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The Navigation Lighting Market size is estimated to grow at a CAGR of 5.22% between 2023 and 2028. The market size is forecast to increase by USD 6,736.2. The growth of the market depends on several factors, including the introduction of energy-efficient lighting technologies, the increase in aircraft fleet, and the stringent regulatory norms for maritime navigation lights. Navigation lights are colored illumination fixed on waterborne vessels, aircraft, and spacecraft. These lights provide the relative position of the vessel or craft, indicating a path for another oncoming object.
This navigation lighting market report extensively covers market segmentation by end-user (marine industry and aerospace industry), type (high light intensity, medium light intensity, and low light intensity), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2022.
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One of the key factors driving the navigation lighting market growth is the stringent regulatory norms for maritime navigation lights. The Maritime Safety Act mandates the navigation lights on a boat. In addition, it should be displayed between sunset and sunrise and in times of restricted vision, in daylight hours, in events such as fog, rain, haze, or when at anchor. Furthermore, the navigation lights are used on either side of the seaborne vessel.
Moreover, the boats need to adhere to the regulations and follow the lighting instructions as provided by the regulatory bodies. Furthermore, due to such regulation, it is an obligation for the installation of navigation lights for marine vessels, which will generate the demand for navigation lights, coupled with an increase in seaborne vessels. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the navigation lighting market growth is the advancement in navigation lighting controllers. The importance of predictive maintenance is well-accepted by the major players in the marine and aircraft industries. In addition, a navigation light, key safety equipment, is a colored source of illumination fitted on a waterborne vessel, aircraft, and spacecraft. Furthermore, navigation lights offer the relative position of the craft and are commonly known as position lights.
Moreover, the failure of navigation lighting can lead to serious security issues for marine and aircraft operators. In addition, market players are developing advanced controllers that can easily control multiple onboard lighting systems as well as monitor the failure of power or wiring of navigation lamps. For example, in July 2020, Oceanic Systems launched a dedicated NMEA2000 navigation light controller, which can control and monitor 8, 16, or 24 LED navigation lights. Hence, such developments are driving market growth during the forecast period.
Low demand and oversupply of marine vessels are some of the key challenges hindering the navigation lighting market growth. One of the significant challenges the navigation lighting manufacturers face is the low demand for new marine vessels and the constant oversupply in the form of previously ordered vessels being delivered at present. In addition, the declining demand for marine vessels is one of the major elements causing this problem.
Moreover, several variables, including economic slowdowns in significant international markets, changes in global trade, and modifications in consumer behavior, are contributing to the decreased demand. Therefore, there is less interest among shipbuilders and owners in upgrading current ships or building new ones, which lowers the need for navigation lighting systems. Hence, such factors are hindering the market growth during the forecast period.
The marine industry segment is estimated to witness significant growth during the forecast period. Navigation lighting is a key component in the maritime industry, as it is important for the safe and efficient operation of vessels in aquatic environments. This segment of the market comprises the installation of navigational lights on vessels, including ships and boats, as well as other marine equipment. Navigation lighting is essentially a visual aid used in the marine industry to assist vessels in navigating through navigable channels, ports, and waterways.
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The marine industry segment was the largest segment and was valued at USD 14,518.48 in 2018. Moreover, the maritime industry has seen a steady increase in the need for navigation lighting due to the expansion of international trade and maritime activity. In addition, the implementation of stringent regulatory standards and safety regulations by international maritime organizations has further fuelled the utilization of navigation lights for vessels of all sizes, emphasizing the importance of maintaining appropriate lighting equipment and offering visibility to reduce risks and accidents. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
The increasing adoption of high light intensity segment will drive the market growth during the forecast period. High light intensity is one of the most essential market segments in the worldwide navigation lighting industry. In addition, this segment is focused on providing lighting solutions that provide high levels of illumination to meet specific needs where visibility is essential. Moreover, HILI lighting products meet high safety requirements and are used in a variety of industries, including aviation, marine, and transportation. Furthermore, high light intensity fixtures (HILF) are used in the aviation industry to illuminate aircraft runways and taxiways, as well as aprons. In addition, these lights play an important role in the safe and effective operation of an aircraft during takeoffs, landings, and maneuvers. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 58% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that are significantly contributing to the growth of the market in APAC is the high use of aircraft in commercial and military applications. In addition, the growth of the aerospace industry in APAC is primarily attributed to an increase in air passenger traffic across the region.
Moreover, emerging economies from APAC, such as India and China, witnessed a surge in air passenger travel in 2022-23, which is primarily attributed to increased spending from the middle-income group. As a result, with many populations untapped across the region, the number of air passengers traveling at domestic and international levels is expected to increase in the upcoming years. Hence, such scenarios are fuelling the investment by airline companies in the procurement of new aircraft. Hence, such factors are driving the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global navigation lighting market witnessed a significant slowdown due to supply chain disruptions and halt in manufacturing operations in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in manufacturing units. Such factors are expected to drive the market during the forecast period.
The navigation lighting market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Navigation Lighting Market Customer Landscape
Who are the Major Navigation Lighting Market Companies?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aveo Engineering Group s.r.o: The company offers navigation lighting products such as Cessna 177 cardinal, crystal Conforma and Wingtip with ultra galactica.
Brunswick Corp: The company offers navigation lighting products such as LED searchlight, LED floodlight and LED spreader light spares.
Carmanah Technologies Corp: The company offers navigation lighting products such as 700 series lights available in red, green, white, amber and blue
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The navigation lighting market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Navigation Lighting Market Scope |
|
Report Coverage |
Details |
Page number |
164 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.22% |
Market growth 2024-2028 |
USD 6,736.2 |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.0 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 58% |
Key countries |
US, China, Japan, France, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aveo Engineering Group s.r.o, Beghelli S.p.A., Brunswick Corp., Canepa and Campi Srl, Carmanah Technologies Corp., Clarience Technologies, DAEYANG ELECTRIC Co. Ltd., Den Haan Rotterdam, FAMOR S.A., Glamox Group, Lopolight Aps, ORGA BV, Osculati Srl, Oxley Group, Perko Inc., Phoenix Products LLC, R Stahl AG, Raytheon Technologies Corp., and SPX Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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