The Marine Lighting Market is projected to grow at a CAGR 4.16% rate during the forecast period. The increasing demand for marine lighting is driven by the growth in the usage of LEDs and the stringent regulations for the marine industry with regards to safety lights. Functional lighting is projected to be the largest market in the market. Navigation lights, compartment & utility lights, docking lights, and safety lights are categorized as functional lights. The external functional lights are made to last in extreme weather conditions. Increasing demand for commercial ships in countries such as China, Indonesia, Japan, South Korea, Russia, and Greece is a significant factor for the increasing demand for functional lighting.
LEDs are the fastest-growing segment in the market. They last longer as compared with other types of lighting technologies. Not only do they consume less space but also offer a broad spectrum of colors to choose from. Moreover, LED’s do not emit heat radiations, making them safer for marine applications. Shipyards across major ports are replacing other lighting technologies with LEDs due to the host of benefits they offer. Hence, LEDs are projected to be the fastest-growing segment by technology.
Compartment & utility lights are projected to be the largest market. These lights are functional and mandated by regulations to be made of explosion-proof materials. Commercial ships such as bulk cargo, oil tankers, general cargo, and container ships are the major users of compartment & utility lights. It is the most significant application in all commercial vessels. Passenger ships are supplemented with decorative lights to provide passengers with an enhanced cruise experience. Hence, it is projected to be the largest contributor in global market by application.
Asia Pacific is projected to hold the largest market share, by value, during the forecast period. Factors such as rising global trade and maritime regulations have triggered the demand for commercial ships which has, in turn, has led to increasing demand for marine lighting in the region. China is expected to account for the largest share of this market owing to the high demand of for commercial ships including tankers and bulk cargo ships. With increasing demand, it is expected to remain the largest market in Asia Pacific.
key players in the marine lighting market are Signify (Netherlands), Hella (Germany), Koito (Japan), Osram (Germany), West Marine (US), Lumishore (UK), Foresti & Saurdi (Italy).
Key Questions addressed by the report
· Which application will lead the marine lighting in the future?
· How are the government regulations going to impact the market for marine lighting globally?
· What would be the trend of lighting technologies in the marine industry in the next five years?
· What would be the share of passenger ships, commercial ships, and yachts in this market?
· How are regulations shaping up the global market?
1.1. Market Definition
1.2. Study Scope
1.3. Study Period
1.4. Market Stakeholders
2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Research Design
2.4. Data Validation
2.5. Limitations and Assumptions
3. Executive Summary
4. Market Dynamics
4.1.1.Increased Demand For Luxury Cruises and Yachts
4.1.2.Lighting Regulations Providing an Impetus For Innovation
4.2.1.Organic Light Emitting Diodes
4.2.2.Replacement of Traditional Lighting With LED
4.3.1.High Initial Costs Associated With LEDs
4.3.2.Heavy Investments in R&D and Complex Lighting Systems
4.3.3.Fluctuating Prices of Raw Materials
5. Marine Lighting Market, By Ship Type
5.1. Passenger Ship
5.2. Commercial Ship
6. Marine Lighting Market, By Technology
7. Marine Lighting Market, By Application
7.1. Navigation Lights
7.2. Dome Lights
7.3. Compartment and Utility Lights
7.4. Reading Lights
7.5. Docking Lights
7.6. Safety Lights
7.7. Decorative Lights
8. Marine Lighting Market, By Type
8.1. Functional Lights
8.2. Decorative Lights
9. Marine Lighting Market, By Region
9.1. Asia Pacific
9.1.6.Rest of Asia Pacific
9.2.7.Rest of Europe
9.3. North America
9.4.3.Rest of RoW
10. Company Profiles
10.4. Osram GmbH
10.5. West Marine
10.8. Foresti & Saurdi
10.9. NJZ Lighting Technology
10.10. Taco Marine
*Company introduction, financial information, recent developments, SWOT analysis
11. Conclusion and Recommendations
12.2. Related Reports