The marine lighting market was valued at USD 367 million in 2018 and is expected to reach USD 538.1 Million by year 2026, at a CAGR of 4.9% CAGR during the forecast period (from 2018 – 2026). The growth of the market is majorly driven by increasing seaborne trade activities, growth of shipbuilding industry, and growing demand for cruise & commercial ships are the factors driving the market growth. However, price fluctuations of raw materials may hamper the market growth.
By Application, compartment and utility segment is expected to grow continuously over the forecast period owing to its significance in commercial marine application. These lights are ordered by guidelines to be made of blast confirmation materials. Container and commercial ships are the key users of these lighting. LEDs are estimated to hold the largest share of the market, by technology, light-emitting diode (LED) lights have a higher lifespan and electrical efficiency than halogen and xenon lights. Shipyards across the globe are adopting LED lights as these lights are more energy efficient and have better luminosity. Hence, LEDs are projected to be the largest segment by technology.
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The rising shipping activities in the countries of Latin America such as Mexico, Brazil, Panama, and Colombia is creating the marine lighting market of the Latin American region to hold significant share of the market. Further, the oil & gas industry of Middle East & Africa (MEA) region is playing crucial role in the transportation activities through waterways. Which is further anticipated to make the Middle East & Africa a promising region for marine lighting market. Also, North America is one of the key region of the global market and is also estimated to grow with decent growth rate over forecast period
Further key findings from the report suggest-
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Table of Content:
Chapter 1. Marine Lighting Segmentation & Impact Analysis
1.1. Marine Lighting Segmentation Analysis
1.2. Marine Lighting Market Value Chain Analysis, 2016-2026
1.3. Regulatory Framework
1.4. Marine Lighting Market Impact Analysis
1.4.1. Market Driver Analysis
1.4.1.1. Rise in the usage of LEDs
1.4.1.2. Stricter regulations in marine industries
1.4.1.3. Increasing demand for energy-efficient lighting
1.4.2. Market Restraint Analysis
1.5. Key Opportunities Prioritized
1.6. Marine Lighting Pricing Analysis
1.7. Industry Analysis – Porter’s
1.8. Marine Lighting PESTEL Analysis
Chapter 2. Marine Lighting Market By Ship Type Insights & Trends
2.1. Marine Lighting Ship Type Dynamics & Market Share, 2018 & 2026
2.2. Passenger…
For the purpose of this study, Reports and Data have segmented the industry by Ship type, by Technology, by Application, by Light type, by Installation area by End use, by Channel and by Region:
Marine Lighting Market by Ship type (Revenue, USD Million; 2016–2026)
Marine Lighting Market by Technology (Revenue, USD Million; 2016–2026)
Marine Lighting Market by Application (Revenue, USD Million; 2016–2026)
Marine Lighting Market by Light Type (Revenue, USD Million; 2016–2026)
Marine Lighting Market by Installation area (Revenue, USD Million; 2016–2026)
Marine Lighting Market by End Use (Revenue, USD Million; 2016–2026)
Marine Lighting Market by Channel (Revenue, USD Million; 2016–2026)
Marine Lighting Market by Region (Revenue, USD Million; 2016–2026)
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