Navigation Lighting Market Unlocking Growth Potential: Strategies for Business Expansion in the Market

The global navigation lighting market size was US$ 34826.4 thousand in 2021. The global navigation lighting market size is estimated to reach US$ 50433.4 thousand by 2030, growing at a compound annual growth rate (CAGR) of 4.2% during the forecast period from 2022 to 2030.

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Navigation lights are colored or white illuminating instruments which are utilized in spacecraft, watercraft, and aircraft. They give visible signaling and deliver understanding about craft and vessel position, condition, and direction, which is particularly important during the night vehicle process. It helps the harbormaster, ground personnel, yard crew, and bridge engineer about discovering the place and motion of the craft. Generally, they are set according to global patterns. Green on the starboard side and red on the port side are globally identified colors.

Factors Influencing Market Growth

? The increase in the marine industry and aerospace for the secure use of aircraft, spacecraft, and watercraft by delivering details about status and position drives the overall market expansion.
? The growth in aircraft fleets and an increase in air travel drive the overall market expansion.
? The installation and production price of these lights will be the primary restrain for the expansion of the global market.

Effect of the COVID-19 Pandemic

COVID-19 had a severe influence on the expansion of the overall market. Owing to the rising majority of pandemic cases, multiple sectors such as tourism, manufacturing, and import-export sectors were shut down completely which reduced the need for navigation lights extensively. This factor hampers several industrial processes and disturbs the supply chain. Maximum players stopped their functions owing to fewer workforces. Thus, a primary reduction was experienced due to the effect of COVID-19.

Regional Analysis

Asia-Pacific had the highest growth of the overall market in 2021 and is anticipated to stay the fastest-growing sub-segment during the analysis period. This is due to multiple elements like the fast-developing middle class and the increasing need for air travel and tourism sectors in the region. Navigation lights are a collection of lights that are utilized for examining the direction and position of aircraft and watercraft.

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Leading Competitors
The prominent players in the global navigation lighting market are:
? TRANBERG
? FAMOR S.A.
? Den Haan Rotterdam
? Lutron Electronics
? Vega Global
? Hella Marine
? Canepa & Campi
? Glamox AS
? Aveo Engineering Group
? Perko
? Others

Segmentation Analysis
The global navigation lighting market segmentation focuses on End User, Type, and Region.

Segmentation on the basis of End User
? Aerospace
? Marine

Segmentation on the basis of Type
? Low light intensity
? Medium light intensity
? High light intensity

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Segmentation on the basis of Region
? North America
? The U.S.
? Canada
? Mexico
? Europe
? Western Europe
? The UK
? Germany
? France
? Italy
? Spain
? Rest of Western Europe
? Eastern Europe
? Poland
? Russia
? Rest of Eastern Europe
? Asia Pacific
? China
? India
? Japan
? Australia & New Zealand
? ASEAN
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? UAE
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Brazil
? Argentina
? Rest of South America

Key questions answered in the global market report are:

- How does a global company acquire markets?
- What are its core strategies and policies?
- What factors will influence the market over the forecast period?
- What are the factors driving and restraining the market?
- What are the leading competitors in the global market?
- Which region is growing at a higher pace in the global market?

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This release was published on openPR.