The Marine Lighting Market is estimated to grow at a CAGR of 4.72% during the forecast period. Further, the growth in the usage of LEDs and the stringent regulations for the marine industry with regards to safety lights is expected to drive the marine lighting market.
- Almost all governments across the world have specific lighting requirements defined for the operation of boats and ships of all sizes. For instance, the U.S. Coast Guard Navigation Rules, International-Inland, specifies lighting requirements for every type of watercraft. With the regulations being more specific about the use of the safety and navigation lights, shipbuilders are expected to demand more of these lights with properly defined specifications.
- The market is also expected to considerably gain from the growing demand for cruise and luxury ships. According to the 2018 Cruise Industry Overview Report released by the Florida Caribbean Cruise Association, the Cruise industry is the fastest-growing category in the leisure travel market with a CAGR of 20.5% in the past five years. The use of Marine lighting is being done extensively in cruise ships to enhance the customer experience.
- However, the requirement of expertise to enhance the lighting experience of any ship and the high initial investment might act as a barrier to the growth of this market.
Key Market Trends
LEDs are Expected to be the Fastest Growing Segment in this Market
- LED-based marine lighting facilitates easy installation, a small footprint (lightweight design), easy availability, minimal maintenance, and compatibility with existing infrastructure.
- LEDs in ship's lighting can be used optimally with technical know-how. Taking the cabin, for example, LED technology is installed behind mirrors, in wet cells, in the lighting coves, and behind curtains, among other applications. With specialist knowledge, these installations can be done considering how to accommodate the control gear, amount of heat dissipated to optimize safety, and several other factors.
- The other advantage of LEDs is that they last longer as compared to other types. LEDs generally have a lifespan of around 50,000 operating hours. Besides, they consume less electricity and generate less heat making them energy efficient as compared to any of their substitute technologies.
- Osram recently equipped two cruise ships "Breakaway" and "Getaway" belonging to the US-American shipping company Norwegian Cruise Line with an ultra-modern lighting system installing around 17.5 km of flexible LED modules and other lights.
Asia-Pacific will be the Largest Market during the Forecast Period
- Asia-Pacific is the largest market for the Ship Building Industry. According to OECD, more than 85% of global shipping production takes place in China, Korea, and Japan.
- The other major ship producing countries in the region are the Philippines and Indonesia. India is one of the fastest-growing consumers of marine lighting in the region.
- Though the shipbuilding market had slowed down in 2016-17, there has been a rebound in the market in 2018. Orders for bulkers have picked up again, and hence this region is expected to continue to account for the largest market share during the forecast period.
The Marine Lighting Market is a highly competitive market with a number of players offering solutions. The solutions offered by the companies vary in scale depending on the size of the vendor and its ability to produce hardware. Some of the recent developments in the market are:
- June 2019 - R.STAHL TRANBERG, a leader in marine lighting announced the launch of the TRANBERG BlueLine Lighting Series a complete range of high quality, cost-effective next-generation lighting for the maritime sector.
- September 2018 - Hella announced the launch of Sea Hawk 470 LED lamps ideal for illuminating decks and walkways beside boats and other close-range applications.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support