New York, USA, March 23, 2021 (GLOBE NEWSWIRE) -- According to a newly published report by Research Dive, the global navigation lighting market is estimated to generate $41,706.1 thousand by 2027, and grow at a CAGR of 3.6% over the forecast period from 2020 to 2027. As per our analysts, the growing demand for air travel and the rapid growth in the aviation industry across the globe are the major factors expected to greatly contribute to growth of global navigation lighting market during the forecast period. Conversely, the high costs associated with manufacturing and setting up of navigation lights is expected to hamper the market growth in the projected timeframe.
Impact of COVID-19 on the Market
The outbreak of coronavirus around the world has impacted the global navigation lighting market in a negative way. This can be majorly attributed to shutting down of many places by various governments to curb the rapid spread of the deadly coronavirus. In addition, drastic drop in freight and passenger aircraft demand and the closing down of the marine depots & airports across the globe during the pandemic have adversely affected the navigation lighting market.
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Marine Sub-segment to Hold Highest Market Share
By end-user, the marine sub-segment is anticipated to account for the highest share in the global market and exhibit a CAGR of 3.1% from 2020 to 2027. This is mainly due to the increasing adoption of navigation lights in the marine industry to prevent major accidents.
Asia Pacific Region to Create Growth Opportunities
By region, the Asia Pacific market for navigation lighting valued for $18,821.2 thousand in 2019 and is expected to grow at a CAGR of 4.2% during the forecast period. The significant growth of the region can be attributed to rapid urbanization in the region. Besides, the increase in companies spending to deliver different & innovative features to passengers at lower costs is predicted to create massive opportunities for the growth of the regional market.
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Major Market Players
Some of the top players operating in the global navigation lighting industry include -
- Glamox AS
- Hella Marine
- Aveo Engineering Group, s.r.o.
- Perko Inc.
- Canepa & Campi
- Lutron Electronics Co., Inc
- Den Haan Rotterdam
- TRANBERG
- FAMOR S.A.
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Further, the report outlines and presents several aspects of these key players such as business performance, product portfolio, recent strategic moves, SWOT analysis, and recent developments.
The players are adopting several strategies to acquire a leading position in the global industry. For instance, in May 2018, Glamox AS, a lighting solutions specialist, announced the launch of the two long-life LED navigation lights, ‘Aqua Signal Series 60 & Series 61. These navigation lights are developed by the company to eliminate any concerns about dying or failing lanterns. The Series 60 and 61 lights have integrated countdown systems and are specifically designed to last for 100,000 hours at even a temperature of 45°C.
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