APAC led the marine lighting market owing to the presence of a robust shipbuilding industry, with China, South Korea, and Japan being the three shipbuilding nations worldwide. Other factors, such as increasing global trade as well as and maritime regulations are among other factors that, have generated the demand for commercial ships, which has, in turn, led to the growth in the marine lighting market. China is anticipated to hold the largest share of the marine lighting market owing to the presence of robust commercial shipbuilding, such as bulk cargo ships and tankers. Moreover, South Korea is witnessing a high demand from the global market for LNG vessels. Moreover, other developing economies in the APAC region are also witnessing high growth in their shipbuilding and repair industry industries. Also, developed economies worldwide are noticing a high need for retrofitting in their aging fleet, thus thereby propelling the marine lighting market
The shipbuilding activities are growing across the globe, especially in the markets such as China and the US, owing to the increasing number of travelers and trade activities. The increasing shipbuilding activities across the globe are expected to influence the growth of marine lighting solutions positively. The growing seaborne trade activities across the globe owing to the healthy trade relation is another factor fueling the shipbuilding industry, which would result in increasing the demand for marine lighting solutions.
The ship owners are installing LED lighting solutions to reduce the power consumption and operating costs of the ship. LED lighting solutions are also less vulnerable to get damaged by water; therefore, they are used in underwater lamps. The marine lighting market is undergoing an evolution from traditional lighting technologies to LED lighting solutions based on the user’s requirements, which is creating a high demand for LED marine lighting solutions.
The global marine lighting market, by type, has been segmented into functional lights and decorative lights. Functional lights provide the necessary lights for performing various operations and ensuring the safety of the vessel, while the decorative lights help improve the ambiance of the ship. The increasing number of commercial ships is a significant factor in driving the growth of the functional marine lighting market. However, the growing popularity of luxury vehicles is the major factor driving the growth of the decorative marine lighting market.
The global marine lighting market by application was led by the compartment and utility segment in 2018. When operating a vessel at night, it is vital for operators to maintain the capability to see underfoot, devoid of losing their night vision with a harsh, bright glare. Thus, utility light is required to illuminate deck areas as well as passageways, improving a boat's safety and overall ambiance. Further, boat utility lights can help direct light to precise areas requiring special attention.
The global marine lighting market based on end-user is segmented into the commercial ship, passenger ship, and others. In commercial ships, lighting solutions play an important role in navigation, safety, and operations. In passenger's vessels, the design of the lighting solutions should match the interior and exterior design of the ship to make the ambiance appealing. The marine lighting solutions are known for their high energy consumption. Therefore, there is a shift of focus toward adopting energy-efficient solutions among the end-user segments. The marine lighting market by end-user is estimated to be dominated by commercial ships throughout the forecast period.
The regional trends and factors influencing the Marine Lighting Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Marine Lighting Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2018 | US$ 1.61 Billion |
| Market Size by 2027 | US$ 3.08 Billion |
| Global CAGR (2018 - 2027) | 7.7% |
| Historical Data | 2016-2017 |
| Forecast period | 2019-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Marine Lighting Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Marine Lighting Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Marine lighting solutions provided by the players vary in scale based on the size of vendors as well as their ability to manufacture hardware. Few of the recent developments are listed below:
Hangzhou Jaiwill Technology Co., Ltd., Signify, KOITO MANUFACTURING CO., LTD, Osram GmbH, TACO Marine, and Foresti & Suardi are few other market players from value chain which are not profiled in the report and can be included based on request.
The List of Companies
LED continues to dominate the marine lighting market by technology owing to its low energy consumption and ability to endure vibrations onboard marine vessels. The LED technology based lighting accounted for more than two fifth of the total market by technology
Compartment and utility owing to their large scope for functional as well as decorative applications especially across commercial ships have resulted in their considerably large application in the marine lighting market.
Factors such as presence of significantly large number of marine fleet owners as well as presence of prominent ship builders across the Asia-Pacific region is projected to provide numerous profitable business opportunities for the market players during the coming years. Subsequently driving the growth of the Asia-Pacific marine lighting industry growth.