New York, USA, July 12, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global navigation lighting market is envisioned to generate a revenue of $51,277.1 thousand and grow at a CAGR of 4.2% during the forecast period from 2021 to 2030.
As per our analysts, with the increasing demand for air travel among passengers worldwide, the navigation lighting market is expected to witness significant growth over the forecast timeframe. Moreover, the rising government initiatives to connect small and medium cities with metro cities through aircraft are further expected to augment the growth of the market during the estimated period. However, the high cost of navigation lighting as it uses a variety of technologies such as light-emitting diodes (LED), halogens, high-intensity discharge (HID), and many more, may impede the growth of the market during the analysis period.
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Segments of the Navigation Lighting Market
The report has divided the market into segments based on type, end-user, and region.
Type: Medium Light Intensity Sub-Segment to be Most Profitable
The medium light intensity sub-segment is predicted to generate the highest revenue during the forecast period. This is mainly because the medium light intensity lights provide visual information about the position, height perception, and references to enhance the visual component of an instrument approach. Moreover, the medium light intensity lights require low maintenance as these are made using LEDs is predicted to bolster the growth of the navigation lighting market’s sub-segment during the estimated period.
End-User: Marine Sub-Segment to be Most Productive
The marine sub-segment is expected to have the largest share of the market during the forecast period. This is majorly because the navigation lights are broadly used by the water vessels and spacecraft for avoiding any chance of an accident. Furthermore, the increasing transportation of goods and services by watercraft compared to aircraft due to their cost-effectiveness is predicted to propel the growth of the market sub-segment over the analysis timeframe.
Region: Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region of the navigation lighting market is expected to generate a dominant share of the market throughout the forecast period. The rapid infrastructure development and increasing government initiatives to expand airports and seaports in this region are predicted to drive the regional growth of the market over the analysis timeframe.
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Covid-19 Impact on the Navigation Lighting Market
The outbreak of the Covid-19 pandemic has badly impacted the navigation lighting market, likewise several other industries. This is mainly due to the lockdown and travel restrictions imposed by the government of many nations. Furthermore, the shutdown of seaports & airports bans on imports and exports, and closed borders, have disrupted the supply of raw materials which has impacted the market drastically. In addition, the sudden drop in the demand for passenger aircraft and cruise ships due to the social distancing norms and the spontaneous spread of the novel coronavirus are the factors that declined the growth of the market during the pandemic period.
Key Players of the Navigation Lighting Market
The major players of the navigation lighting market include
- Perko Inc.
- Lutron Electronics Co., Inc
- Hella Marine
- Canepa & Campi, S.R.O.
- Den Haan Rotterdam
- Aveo Engineering Group
- FAMOR S.A.
- Glamox AS
- TRANBERG, and many more.
These players are widely working on the development of new business strategies and tactics such as partnerships and collaborations, mergers and acquisitions, and product development to acquire a leading position in the global industry. – Inquire here for the key player's development strategic report
For instance, in April 2021, SPX Corporation, a leading supplier of highly engineered infrastructure equipment and technologies, announced its acquisition of Sealite Pty Ltd, a global leader in the design and manufacture of marine aids to navigation products, and affiliated entities including Avlite Systems and Star2M Pty Ltd. With this acquisition, the organizations aimed to provide a broader range of solutions with greater efficiency and higher speed and flexibility to meet navigational safety and improve customer service and technical support capabilities across the globe.
Further, the report also presents other vital aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
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?
