The new report by Expert Market Research titled, ‘Global Marine Lighting Market Growth, Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global marine lighting market, assessing the market based on its segments like type, ship type, technology, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5%
Demand for marine lighting is increasing as a result of increased use of LEDs and stricter safety lighting regulations for the marine industry. By 2026, it is expected that functional lighting would be the most common type of maritime lighting worldwide. This market is expected to be dominated by light-emitting diodes (LEDs). Traditional maritime lighting is being phased out in favour of LED lights, which are small, bright, and efficient. The LED lights on board a ship is used for a number of tasks. They are used in a variety of applications, including alarm systems, navigational systems, and underwater lights.
Marine LED lights are used on both submerged and surface water ships and boats for signalling and other critical functions. Additionally, they outlast other types of lighting systems. During the forecast period, the compartment and utility light segment is predicted to dominate the global marine lighting market and drive industry growth. The growing marine light market in countries such as the United Kingdom is expected to drive market growth.
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Marine Lighting Industry Definition and Major Segments
Interior and external illumination for boats, yachts, cruise ships, merchant ships, and defence ships is provided by marine lighting. While operating a vessel at night, it’s critical that operators can see beneath without losing their night vision due to a strong, blinding glare. As a result, marine lighting is essential to illuminate deck spaces and corridors, enhancing boat safety and ambiance.
Furthermore, boat marine lights can assist in directing light to certain locations that require extra attention.
The types of the product can be categorised as follows:
- Functional Light
- Decorative Light
On the basis of ship type, the industry can be divided into:
- Passenger Ship
- Commercial Ship
Based on technology, the industry can be segmented into:
The product finds wide applications in the following:
- Navigation Lights
- Dome Lights
- Compartment and Utility Lights
- Reading Lights
- Docking Lights
- Safety Light
- Decorative Lights
The regional markets can be divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Marine Lighting Market Trends
The market is expected to profit from rising demand for cruise and luxury ships. The cruise industry is the fastest expanding area of the leisure travel industry, and cruise ships make heavy use of marine lighting to enhance the consumer experience. There has been a trend toward increased economic events due to a multitude of factors, including increased manufacturing production, decreased shipping costs, and enhanced assessments. As a result, demand for commercial ships with the global economy.
As a result, commercial ships are the principal users of maritime illumination. Rising travel and tourism activities and the increased demand for luxury cruises and yachts, are all contributing to a rise in demand for marine lighting. Additionally, the lighting criteria of several water transportation regulatory organizations create opportunities for maritime lighting demand.
Asia Pacific is predicted to have the largest market share in terms of value throughout the forecast period. Increased worldwide trade and maritime rules have driven a rise in demand for commercial ships, which has resulted in an increase in demand for marine lighting in the region. China is projected to have the highest share of this market because to the rising demand for commercial ships such as tankers and bulk cargo ships.
Due to increased demand, it is anticipated to remain Asia Pacific’s largest market. LED lighting has witnessed a boom in demand in Europe and North America as a result of government aid and the growing use of ultra-modern lighting in a range of industries. The sector as a whole is likely to benefit from increased demand for high-end lighting in developed countries as a result of improved infrastructure and more disposable income.
Key Market Players
The major players in the market are Signify Holding., Hella KGaA Hueck & Co., Koito Manufacturing Co., Ltd., OSRAM Licht AG, West Marine, Lumishore, NJZ Lighting Technology Co., Ltd., Lumitec, LLC, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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