Future Trend & Market Drivers: the Growing trend for energy-efficient and durable marine lighting solutions, Growing adoption of LED lighting solutions is creating lucrative business opportunities, Modernization of existing fleet is expected to support the growth of marine lighting market
The global marine lighting market accounted for US$ 1,611.96 Mn in 2018 and is expected to reach US$ 3,083.73 Mn by 2027 with a CAGR growth rate of 7.7% during the forecast period. Governments of all the nations across the world have well-defined lighting requirements for operations of boats and ships of all sizes. For example, the US Coast Guard Navigation Rules specify lighting requirements for each type of watercraft. Also, the Australian government has different specifications regarding navigation lights used in the marine industry. With the regulations being specific regarding the use of navigation and safety lights, shipbuilders are anticipated to demand various marine lights with suitably defined specifications.
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The marine industry is witnessing a huge demand for passenger, commercial, and other types of seaborne vessels. Therefore major commercial cargo ship companies, passenger ships companies, and naval forces are procuring new technologies to modernize their existing seaborne vessels. Modernization of the existing fleet of commercial and naval ships is a major trend prevailing in the marine industry. Modernization of ships includes modernization mechanical and electrical (HM&E) equipment, basic hull, and development combat systems. Also, the ship owners are focusing on improving the efficiency and reducing the overall operational costs of the ship. Commercial end-users are focusing on improving the ambiance of their ships to attract more customers and provide a better experience. The increasing retrofitting activities and growing focus towards adopting efficient and attractive lighting solutions are the major factors driving the growth of the marine lighting market.
The marine lighting market is undergoing an evolution from traditional lighting technologies to LED lighting solutions based on the user’s requirements, which is creating a high demand for LED marine lighting solutions. All the above trends and shift in the market towards efficient solutions is increasing the demand for LED marine lighting solutions. Therefore, increasing demand for efficient lighting solutions is creating lucrative business opportunities for the companies operating in the marine lighting market to gain a strong customer base and achieve a high market share by offering efficient LED marine lighting solutions.
The global marine lighting market has been segmented based on type, technology, application, end-user, and geography. Based on the type, the marine lighting market is bifurcated into functional and decorative. Based on technology, the marine lighting market is segmented into the LED, halogen, fluorescent, and xenon. With advancements in lighting technology, the marine industry has witnessed a paradigm shift in lighting, i.e., from fluorescent and incandescent to halogen, xenon, and LED marine lights. In the present scenario, LED marine lights are the most widely used lighting technology owing to numerous pros of LED lighting. LED has a long life span and does not damage the quality of light over time. Moreover, these lights consume low power, maintain low temperatures, and generate cleaner output. Furthermore, developments in LED have resulted in the availability of brighter LED marine lights, which further propelled its installation in the marine industry.
The marine lighting market is highly fragmented and competitive, with a number of international and local players offering solutions. Further, lighting solutions provided by the players vary in scale based on the size of vendors as well as their ability to manufacture hardware. Some of the key players profiled in the marine lighting market report include DRSA, ENSTO Group, Hella GmbH & Co. KGaA, Innovative Lighting, ITC Marine, Lumiron, Inc., Lumitec LLC, NJZ Lighting Technology Co., Ltd., Phoenix Products LLC, and The Carlisle & Finch Co.
Other Marine Lighting Market Players from Value Chain:
Hangzhou Jaiwill Technology Co., Ltd., Signify, KOITO MANUFACTURING CO., LTD, Osram GmbH, TACO Marine, and Foresti & Suardi are few other market players from value chain which are not profiled in the report but the can be included based on request.
The overall marine lighting market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the marine lighting market. It also provides the overview and forecast for the global marine lighting market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the marine lighting industry.
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This post was originally published on Food and Beverage Herald