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Market research analysts at Technavio predict that the global modular tower lights market will grow steadily at a CAGR of around 2% by 2021. The availability of customization options for products is identified as one of the primary growth factors for this market. Numerous vendors offer various customizable options on their modular tower light products. These products are increasingly used by the end-users for various purposes, such as for monitoring applications and indication and alarm systems. There are modular tower lights that are available with continuous lighting or a flashing mode for indication. Depending on the use, end-users can select the type of modular light that suits their applications. There are modular tower lights that use LEDs and normal conventional lamps as well. However, many end-users prefer LED tower lights as they are more energy-efficient and provide enhanced brightness when compared to the normal conventional lights.
In terms of geographic regions, APAC will be the major revenue contributor to the modular tower lights market throughout the forecast period. The rapid industrialization and developments within the end-user industries will increase the demand for modular tower lights in the region. The factors such as the availability of raw materials, cheap labor, and favorable government policies, that are attracting investors to invest in APAC countries, will also lead to the increase in demand for modular tower lights.
The modular tower lights market consists of many vendors who offer a variety of product choices for customers. Most vendors offer customizable options, such as different light types, voltage and energy consumption, wired/wireless models, the number of lights, with or without alarm models. These customizations are provided to attract more customers and to gain a competitive edge in the market. Many vendors of modular tower light products are developing LED lights as they are brighter and more durable than conventional modular tower lights.
The leading vendors in the market are -
The other prominent vendors in the market are Domo, Edwards Signaling, Fandis, Federal Signal, Mechtric Electrical & Mechanical Engineering Products, Murrelektronik, Qlight, Schmersal, and Turck Banner.
During 2016, the LED lights segment accounted for the major shares of the modular tower lights market. Factors such as the growing awareness among end-user industries regarding energy efficiency and the increased usage in assembly lines and large facilities will contribute to the growth of this industry segment in the coming years.
As per this market research report, the discrete industries held the maximum market share of the modular tower lights market during 2016. This is mainly due to the increasing usage of modular tower lights in the discrete industries such as automotive, semiconductor, and packaging industries. Modular tower lights are mainly used in these industries to indicate a status of a process or machinery.
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Our market research methodology for the global modular tower lights market
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by light source
PART 07: Market segmentation by product
PART 08: Market segmentation by end-user
PART 09: Geographical segmentation
PART 10: Decision framework
PART 11: Drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
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