(MENAFN- GlobeNewsWire - Nasdaq) New York, Nov. 24, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on“ marine lighting market Size, Share & Global Forecasts to 2027 - Global Analysis and Forecasts By Type (Functional, and Decorative), Technology (LED, Halogen, Fluorescent, Xenon), Application (Navigation Lights, Dome Lights, Compartment and Utility Lights, Safety Lights, Docking Lights, and Others); End-user (Commercial Ships, Passenger Ships, and Others)”, The global marine lighting market size is accounted for USD 1.61 Bn in 2018 and is expected to reach USD 3.08 Bn by 2027 with a CAGR growth rate of 7.7% during the 2019-2027.
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Global Marine Lighting Market Report Scope:
| Market Size Value in | USD 1.61 Billion in 2018 |
| Market Size Value by | USD 3.08 Billion by 2027 |
| Growth rate | CAGR of 7.7% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
| No. of Pages | 184 |
| No. of Tables | 111 |
| No. of Charts & Figures | 90 |
| Historical data available | Yes |
| Segments covered | Type, Technology, Application; End-user |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Marine Lighting Market: Competitive Landscape and Key Developments
Hella Marine, Lumitec LLC, Carlisle & Finch Co., NJZ Lighting Technology Co.,Ltd. and Phoenix are among the top leading players profiled in the marine lighting market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments under marine lighting market are mentioned below:
In 2019 : Howick and Maraetai Coastguard upgraded their exterior lighting on their rescue boats with Hella marine LED lighting.
In 2018 : EdgeWater boats partnered with Lumitec for all 2019 models. The accent lighting, down lighting, flood/spreader lighting and underwater lighting product would be featured on the lineup of EdgeWater 2019 models.
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Marine Lighting Market: Industry Overview
The marine lighting market has been segmented on the basis of type, technology, application, end user and geography. Based on type, the marine lighting market is bifurcated into functional, and decorative. In terms of technology, the marine lighting market is bifurcated into LED, halogen, fluorescent, xenon. Based on application, the marine lighting market is segmented into navigation lights, dome lights, compartment and utility lights, safety lights, docking lights, and others. Based on end-user, the marine lighting market is segmented into commercial ships, passenger ships, and others. Based on geography, the marine lighting market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The marine lighting market in Europe is projected to witness impressive growth during ( 2019-2027) : The shipbuilding industry in the EU region is dynamic, as well as competitive. The region comprises of ~150 large shipyards, of which ~40 shipyards operate in the international market for large seagoing commercial vessels. With ~6% market share in terms of tonnage and ~35% share for marine equipment, the region is considered as a key player in the global shipbuilding industry. The shipbuilding industry in the EU, majorly comprises the construction of complex vehicles, ferries, cruise ships, dredgers, and mega-yachts. The region also has manufacturing industries of submarines and naval vessels. Moreover, Europe is one of the world's foremost maritime centers. The EU region comprises ~329 major seaports along its coastline, and almost one third of the global merchant fleet. Also, it is a hub to the flourishing maritime services sector as well as the marine equipment industry. All the mentioned factors plays a major role in boosting the business activities of the marine lighting market in the European region.
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Growing Adoption of LED lighting Solutions To Provide Lucrative Opportunities For Marine Lighting Growth During (2019-2027):
The LED lighting is becoming an important light source for the maritime industry and is used for different purposes, from improving safety on the deck to highlighting character features to improve the ambiance of the boat. The LED lighting solutions offer various advantages such as longer lifespan than alternative options, lesser power consumption, lower operating and maintenance costs, greater visibility, flexible illumination control, and lower carbon footprint. The ship owners are installing LED lighting solutions to reduce the power consumption and operating costs of the ship. LED lighting solutions are also less vulnerable to get damaged by water; therefore, they are used in underwater lamps. The market for marine lighting 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 shipbuilding and repair industry is one of the critical industries in the US. According to the Shipbuilders Council of America, ~1,074 vessels were delivered by the US shipbuilders in 2016. However, the industry is currently facing challenges related to ageing workforce and low-cost foreign competitors, resulting in reduced commercial ship orders. There are only a handful of shipyards left in the country, which highly rely on the US domestic market. However, the country remains a global leader in naval shipbuilding, representing the majority of the country's shipbuilding revenue. Moreover, the ageing fleet of US Navy auxiliary and sealift vessels is expected to offer lucrative growth opportunities to the shipbuilders, thus propelling the marine lighting market growth in North America. In 2019, the Canadian government announced contracts worth ~US$ 1.5 Bn to keep a dozen warships operative for another 20 years as part of the country's multibillion-dollar National Shipbuilding Strategy (NSS), which was announced in 2010. In October 2019, the Canadian government was looking for a qualifying shipyard to become the third shipyard in the NSS. Also, in August 2018, the Mexican Navy stated that it has built 14 new vessels during the past six years and has partnered with Pemex, a state oil company, to update its fleet of supply ships and tugboats. Further, the Secretariat of the Navy stated that reinforcing the navy's capacity during the present federal administration has involved the construction of two offshore patrol vessels, eight new coastal patrol boats, two interceptor patrol vessels, as well as two logistics support vessels. The increasing investments in shipbuilding are expected to fuel the marine lighting market growth.
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Tags marine lighting led halogen fluorescent xenon navigation lights dome lights utility lights safety lights docking lights maritime