Global Modular Tower Lights Market 2017-2021
About Modular Tower Lights
Modular tower lights are a part of monitoring and control products under machinery safety systems. Modular tower lights are mainly used to indicate the status of each machine or process, and thus help supervisors and workers to understand whether it is safe to continue with their work or in the case of any issue, make the required changes. Most manufacturing facilities are large, and it becomes difficult to check the readings of each machinery individually. Hence, modular tower lights can be placed and programmed to indicate the status as per the end-user's requirements. Modular tower lights also incorporate alarm systems to alert the operator in case of any changes in the process line. These are used where an audible indication is required and in places where any immediate action needs to be taken.Technavio’s analysts forecast the global modular tower lights market to grow at a CAGR of 1.74% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global modular tower lights market for 2017-2021. To calculate the market size, the report considers the new installations, sales, and retrofit market.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Modular Tower Lights Market 2017-2021
Technavio recognizes the following companies as the key players in the global modular tower lights market: Autonics, Banner Engineering, PATLITE, Schneider Electric, and WERMA Signaltechnik.
Other Prominent Vendors in the market are: Domo, Edwards Signaling, Fandis, Federal Signal, Mechtric Electrical & Mechanical Engineering Products, Murrelektronik, Qlight, Schmersal, and Turck Banner.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Rugged and explosion-proof modular tower lights. Rugged and explosion-proof modular tower lights are mainly used to provide safety alerts to operators about any incident that poses a hazard to the plant and machinery as well as to the lives of workers. Most rugged and explosion-proof modular tower lights are equipped with a siren. These products are mainly used in process industries, such as the oil and gas, chemicals, and others. The rugged feature of the modular tower light allows it to be used in these process industries.”
According to the report, one of the major drivers for this market is Availability of customization options for products. Many vendors provide various customizable options on their modular tower light products, and end-users use these modular tower lights for various purposes, such as for monitoring applications and for 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 choose the type of modular light that suits their applications. There are modular tower lights that use LEDs and normal conventional lamps. However, many end-users prefer LED tower lights as they are more energy-efficient and offer enhanced brightness when compared with normal conventional lights. There are certain vendors that offer customized products even when the particular combination chosen by end-users is not available.
Further, the report states that one of the major factors hindering the growth of this market is Rapid changes in technology leading to higher cost of production. Many technological developments are taking place within this industry, forcing vendors of modular tower lights to enhance their product lines. This involves additional costs and to compensate this, vendors either have to increase the cost of the product or keep the prices steady and forego their profits. The increasing demand for customizable options from end-user industries is also another reason for the development of products, leading to the increase in the cost of production. Due to heavy competition, vendors of modular tower lights are not able to increase the cost of products, which, in turn, is diluting their market shares. This is affecting the profitability of vendors.
Autonics, Banner Engineering, PATLITE, Schneider Electric, WERMA Signaltechnik, Domo, Edwards Signaling, Fandis, Federal Signal, Mechtric Electrical & Mechanical Engineering Products, Murrelektronik, Qlight, Schmersal, and Turck Banner.
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