PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324201
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1324201
According to Stratistics MRC, the Global Marine Lighting Market is accounted for $2.55 billion in 2023 and is expected to reach $4.89 billion by 2030 growing at a CAGR of 9.7% during the forecast period. Marine lighting is an essential part of the marine sector since the maritime industry depends so heavily on lighting for both efficient operation and the attractive appearance of ships. Due to the increased usage of LEDs and the stringent regulations for the maritime industry regarding safety lights, there is now a significant awareness of and demand for marine lighting all over the world. On a ship, marine LED lights are used for a number of purposes, such as underwater illumination, alarm systems, and navigational systems. These small lights ultimately replace conventional maritime lights because of their excellent brightness and luminous efficiency.
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.
Many rich and developing countries are refocusing their efforts to expand their international trade through sea transportation since it is the most cost-effective method of transportation. Navy, maritime security, and patrol's increased reliance on water has greatly increased manufacturers' desire to ship their goods via sea. Over the course of the forecast period, an increase in demand for maritime transportation is anticipated to drive the marine lighting market.
When converting LED lights, the headliner in a cabin might be the largest obstacle. In certain cases, the headlining might even need to be changed. Some older boats still have lights that are wired to run on AC electricity. The majority of contemporary LED lights made for boats run on low-voltage DC electricity. Switches and dimmers can also be problematic. Since LEDs are dimmed differently from halogen and incandescent lights, the dimming switches for the older types of lights are virtually always incompatible with LED lights.
The marine lighting may stop serious mishaps on all vessels, regardless of size. The energy needed to light your sailboat is reduced by 50% with marine LED lights. Marine LED lights can resist collisions that traditional lights can't, like stray gulls, because they are shatterproof. Their endurance to extremes of scorching sun and cold water is advantageous. Additionally, there is no noise or radiation produced while the boat LED light is in operation, and it has no negative effects on health. This aspect fuels the market demand.
Marine lighting is used in the maritime industry for several purposes, including navigation, communication, safety, and aesthetics. The lighting equipment is made to withstand the extreme maritime environment, which includes exposure to moisture, salt, humidity, vibrations, and other difficult circumstances. Marine lights are extremely stable, able to withstand conditions of high temperature, high salt content, and high-frequency vibration, and can have a long service life. It is required to adhere to the fundamental criteria of the ship standards and international treaties. At first, all these necessities will cost a lot of finances. Specialized knowledge and experience are needed to maintain a high degree of safety and decrease technological complexity. The market growth is hampered by this problem.
The marine sector has been negatively impacted by COVID-19. Due to the stranding of ships and the ports' prohibition on ship entry, demand and income have severely decreased. The epidemic has slowed down freight flow and caused anxiety over stockpiling in ports and warehouses. Currently, COVID-19 is only causing a tiny amount of attritional claims in terms of activity loss, but if things stay the same, that number might rise. Large losses over long periods of time and greater values might result in disproportionate losses, which would lower the premium base.
The functional lights segment is estimated to have a lucrative growth. Functional lights include docking lights, safety lights, compartment & utility lights, and navigation lights. The outside functioning lights are built to withstand severe weather. They create relatively little heat, are strong, and use minimal energy. The rising need for effective illumination is significantly influenced by the rising demand for commercial ships in nations like China, Indonesia, Japan, South Korea, Russia, and Greece.
The light-emitting diode (LED) segment is anticipated to witness the fastest CAGR growth during the forecast period. Compared to other forms of lighting technology, LEDs have a longer lifespan. A typical lifespan for them is 50,000 operational hours. Not only do they take up less room, but they also come in a variety of hues. Additionally, LEDs are safer for maritime applications since they don't generate heat radiation. Due to the numerous advantages LEDs provide, shipyards in major ports are replacing conventional lighting technologies with them. Consequently, technology predicts that the fastest-growing market will be LEDs.
Asia Pacific is projected to hold the largest market share during the forecast period. The desire for commercial ships has been sparked by factors including expanding international trade and maritime legislation, which in turn has increased demand for marine lighting in the area. Over 85% of the world's maritime output, according to the OECD, is produced in China, Korea, and Japan. A substantial portion of this market is anticipated to be accounted for by China due to the country's increasing demand for commercial ships, particularly tankers and bulk cargo ships. It is anticipated that it would continue to be the biggest market in Asia Pacific due to rising demand.
Europe is projected to have the highest CAGR over the forecast period, owing to its dynamic, as well as competitive growth. It has the presence of many major key players. Nearly a third of the world's commercial fleet is located in the Europe area, which has 329 major seaports along its coastline. Additionally, it serves as a centre for the booming maritime services and marine equipment industries. The presence of sizable ship fleets in nations like Greece, Germany, and the United Kingdom is largely to blame for the increasing rate. Therefore, throughout the projection period, it is anticipated that the growing maritime transportation operations along with the existence of a sizable fleet in the European area would provide significant possibilities for the marine lighting producers.
Some of the key players profiled in the Marine Lighting Market include: Hella GmbH, Signify, Attwood Corporation, Koito Manufacturing Co Ltd., Osram GmbH, West Marine, Lumishore, Lumitec LLC, Foresti & Saurdi, R.STAHL TRANBERG, Taco Marine, Aqualuma LED Lighting, E-Led Lighting Inc., PTLX GLOBAL, LLC, Ajmera Electrotech, Britmar Marine, NJZ Lighting Technology, Savage Marine, Techno Marine Corporation and Ushio Lighting.
In September 2019, Hella launched Sea Hawk 470 LED lamps, which are ideal for lighting up decks and walkways beside boats or any other close-range applications.
In June 2019, R.STAHL TRANBERG launched the TRANBERG BlueLine Lighting Series. It is a completely high-quality, cost-effective next-generation lighting for the maritime sector.
In February 2019, Hella Marine Lighting secured a contract to fit Haines Hunter SP725 with Navi LED Compact port/starboard navigation lamps, Navi LED Compact 20" fold-down anchor pole light, Sea Hawk-470 LED Floodlight, Euro LED Touch 130 interior lights, and the Red LED Round Courtesy Lamps.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.