Portland, OR , Sept. 07, 2022 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, “Navigation Lighting Market by Type (Low light intensity, Medium light intensity, High light intensity), by End-User (Marine, Aerospace): Global Opportunity Analysis and Industry Forecast, 2021-2030”. As per the report, the global navigation lighting industry was pegged at $34.82 million in 2021, and is expected to reach $51.27 million by 2030, growing at a CAGR of 4.2% from 2022 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Major determinants of the market growth
Increase in aerospace & marine sector for safety application of aircraft, watercraft, and spacecraft by providing information about position and status and rise in demand for air & water mobility for travel and import-export purposes have boosted the growth of global navigation lighting market. In addition, expansion of navigation lighting market is increased due to rise in air travel and aircraft fleet. However, production and installation cost of these lights hinder the market growth. On the contrary, use of incandescent filaments, light-emitting diodes (LEDs), halogens, flashes or strobes, and high-intesity discharger (HID) bulbs is expected to open new opportunities in the future.
Covid-19 scenario:
- The Covid-19 pandemic disrupted the supply chain and several industrial processes were hampered. This, in turn, negatively affected the industry.
- Owing to increase in prevalence of corona viral transmission, several industries including manufacturing, import-export, and tourism were completed shut down. This declined the demand for navigation lights.
- Moreover, lack of workers and manufacturing facilities working at half potential increased the gap between supply and demand.
- The sales of navigation lights were directly proportional to the demand from end-use industries including aircraft manufacturing and ship building. And, the pandemic adversely impacted the air travel and shipping industries.
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The aerospace segment to manifest the highest CAGR through 2030
By end user, the aerospace segment is estimated to portray the highest CAGR of 4.7% during the forecast period. However, the marine segment held the largest share in 2021, accounting for more than half of the global navigation lighting market, as global economy imports and exports about 80% of its goods via waterways.
The high light intensity segment dominated the market
By type, the high light intensity segment held the largest share in 2021, contributing to more than two-fifths of the global navigation lighting market. However, the medium light intensity segment is projected to manifest the highest CAGR of 4.5% during the forecast period. In order to support the visual component of an instrument approach, medium light intensity light is composed of a number of flashers and steadily burning light bars that provide visual information about the position, height perception, and references. Thus the demand for medium light intensity navigation lighting has increased.
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Asia-Pacific held the lion’s share
By region, the global navigation lighting market across Asia-Pacific held the largest share in 2021, accounting for more than half of the market. In addition, the region is expected to register the highest CAGR of 4.8% during the forecast period, owing to ongoing urbanization, shift in demographic trends, and expanding middle classes. Moreover, rapid infrastructure development and government efforts to expand airports and seaports are expected to fuel the growth of the segment. The report includes analysis of the market across North America, LAMEA, and Europe.
Major market players
- Glamox AS
- Aveo Engineering Group
- Perko Inc.
- Hella Marine
- Canepa & Campi
- Lutron Electronics Co., Inc
- FAMOR S.A.
- Den Haan Rotterdam
- TRANBERG
The report analyzes these key players of the global navigation lighting market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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