Marine Navigation Light Market : Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation

Marine Navigation Light Market Overview

Marine navigation lights, commonly known as position lights, refer to the colored illuminating light source installed in the ships and steamboats. These navigation lights help in the determination of position and status of approaching ships. These lights prevent the collisions of ships.

Market Size and Forecast

Global marine navigation light market is expected to flourish at a CAGR of 5.3% during the forecast period. Further, the market of marine navigation light is driven by the massive growth of marine industry across the globe. Further, rising global supply and demand for manufactured goods and international trade is expanding the marine industry which further is expected to drive the market of global marine navigation light market.

In the terms of regional platform, Asia Pacific accounted for the largest percentage of market share in overall marine navigation light market. Further, Asia Pacific is projected to continue its dominance over the forecast period on the account of the growing marine industry and increasing international trade. Additionally, rising disposable income coupled with increasing demand for imported goods is driving the growth of marine industry which is likely to escalate the growth of the marine navigation light market. Further, countries like China and India are expected to contribute significantly to the growth of marine navigation lights market. Increasing trade volume and massive growth in GDP in these countries is envisioned to bolster the growth of the marine navigation light market during the forecast period.

North America marine navigation light market is anticipated to showcase significant growth in the next few years. U.S. is the prominent country in the region. Rise in number of international commerce is expected to foster the growth of the marine navigation light market. Further, Canada is expected to witness significant growth over the forecast period. Further, Latin America is projected to grow at notable CAGR over the forecast period owing to the increasing consumption of imported products and goods.

Market Segmentation

Our in-depth analysis has segmented global marine navigation light into the following segments:

By Type

• Basic Navigation Lights
• Lights of Special Significance
• Others

By Application

• Ship
• Lighthouse
• Other

By Region

Global marine navigation light market is further classified on the basis of region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Turkey, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, South Korea & Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
• Middle East and North Africa (GCC, Israel, North Africa, South Africa & Rest of Middle East) Market Size and Y-O-Y Growth Analysis

Growth Drivers & Challenges

Increasing international seaborne trade across the globe is the major growth driver of the marine industry. Further, the marine industry is expected to observe robust growth in the next few years. Moreover, rising number of ships across the globe is boosting the growth of the marine industry which in turn is expected to boost the growth of the marine navigation light market.

According to Society of Maritime Industries, the volume of overseas trade is expected to grow from 9 Billion tons to 19 Billion tons by 2030. Further, developing nations are projected to witness massive economic growth within next few years which is likely to increase the global economic trade volume.  This factor is likely to provide massive growth opportunities to the marine industry which is further anticipated to garner the growth of global marine navigation light market. Apart from this, stringent government regulations requiring the installation of navigation lights on steamboats is likely to accelerate the growth of the global marine navigation light market. Moreover, development of energy efficient and low cost marine navigation light is garnering the growth of global marine navigation light market.

Further, volatile nature of commercial shipping is believed to restrain the growth of marine navigation light market over the forecast period.

Key Players

• Venta Global Ltd
  • Company Overview
  • Key Product Offerings
  • Business Strategy
  • SWOT Analysis
  • Financials

• Attwood Marine Products
• Glamox ASA
• Sealite
• Britmar Marine Ltd.
• Vega Industries
• Hella Marine
• Lopolight ApS
• Navisafe AS
• PERKO Inc.
• LAZIAS

Scope and Context

Overview of the Parent Market

Analyst View

Segmentation

The global marine navigation light market is segmented as follows:

• By Product Market Size & Y-O-Y Growth Analysis
• By Application Market Size & Y-O-Y Growth Analysis
• By Region Market Size & Y-O-Y Growth Analysis

Market Dynamics

Supply & Demand Risk

Competitive Landscape

Porter’s Five Force Model

Geographical Economic Activity

Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio

Recent Trends and Developments

Industry Growth Drivers and Challenges

Key Information for Players to establish themselves in current dynamic environment