New York, USA, May 17, 2021 (GLOBE NEWSWIRE) -- The latest report by Research Dive states that the global navigation lighting market is set to gain a revenue of $41,706.1 million, rising from a revenue of $35,781.8 million at a steady CAGR of 3.6% from 2020-2027.
Market Dynamics
Air travel is one of the most preferred ways of travel for people as they are able to reach their destinations faster, compared to rail or road. This has led the aviation industry to grow faster and witness new developments in the process. Every airport requires the best quality lighting to ensure that the aircrafts are able to land safely. This has led to a boost in the growth of the navigational lighting market.
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Apart from the lights fitted outside the airplanes, the ground needs to have a mixture of light emitting diodes (LEDS), strobe lights, halogens as well as high intensity discharge bulbs (HIDs). The manufacture and installation process of these lights is pricey which is one of the primary limiting factors for the market. In case of damages, the replacement cost also gets added to these costs.
Segmental Analysis
The report consists of segments by end use and region.
Marine End User Sub-segment to Dominate the Market
The marine end-user segment is set to experience a rise in revenue from $19,693.1 million in 2019 and continue to grow further at a stable CAGR of 3.1%. The increasing use of navigation lights to assist in providing efficient directions to aircrafts and ships to help them avoid any mishaps has resulted in this growth.
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Regional Analysis
The Asia Pacific region garnered a revenue of $18,821.2 million and is predicted to increase further at a CAGR of 4.2% in the forecast period. This segment has been observing constant developments take place over time including government initiatives which are working on enhancing airports. They are initiating the installation of world class technology, mainly navigation lights which are helping the market grow further.
Key Players of the Market
As per the report, some of the noteworthy brands working on helping the market grow further are
- Glamox AS
- Hella Marine
- Lutron Electronics Co
- Den Haan Rotterdam
- TRANBERG
- Aveo Engineering Group, s.r.o
- Perko Inc
- Canepa & Campi
- FAMOR S.A
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The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. For instance, in April 2021, Glamox AS, a renowned manufacturer and distributor of professional lighting solutions, acquired Luminell, a pioneer in supplying robust lighting for marine and offshore purposes. This process is predicted to help in enhancing the products while also ensuring better customer satisfaction.
Asia-Pacific region market is predicted to create growth opportunities in the forecast period. Asia-Pacific region market accounted for $18,821.2 thousand in 2019 and is predicted to rise with a CAGR of 4.2% in the forecast period. Rapid development in infrastructure and government initiatives to develop airports is predicted to be the major driving factor for the region in the estimated period. Development of airports will include installation of navigation lights hence propelling the market growth. For instance, in Feb 2021, International Aviation Transport Association (IATA), rolled out a mobile phone application for airline passengers that will direct them to their specific aircrafts and seats with the help of navigation lights. This is because airports have reduced their staff that assists people to their seats in order to follow social distancing norms. IATA’s app will be available on the Apple iOS and Android systems. Navigation lights are helping passengers to have a hassle-free travel during the pandemic which may increase the demand for navigation lights in the region market in the estimated period.
Impact of COVID-19 on the Global Navigation Lighting Market
The pandemic has had a harsh reaction on a majority of the markets globally, and the navigation lighting market was also one among them. The continuous lockdowns forced airports to function at their lowest capacity and primarily only to transport essential goods. This caused an instantaneous from in travel of people and hence also affected the market immensely.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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