Marine Lighting Market is Expected to Reach US$ 3,083.73 Mn by 2027 with Top Key Players are DRSA, Ensto Group, Hella Marine, Innovative lighting, and ITC Marine

The global marine lighting market was valued at US$ 1.61 Bn in 2018 and is expected to reach US$ 3.08 Bn by 2027, with a CAGR growth rate of 7.7% in the forecast period from 2019 to 2027.  Shipbuilding activities are growing across the globe, especially in the markets such as China and the US, owing to the increasing number of travelers and trade activities. The increasing shipbuilding activities across the globe are expected to influence the growth of marine lighting solutions positively. The growing seaborne trade activities across the globe owing to the healthy trade relation is another factor fueling the shipbuilding industry, which would result in increasing the demand for marine lighting solutions.

Additionally, there are various regulatory standards set by governing bodies such as the American Bureau of Shipping and the Department of Transport and Main Roads Australia regarding the lighting, which necessitates the use of various lighting fixtures to meet the required standards. Also, demand for recreational boats such as yachts, superyachts, and luxury private boats is also growing across the globe. The demand for decorative marine lighting solutions is high across the luxury boats segment as the yachts are required to have a highlighted welcoming ambiance and lighting that complements the design of the ship. Therefore, the growing demand for yachts, increasing shipbuilding activities, and stringent lighting standards are the major factors that are expected to fuel the growth of this market.

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Energy efficiency and durability have emerged to be the most popular trend in the global marine lighting industry. The ship owners are also focusing on integrating energy-efficient solutions to reduce the operating costs and improve the overall efficiency of the vessel. In a ship, lighting accounts for ~25-40% of the total electricity consumption, and therefore there is a strong focus on improving the efficiency to reduce the operational costs. Companies operating in the market are focusing on offering energy-efficient lighting solutions to attract more customers and gain a more significant market share. Durability is another trend for the marine lighting market owing to the environment in which the light operates. Companies such as Hella and Ensto Group are strongly emphasizing offering energy-efficient and durable marine lighting solutions. Therefore, the demand for energy-efficient and durable lighting solutions is expected to grow among the end-users during the forecast period.

Note – The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of the supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries. This report on ‘Procurement as-a-Service Market’ provides the analysis of the impact of Covid-19 on various business segments and country markets. The reports also showcase market trends and forecasts to 2028, factoring in the impact of the Covid -19 Situation.

The scope of the Report:

The report segments the global Marine Lighting Market based on application, type, service, technology, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the global Marine Lighting Market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.

Major highlights of the report:

All-inclusive evaluation of the parent market
Evolution of significant market aspects
Industry-wide investigation of market segments
Assessment of market value and volume in past, present, and forecast years
Evaluation of market share
Tactical approaches of market leaders
Lucrative strategies to help companies strengthen their position in the market

Major key players covered in this report:

DRSA
Ensto Group
HELLA GmbH & Co. KGaA (Hella Marine)
Innovative lighting
ITC Marine
Lumiron, Inc.
Lumitec LLC
NJZ Lighting Technology Co., Ltd.
Phoenix Products LLC
The Carlisle & Finch Co.

Marine Lighting Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America

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Reason to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Marine Lighting market.
Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
The key findings and recommendations highlight crucial progressive industry trends in the Marine Lighting market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue. 
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.

Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

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