The global marine lighting market accounted for US$ 1,611.96 Mn in 2018 and is expected to reach US$ 3,083.73 Mn by 2027 with a CAGR growth rate of 7.7% during the forecast period.
APAC led the marine lighting market owing to the presence of a robust shipbuilding industry, with China, South Korea, and Japan being the three shipbuilding nations worldwide. Other factors, such as increasing global trade as well as and maritime regulations are among other factors that, have generated the demand for commercial ships, which has, in turn, led to the growth in the marine lighting market. China is anticipated to hold the largest share of the marine lighting market owing to the presence of robust commercial shipbuilding, such as bulk cargo ships and tankers. Moreover, South Korea is witnessing a high demand from the global market for LNG vessels. Moreover, other developing economies in the APAC region are also witnessing high growth in their shipbuilding and repair industry industries. Also, developed economies worldwide are noticing a high need for retrofitting in their aging fleet, thus thereby propelling the marine lighting market
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Marine Lighting Market: Strategic Insights
Market Size Value in US$ 1,611.96 Million in 2018 Market Size Value by US$ 3,083.73 Million by 2027 Growth rate CAGR of 7.7% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Marine Lighting Market: Strategic Insights
Market Size Value in | US$ 1,611.96 Million in 2018 |
Market Size Value by | US$ 3,083.73 Million by 2027 |
Growth rate | CAGR of 7.7% from 2019-2027 |
Forecast Period | 2019-2027 |
Base Year | 2019 |
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Speak to AnalystLucrative Regional Marine Lighting Markets
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Increasing shipbuilding activities propelling the demand for the marine lighting market
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.
Growing adoption of LED lighting solutions offer a lucrative opportunity to the marine lighting market
The ship owners are installing LED lighting solutions to reduce the power consumption and operating costs of the ship. LED lighting solutions are also less vulnerable to get damaged by water; therefore, they are used in underwater lamps. The marine lighting market is undergoing an evolution from traditional lighting technologies to LED lighting solutions based on the user’s requirements, which is creating a high demand for LED marine lighting solutions.
Type Insights
The global marine lighting market, by type, has been segmented into functional lights and decorative lights. Functional lights provide the necessary lights for performing various operations and ensuring the safety of the vessel, while the decorative lights help improve the ambiance of the ship. The increasing number of commercial ships is a significant factor in driving the growth of the functional marine lighting market. However, the growing popularity of luxury vehicles is the major factor driving the growth of the decorative marine lighting market.
Application Insights
The global marine lighting market by application was led by the compartment and utility segment in 2018. When operating a vessel at night, it is vital for operators to maintain the capability to see underfoot, devoid of losing their night vision with a harsh, bright glare. Thus, utility light is required to illuminate deck areas as well as passageways, improving a boat's safety and overall ambiance. Further, boat utility lights can help direct light to precise areas requiring special attention.
End-user Insights
The global marine lighting market based on end-user is segmented into the commercial ship, passenger ship, and others. In commercial ships, lighting solutions play an important role in navigation, safety, and operations. In passenger's vessels, the design of the lighting solutions should match the interior and exterior design of the ship to make the ambiance appealing. The marine lighting solutions are known for their high energy consumption. Therefore, there is a shift of focus toward adopting energy-efficient solutions among the end-user segments. The marine lighting market by end-user is estimated to be dominated by commercial ships throughout the forecast period.
Rest of APAC Marine lighting Market by End-User
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Marine lighting solutions provided by the players vary in scale based on the size of vendors as well as their ability to manufacture hardware. Few of the recent developments are listed below:
2019:R. STAHL TRANBERG launched the TRANBERG BlueLine Lighting Series. It is a comprehensive range of high quality, economical next-generation lighting for the marine industry.
2018:Hella unveiled Sea Hawk 470 LED lamps suitable for illuminating decks as well as walkways beside ships and other related applications.
2017:ITC introduced, VersiControlTM, RGB lighting control system for the marine industry. The solution offers ability to individually control the lighting with an all-in-one 4-zone control pad and/or a smartphone app.
GLOBAL MARINE LIGHTING – MARKET SEGMENTATION
By Type
- Functional
- Decorative
By Technology
- LED
- Halogen
- Xenon
- Fluorescent
By Application
- Navigational Light
- Dome Light
- Safety Light
- Compartment and Utility Light
- Docking Light
- Others
By End user
- Commercial Ship
- Passenger Ship
- Others
By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- UK
- Italy
- Russia
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- South Korea
- India
- Japan
- Rest of APAC
Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Company Profiles
- DRSA
- ENSTO Group
- HELLA GmbH & Co. KGaA (Hella Marine)
- Innovative Lighting
- ITC Marine
- Lumiron, Inc
- Lumitec LLC.
- NJZ Lighting Technology Co., Ltd
- Phoenix Products LLC
- The Carlisle & Finch Co
Other Market Players from Value Chain:
Hangzhou Jaiwill Technology Co., Ltd., Signify, KOITO MANUFACTURING CO., LTD, Osram GmbH, TACO Marine, and Foresti & Suardi are few other market players from value chain which are not profiled in the report and can be included based on request.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Technology , Application ; End-user
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
Factors such as presence of significantly large number of marine fleet owners as well as presence of prominent ship builders across the Asia-Pacific region is projected to provide numerous profitable business opportunities for the market players during the coming years. Subsequently driving the growth of the Asia-Pacific marine lighting industry growth.
Compartment and utility owing to their large scope for functional as well as decorative applications especially across commercial ships have resulted in their considerably large application in the marine lighting market.
LED continues to dominate the marine lighting market by technology owing to its low energy consumption and ability to endure vibrations onboard marine vessels. The LED technology based lighting accounted for more than two fifth of the total market by technology
The List of Companies
- DRSA
- Ensto Group
- HELLA GmbH & Co. KGaA (Hella Marine)
- Innovative lighting
- ITC Marine
- Lumiron, Inc.
- Lumitec LLC
- NJZ Lighting Technology Co., Ltd.
- Phoenix Products LLC
- The Carlisle & Finch Co.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
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- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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