Navigation Lighting Market Anticipated to Register $51,277.1 Thousand and Grow at 4.2% CAGR in the 2021-2030 Forecast Period [180-Pages] | Research Dive
Navigation lighting market to grow by 2030 due to rising govt. initiatives to connect small cities with metro cities via airlines. Marine sub-segment to be highly beneficial. Market in Asia-Pacific region to have better growth opportunities by 2030.
NEW YORK, July 22, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Navigation Lighting Market by Type (Low Light Intensity, Medium Light Intensity, and High Light Intensity), End-user (Marine and Aerospace), and Regional Outlook (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2030".
According to the report, the global navigation lighting market is estimated to register a revenue of $51,277.1 thousand by 2030, growing at 4.2% CAGR during the forecast period 2021-2030.
Access a PDF Sample of Navigation Lighting Market (Including Tables, TOC, and Figures)
Dynamics of the Navigation Lighting Market
Drivers: Rising demand for air travel among people to reach the destination faster and safely along with significant infrastructure expansion in several airports are some factors anticipated to drive the growth of the global navigation lighting market during the forecast period.
Opportunities: Growing investments by the government to connect small and medium cities with metro cities through airline services and increase in the number of idle-income households are some factors expected to offer abundant growth opportunities for the global navigation lighting market by 2030.
Restraints: High cost of manufacturing and installing navigation lights is the prime factor to hinder the market growth.
Covid-19 Impact on the Navigation Lighting Market
The outbreak of the covid-19 pandemic has had a negative impact on the global navigation lighting market just like most industries due to shutdown of several airports and seaports. Strict lockdowns and travel restrictions imposed by governments worldwide led to disruptions in supply chains and availability of raw materials. Moreover, closed international borders caused interruptions in the import-export chains and the aviation industry also witnessed a drop in the number of air travelers due to fast-spreading corona virus across the globe.
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Segments of the Market
The report has fragmented the navigation lighting market into multiple segments based on type, end-user, and regional analysis.
- By type, the medium light intensity sub-segment is predicted to hold a prominent market share during the forecast years due to their high suitability for watercraft, aircraft, and spacecraft. The medium light intensity sub-type consists of steady burning light bars and flashers that provide visual information about the position and height perception of an instrument approach. This type of navigation lights requires low-maintenance and uses LEDs that reduce carbon emissions, increase luminous efficiency, and improve the overall lifetime. These factors are projected to boost the sub-segment's growth by 2030.
- By end-user, the marine sub-segment of the global market is estimated to hold a dominant market share during the analysis timeframe. Navigation lights are colored or white illumination devices that are used by spacecraft and water vessels to avoid accidents. These lights also provide information about the position, direction, and size of vehicles, thus further bolstering the sub-segment's growth by 2030.
- By region, the navigation lighting market in the Asia-Pacific region is anticipated to have better growth opportunities during the analysis years due to rapid infrastructure development and government's increasing initiatives to expand seaports and airports. The development of airports and marine docks require the installation of navigation lights to avoid any accidents, thus propelling the market growth in the Asia-Pacific region by 2030.
Key Navigation Lighting Market Players
Some key players of the navigation lighting market are
- Lutron Electronics Co., Inc
- Aveo Engineering Group
- Hella Marine
- Glamox AS
- FAMOR S.A.
- Canepa & Campi
- Den Haan Rotterdam
- TRANBERG, S.R.O.
- Perko Inc., among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Buy the Full Report starting at $2999 (Read-Only)
For example, in February 2021, the International Aviation Transport Association (IATA), released a mobile phone application for airline passengers that uses navigation lights to direct them to their respective aircrafts and seats.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Navigation Lighting Market:
- Global Navigation Lighting Market to Witness Significant Growth Due to Acquisitions Like That of Vai Photonics by Advanced Navigation
- What Makes Navigation Lighting so Essential for Sailors and Pilots Travelling Often in Nights?
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