Press release
Marine Beacon Market Trends, Business Opportunities, Challenges, Size, Share, Growth Insights to 2027
The COVID-19 pandemic has had a drastic impact on the global economy. Nationwide lockdowns and traveling restrictions have disrupted the global supply chain, negatively impacting businesses across the globe. Countries across the world are constantly working on addressing the challenges that have arisen during the crisis. At fortune business Insights, we are constantly analyzing these challenges in order to provide feasible solutions.
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Highlights of the Report:
While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Drivers & Restraints-
Increasing Cases of Marine Accidents to Drive Growth
The increasing demand for safe navigation over water bodies due to rising instances of marine accidents globally is estimated to drive the growth of the global marine beacon market. For instance, as per a report published by the Insurance Information Institute, in 2017, marine accidents accounted for nearly 1,163 deaths, causing a loss of USD 197 million. In addition, the rising inclination of people toward ocean tourism and water-based recreational activities is anticipated to further strengthen growth. However, the lack of skilled workers for installation may restrain growth in the forecast timeframe.
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Regional Insights-
Presence of Large-capacity Ports in the U.S. to Help North America Lead
North America is estimated to lead the global marine beacon market owing to the presence of the world’s busiest ports in the U.S. For instance, according to the Bureau of Transportation Statistics, in 2018, the Port of South Louisiana, LA, ranked on top by capacity, had a tonnage capacity of 275.5 million tons.
The market in Asia Pacific is anticipated to grow at a significant rate in the projected timeline. The high rate of export from China across the world is one of the major factors driving the growth of marine beacons in the region.
Competitive Landscape-
Mergers and Acquisitions to Aid Key Enterprises Expand Product Portfolios
Key players operating in the global marine beacon market are embarking on expanding their product portfolios. They are attaining the same through expansion strategies including mergers and acquisitions. For instance, in January 2019, Moflash acquired Clifford & Snell brand of signaling devices from R.Stahl. The acquisition is projected to be a significant addition to the company’s product portfolio.
Industry Developments-
• In February 2019, SPX Corporation acquired SABIK Marine. This acquisition will expand and strengthen SPX Corporation’s position in navigation aids speciality lighting solutions. SABIK Marine’s highly engineered products will provide value creation for SPX Corporation’s shareholders.
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A List of Key Manufacturers Operating In the Marine Beacon Market Report:
• ACR Electronics Inc.
• Floatex Srl
• Moflash Signalling Ltd.
• SABIK Marine
• Sealite Pty. Ltd.
• Gisman
• JFC Manufacturing Co., Ltd.
• Groupo Lindley
• CR Control Systems, Inc.
• Others
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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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