New York, USA, Nov. 01, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global navigation lighting market is predicted to rise at a tremendous CAGR of 4.2%, thereby garnering a revenue of $51,277.1 thousand in the 2021-2030 timeframe. This integrated report presents a brief outlook of the current framework of the navigation lighting market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2030. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
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Dynamics of the Navigation Lighting Market
Drivers: Increasing demand for air travel is expected to become the primary growth driver of the navigation lighting market in the forecast period. Moreover, the wide use of navigation lights by the maritime transport industry is expected to help the market grow substantially in the forecast period.
Opportunities: Massive expansion in freight transport services is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, growing use of navigation lights by the aviation industry is estimated to push the market forward.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the high cost of navigation lights, which might prove to be a restraint for the navigation lighting market.
Impact of Covid-19 on the Navigation Lighting Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The navigation lighting market faced a challenging time during the pandemic. The supply of raw materials was disrupted due to the lockdown while at the same time, the demand for navigation lighting drastically reduced due to a slump in the aviation and maritime transportation industry. Both these factors severely impacted the market on the whole.
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Segments of the Navigation Lighting Market
The report has divided the navigation lighting market into certain segments based on type, application, and region.
Type: Medium Light Intensity Sub-segment to be the Most Profitable
By type, the medium light intensity sub-segment is expected to be the fastest growing sub-segment by 2030. Medium light intensity light provides accurate visual information about the position, height perception, and references to aid in the visual component of an instrument approach. This utility of medium light intensity lights is predicted to boost the growth of this sub-segment in the forecast period.
End-User: Marine Sub-segment to be the Most Dominant
By end-user, the marine sub-segment is expected to have the highest market share during the 2021-2030 timeframe. Navigation lights are widely used by water vessels and spacecrafts for avoiding any chance of accident as they provide information regarding the position, size, and direction of vehicles. This applicability of navigation lights is predicted to push the sub-segment forward.
Region: Market in the Asia-Pacific Region to be the Most Lucrative
By regional analysis, the navigation lighting market in Asia-Pacific region is expected to become the most lucrative sub-segment in the forecast period. Large scale urbanization, changing population’s trends, and growing middle classes, are expected to be some of the main growth drivers of the market in the forecast period.
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Prominent Navigation Lighting Market Players
Some of the prominent players of the navigation lighting market are
- Glamox AS
- Lutron Electronics Co., Inc
- Den Haan Rotterdam
- Aveo Engineering Group
- Perko Inc.
- FAMOR S.A.
- S.R.O.
- Canepa & Campi
- TRANBERG
- Hella Marine, among others.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market. – Buy the Full Report
For instance, in April 2021, SPX Corporation, a leading infrastructure equipment manufacturing company, announced the acquisition of Sealite Pty Ltd, a marine navigation solutions provider. With this acquisition SPX has also effectively acquired Sealite’s subsidiary firms, Avlite Systems and Star2M Pty Ltd. This acquisition is predicted to boost the market share of SPX substantially in the coming period.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Navigation Lighting Market:
- Global Navigation Lighting Market to Witness Significant Growth Due to Acquisitions Like That of Vai Photonics by Advanced Navigation
- What Makes Navigation Lighting so Essential for Sailors and Pilots Travelling Often in Nights?
