The Global Navigation Lighting Market Projected to Grow at a CAGR of 4.2% and Generate a Revenue of $51,277.1 Thousand by 2030Download Sample Reports Overview
The global navigation lighting market is predicted to be valued at $51,277.1 thousand by 2030, surging from $34,826.4 thousand in 2021, at a noteworthy CAGR of 4.2%.
Covid-19 Impact on Global Navigation Lighting Market
During the COVID-19 pandemic, various countries imposed lockdowns. The outbreak has had a significant impact on raw material demand and supply chain. The suspension of industrial units, lockdown limitations, and social distancing norms have had a significant impact on aircraft and ship manufacturing. Furthermore, a large portion of the personnel in the aviation, ship, and navigation light manufacturing industries was forced to remain in quarantine, preventing manufacturing enterprises from resuming operations. Navigation lights are used in aircrafts and watercrafts, and they are critical for the safety of watercrafts and airplanes. Between sunset and sunrise, as well as in low-visibility conditions such as rain or fog, these lights assist all vessels navigating the waterways. The proper use of these lights allows boats to cruise securely and identify the give-way vessel in order to avoid collisions. However, the ban on import-exports and restriction on traveling during the pandemic period hampered demand of passenger aircraft and ships, which lead to significant drop in demand for navigation lighting market.
However, during the pandemic, international bodies, governments, and industry issued recommendations and guidance aimed at ensuring that travelers are healthy and protected from COVID-19, have access to medical care, and that ships & airport facilities meet international sanitary requirements.
Global Navigation Lighting Market Analysis
The navigation light, which is also known as a signal light, is used to indicate the state of a ship or aircraft, as well as the ships and aircrafts size and navigation direction at night. It is a critical foundation for ships and aircraft to employ collision avoidance measures and efficiently avoid ship collisions, particularly at night or in poor visibility. The navigation signal equipment must be fitted aboard the ship and aircraft according to international laws for preventing collisions. Rise in traveling after the ease of covid-19 restriction along with rise in middle-class income & low cost carrier is anticipated to boost the aircraft and watercraft market which will result in the rise in demand for navigation lighting. For instance, the tourism industry in India is growing rapidly. As India offers geographic diversity and diverse cultural diversity, UNESCO world heritage sites and tourist goods such as eco-tourism, cruises, and medical tourism are all available in India. Incredible India has resulted in an increase in tourist arrivals. Rising in tourism encourage the development of infrastructure such as airports and seaports facilities. These are some major factors estimated to boost the global navigation lighting market.
However, the installation cost of navigation light is very expensive which is anticipated to restrain the navigation lighting market growth. Also, during the covid-19 pandemic, the maritime and airport systems & services were hampered.
The use of air travel in middle income countries is gaining huge popularity as there has been a rising demand for air travel among people to reach their destination early. The development of China's economy has produced ideal conditions for commercial aviation to flourish. The growth of the industry has enabled not only individuals to travel and exchange ideas, but also businesses and economies to interact. People now prefer travel by airplanes. The commercial aviation in China has expanded rapidly. Much of this expansion has been fueled by increased demand for domestic air travel. The number of passengers carried by China's commercial aviation business has increased, to meet this demand more airplanes are being produced. These factors is anticipated to improve demand for global navigation lighting market.
Global Navigation Lighting Market, Segmentation
The global navigation lighting market is based on type, end-user, and region.
The navigation lighting type segment is further classified into low light intensity, medium light intensity, and high light intensity. Among these, the medium light intensity sub-segment is anticipated to have the fastest growing market share in the estimated timeframe. Medium light intensity lights are light signaling devices which are used to make water vessels, spacecraft, and aircraft visible during night & unclear whether condition. The navigation lighting market is experiencing the revolution, with conventional incandescent lighting being replaced by LED. The primary benefit of using this light is that it provides versatility and reliability along with long life and low power consumption.
The end-user segment is further classified into aerospace and marine. Among these, the marine sub-segment is anticipated to have a dominant market share by 2030. The marine industry has been widely incorporated with passenger and goods transportation over last several decades. The shipping industry is an important aspect of the transportation and supply chain industries. Shipping expedites the movement of goods across geolocations, propelling the economy forward. Ships carry a vast amount of cargo compared to other modes of transportation, resulting in significant cost savings. For instance, despite the fact that India has a vast network of inland waterways in the form of backwaters, rivers, canals, and creeks, freight transit & passenger transit by waterways is underutilized. To utilize this potential, Ministry of Shipping has been concentrating on enhancing coastal shipping and inland waterways transportation, both of which are environmentally benign modes of transportation. To capture this opportunity, Indian government has launched the Sagarmala Project which is focused on improving the value of waterways and coastlines for goods and passenger transport.
The global navigation lighting market in the Asia-Pacific region is projected to show fastest growth. Some of the major factors driving the navigation lighting market growth in Asia-Pacific region are increasing in middle- class income and rise in tourism. Because of significant rise in tourism, the governments of these countries are focusing on developing infrastructure facilities such as airports and seaports. Passengers nowadays are more concerned with finding the quickest connection and are willing to forego air miles and access to VIP lounges in exchange for a decent pricing and value proposition. This has led to rise in airlines in this region. The airlines operating in this region are now focusing on increasing their aircraft fleet. These factors are anticipated to increase the global navigation lighting market share.
Key Players in the Global Navigation Lighting Market
Some of the leading players in the navigation lighting market are
- Glamox AS
- Aveo Engineering Group
- Hella Marine
- Perko Inc.
- Lutron Electronics Co., Inc
- Canepa & Campi
- Den Haan Rotterdam
- FAMOR S.A.