Global Marine Signaling Devices Market 2017-2021

Overview of the global marine signaling devices market

Market research analysts at Technavio predict that the global marine signaling devices market will grow at a CAGR of around 4% by 2021. The introduction of stringent regulations governing marine safety devices is identified as one of the primary growth factors for this market. Numerous regulations are in place to govern the use of marine signaling devices. There are certain regulations to be followed based on the type of distress. The international maritime organization (IMO) introduced the Safety of Life at Sea (SOLAS) convention which is an international treaty dealing with the safety of merchant's vessels. The main objective of the SOLAS convention is to specify the minimum standards for the construction and operation of ships and the onboard equipment that is suitable for their safety. The convention comprises of over 14 chapters listing out the requirements for the various aspects of merchant ships. In addition to the SOLAS, the US Coast Guard has also imposed certain regulatory standards for signaling devices.

The increasing adoption of LED signaling devices is one of the key trends that will gain traction in the marine signaling devices market. Mounting energy costs and consumption have compelled governments and consumers to reduce energy consumption and employ power-saving lighting solutions such as LEDs. LED lighting is now being installed in marine signaling devices due to its energy-efficient properties. Additionally, the effectiveness of these lights will also rise their adoption in signaling devices. LED lights are a form of non-pyrotechnic devices that use an electrical source of power and do not turn off after a few seconds of use and can be used for long durations, unlike pyrotechnic devices. This is inducing vendors to provide LED-based electrical visual signaling devices that are effective and save power. For instance, Weems & Plath offers an SOS distress light, an electronic flare, which is the first LED visual distress signal device that meets the US Coast Guard requirements and can completely replace traditional pyrotechnic flares.

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Competitive landscape and key vendors  

Owing to the presence of several global and regional players, the marine signaling devices market appears to be highly fragmented. The vendors in the market offer both visual and audible marine signaling devices that are used in various distress situations. Vendors also provide marine signaling devices that are approved by the US Coast Guard and are also concentrating on providing training and guidance on the usage of various signaling devices and their applications.

The leading vendors in the market are -

• Drew Marine Signal & Safety
• E2S
• Greatland Laser
• Orion Safety Products
• Weems & Plath

The other prominent vendors in the market are ACR Electronics, Echomax, Falcon Safety Products, Forespar, Glamox, Hella Marine, Kahlenberg Industries, KAMA INDUSTRIES, Marinco, NRS Solutions, Ocean Signal, Osculati, Perko, Pfannenberg, Plastimo, Rockwell Automation, Schmitt & Ongaro, and Spinlock.

Segmentation by product and analysis of the marine signaling devices market

• Visual marine signaling devices
• Audible marine signaling devices

During 2016, the visual marine signaling devices segment accounted for the major shares of the marine signaling devices market. The effectiveness of these devices and their increasing adoption by sea vessels will be the major factors contributing to the growth of this market segment in the coming years.

Geographical segmentation and analysis of the marine signaling devices market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market throughout the forecast period. The fast-growing seaborne trade, the presence of a large fleet of vessels, and the growth in offshore activities in the Middle East, will impact the growth of the marine industry, which will in turn, spur the demand for marine signaling devices in this region during the next four years.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global marine signaling devices market?
• What are the key market trends impacting the growth of the global marine signaling devices market?
• What are the challenges to market growth?
• Who are the key vendors in the global marine signaling devices market?
• What are the market opportunities and threats faced by the vendors in the global marine signaling devices market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global marine signaling devices market?

Technavio also offers customization on reports based on specific client requirement.

This upcoming research report on the global marine signaling devices market presents insights into the key trends and emerging drivers influencing the growth of the energy industry. Our market research reports for the energy industry follow an extensive data collection methodology and offer an analysis of fast growing market segments like power.

To precisely predict the industry's prospects, our market research analysts follow a corroborative approach of primary and secondary data collection methods. Consequently, research analysts at Technavio offer an all-inclusive picture of the marine signaling devices market for 2017 to 2021. Furthermore, our research practices help clients develop effective growth strategies and keep pace with the continually changing market landscape. This market research also offers a comprehensive analysis of various sectors of the energy industry based on the interpretation of the information gathered from specific resources such as channel partners and market stakeholders. This upcoming market research report on the marine signaling devices market also covers vendors like Orion Safety Products, E2S, Drew Marine Signal and Safety, and Hella Marine.

This upcoming industry report on the marine signaling devices market also considers the growth of the related market such as the fuel cell market, which is expected to gain a CAGR of nearly 23% during the assessment period.  Furthermore, to offer clients the scope to identify potential market opportunities and expand in niche markets, this report on the marine signaling devices market also cover geographies like the Americas, APAC, and EMEA.

The upcoming industry research report on the marine signaling devices market also categorizes the prominent drivers, major trends, as well as the restraints that the power sector currently experiences. It also presents insights into the rapidly changing competitive scenario to give clients a complete view of the forthcoming events within the energy industry. Technavio also provides deep-dive market assessments into the sectors such as energy storage and smart grid.

Technavio also offers clients the option to customize every report to suit their specific requirements and offers attractive discounts on all upcoming reports and future purchases.