In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
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.
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.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis has segmented global marine navigation light into the following segments:
Global marine navigation light market is further classified on the basis of region as follows:
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.