Navigation Lighting Market Expected to Reach $41,706.1 thousand by 2027, at a Growing CAGR of 4.2% - Research DiveDownload Sample Reports Overview
The global navigation lighting market is predicted to generate a revenue of $41,706.1 thousand by 2027, increasing from $35,781.8 thousand in 2019.
Navigation lights consist of red light, green light and white light embedded on the aircraft or ship that help the operator to determine the size and orientation of the vessels for accurate navigation. Moreover, these lights are used in dockyards and airports to determine the length of the runway for the operator to prevent any major accidents in these places. All the dockyards and airports use navigation lights to navigate boats and aircrafts to avoid any mishaps during landing and parking.
The coronavirus outbreak has impacted the navigation lighting market drastically. As various government bodies announced lockdowns to curb the spread of the virus, most of the places were closed and operations came to a halt. Due to the lockdown procedure and rise in the government initiatives to stop spread of the coronavirus, most of the dockyards and airports were shut and this impacted the market severely. In addition, decrease in the number of passengers due to travel bans and increasing spread of the virus across the globe is predicted to decline the market growth during the pandemic.
The rising implementation of non-electrical floor path for navigation purposes is predicted to be the major driving factor for the navigation lighting market in the estimated period. Non-electrical floor paths use photoluminescent lighting strips on the surface area which direct and navigate aircrafts and ships at the time of emergency. Navigation lights provide non-electric floor path with constant light making it easier and safer for the pilot to land. Moreover, the non-electrical floor paths are designed to help airline passengers identify aircraft exits in the case of any emergencies. Many aviation industries are investing heavily in the non-electrical path for better navigation systems.
For instance, Lufthansa, in April 2018, a Singapore Airlines, launched Technik’s GuideU, a 1000-series emergency floor marking system for the company’s new aircraft Boeing 787-10 fleet. GuideU is a non-electrical floor technology that is designed to provide better navigation for aircrafts. In the recent years, this technology is being adopted by various airlines across the globe. Such instances are predicted to be the major driving factors for the global navigation lighting market in the estimated period.
The high cost involved in setting up of lights on the runways and parking paths of machines and other similar surfaces where boats and airplanes are moved is predicted to hinder the market in the estimated period. The lights that are used in the navigation lighting are high intensity discharge (HID) bulbs, light emitting diodes (LEDs), flash or strobe lighting, incandescent filaments, and halogens. The cost involved in manufacturing these lights is quite high, which makes the final products expensive for buyers and this is predicted to hinder the market growth in the estimated period.
Aerospace end user sub-segment generated a revenue of $16,086.50 thousand in 2019 and is predicted to grow by generating a revenue of $19,566.70 thousand by 2027. Increasing demand of navigation lights in the aviation sector for security reasons is predicted to drive the sub-segment market in the estimated period. For instance, the navigation lights of all three colors flash simultaneously that increases the aircraft visibility and makes it easier for the operator to direct the pilot for safe and secure landing.
Asia-Pacific region market generated a revenue of $18,821.2 thousand in 2019 and is predicted to grow by generating a revenue of $843.8 thousand by 2027. Increase in urbanization across the region is expected to lead to construction of new airports. Furthermore, it is expected to increase the adoption of navigation lights in the estimated period. For instance, in February 2021, China decided to expand the Shenzhen airport satellite course. The expansion of airports will lead to new runways and parking ways boosting the need of navigation lights in the coming years.
- Glamox AS
- Aveo Engineering Group, s.r.o.
- Hella Marine
- Perko Inc.
- Lutron Electronics Co., Inc
- Canepa & Campi
- Den Haan Rotterdam
- FAMOR S.A.
Porter’s Five Forces Analysis for Event Management Market:
- Bargaining Power of Suppliers: The switching cost from one supplier to another is projected to be medium as there are considerable suppliers in the market.
The bargaining power of suppliers is moderate.
- Bargaining Power of Consumers: In this market, there are limited number of buyers present in the market.
The bargaining power of consumers is high.
- The threat of New Entrants: A large skilled workforce and heavy investments are required to enter the market.
The threat of new entrants is low.
- The threat of Substitutes: The technology implemented in the lights costs too much due to which switching costs for clients also increases.
The threat of substitutes is low.
- Competitive Rivalry in the Market: There are numerous players in market and consumers can choose who to get services from.
The competitive rivalry in the industry is high.