular tower lights in the Americas.
Countries, such as the US, are imposing strict regulations to reduce energy consumption. Therefore, many power generation facilities are upgrading their plants to improve the efficiency and to meet the growing demand for energy, which has led to investments. Many countries are investing in renewable energy sources to reduce pollution levels due to which there are many investments in the power generation sector of the Americas, creating demand for modular tower lights.
The top vendors in the global modular tower lights market highlighted in the report are:
- Autonics
- Banner Engineering
- PATLITE
- Schneider Electric
- WERMA Signaltechnik
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