Report : Marine Lighting Market to 2027 - Global Analysis and Forecasts By Type (Functional, and Decorative), Technology (LED, Halogen, Fluorescent, Xenon), Application (Navigation Lights, Dome Lights, Compartment and Utility Lights, Safety Lights, Docking Lights, and Others); End-user (Commercial Ships, Passenger Ships, and Others)
The global marine lighting market was valued US$ 1.61 Bn in 2018 and is expected to reach US$ 3.08 Bn by 2027, with a CAGR growth rate of 7.7% in the forecast period from 2019 to 2027. The shipbuilding activities are growing across the globe, especially in the markets such as China and the US, owing to the increasing number of travelers and trade activities. The increasing shipbuilding activities across the globe are expected to influence the growth of marine lighting solutions positively. The growing seaborne trade activities across the globe owing to the healthy trade relation is another factor fueling the shipbuilding industry, which would result in increasing the demand for marine lighting solutions. Additionally, there are various regulatory standards set by governing bodies such as the American Bureau of Shipping and the Department of Transport and Main Roads Australia regarding the lighting, necessitates the use of various lighting fixtures to meet the required standards. Also, demand for recreational boats such as yacht, superyacht, and luxury private boats is also growing across the globe. The demand for decorative marine lighting solutions is high across the luxury boats segment as the yachts are required to have a highlighted welcoming ambiance and lighting that complements the design of the ship. Therefore, the growing demand for yachts, increasing shipbuilding activities, and stringent lighting standards are the major factors that are expected to fuel the growth of this market.
Energy efficiency and durability have emerged to be the most popular trend in the global marine lighting industry. The ship owners are also focusing on integrating energy-efficient solutions to reduce the operating costs and improve the overall efficiency of the vessel. In a ship, lighting accounts for ~25-40% of the total electricity consumption, and therefore there is a strong focus on improving the efficiency to reduce the operational costs. Companies operating in the market are focusing on offering energy-efficient lighting solutions to attract more customers and gain a more significant market share. Durability is another trend for the marine lighting market owing to the environment in which the light operates. Companies such as Hella and Ensto Group are strongly emphasizing on offering energy-efficient and durable marine lighting solutions. Therefore, the demand for energy-efficient and durable lighting solutions is expected to grow among the end-users during the forecast period.
Marine Lighting Market — Geographic Breakdown, 2018
The report segments the global marine lighting market as follows:
Global Marine Lighting Market – By Type
Global Marine Lighting Market – By Technology
Global Marine Lighting Market – By Application
Global Marine Lighting Market – By End-User
Global Marine Lighting Market – By Geography
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