17 March 2021
Visiongain has published a new report on Marine Lighting Market Report to 2031: Forecasts by Ship Type (Passenger Ships and Commercial Ships & Yachts), by Technology (LED, Fluorescent, Halogen, Xenon), by Type (Functional lights and Decorative lights), by Application (Navigation lights, Dome lights, and others). PLUS Profiles of Leading Marine Lighting Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Marine Lighting market was valued at US$ xx billion in 2019 and is projected to reach at a market value of US$ xx billion by 2031. The market is anticipated to witness positive growth over the forecast period, despite the disruptions created by COVID-19 in the year 2020. The global marine market is expected to recover at a steady pace, details about which has been provided in the report. However, reaching revenue equivalent to the pre-COVID levels will be a challenge in the near-term according to the visiongain’s estimate.
COVID-19 Impact on Marine Lighting Market
COVID-19 negatively impacted the Marine Lighting segment due to restricted public movement and limited economic activities in first few months after the spread of the virus. This in turn led to downturn in the demand for Marine Lighting. With the imposition of lockdown across major cities of most nations, the international movement of people and goods through water impacted severely. The tourism sector was one of the worse hit sector by the pandemic. The reduced activities lead a significant decline in the fresh demand, i.e. new ship building as well as through repair and maintenance.
Increased travel and tourism activities and upsurge in demand for luxury cruises and yachts are among some of the key factors responsible for the growth in demand for marine lighting. Also, regulations related to lighting by various water transport regulating bodies also offers opportunities for demand of marine lighting.
Significant opportunity exists in the new technology marine lightings. Major players compete on technology and cost as key differentiation product to win the market. Affordability and durability in adverse environment are the two key aspects for marine lighting and offers significant opportunity for research and development to the players in the market. In terms of region, Europe is anticipated to be one of the opportunistic region for the marine lighting market. Increasing boating and shipping activities for personal and commercial application is anticipated to result in demand of new ships, boats and luxury yachts which in turn will support the growth of the global marine lighting market.
Some of the company’s profiled in this report include Signify, Hella, Koito, Osram GmbH, West Marine, Lumishore, Lumitec, Foresti & Saurdi, NJZ Lighting Technology, Taco Marine, and others. Itc Marine. Additionally, the report on global marine lighting markets also covers some of the additional players’ active in the market. Some of the additional players covered in the report includes Itc Marine, Britmar Marine, Myotek, Techno Marine Corporation, Ensto, Led Flex, Savage Marine, Palagi, Ushio Lighting, Deyuan Marine, Ajmera Electrotech
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