The global marine navigation light market is segmented into type segment such as basic navigation lights, lights of special significance and others. Among these segments, basic navigation lights segment is projected to grasp a significant CAGR over the forecast period. Furthermore, growing international seaborne trade is predicted to intensify the demand for new ships which is expected to bolster the growth of marine navigation light market. Moreover, rising number of ships is also anticipated to flourish the growth of marine navigation light market.
Global marine navigation light market is projected to post a tremendous CAGR of 5.3% during the forecast period i.e. 2017-2024. Moreover, the global marine navigation light market is anticipated to reach exponential revenue by 2024. Additionally, the marine navigation light market is riding on the back stringent government policies.
The ship segment by application is projected to capture considerable CAGR over the forecast period. Further, various legislation regarding the adoption of marine navigation light into ships is anticipated to flourish the growth of ship segment. In terms of geography, Asia-Pacific region captured the biggest percentage of market share in global marine navigation light market and is anticipated to continue its dominance over the forecast period on the account of the growing marine industry. Further, China and India are the major countries contributing in the market of marine navigation light. Apart from this, North America marine navigation light market is projected to be the most lucrative market.
Increasing International Trade Activities
According to Society of Maritime industries, the volume of overseas trade is projected to grow from 9 Billion tons to 19 Billion tons by 2030. In addition to this, developing nations are anticipated to witness lucrative economic growth in near future which is expected to increase the global economic trade volume. This factor is believed to foster the growth of marine navigation light by the end of 2024.
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Stringent Government Legislations and Guidelines
Strict government regulations regarding the installation of marine navigation light on steamboats and others ships is envisioned to trigger the growth of marine navigation light market. Furthermore, advancement in marine navigation light and introduction of low cost marine navigation light are some of the factors propelling the market of marine navigation light. On the contrary, volatile nature of commercial shipping is anticipated to hamper the growth of marine navigation light market by the end of 2024.
The report titled “Marine Navigation Light Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global marine navigation light market in terms of market segmentation by type, by application and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global marine navigation light market which includes company profiling of Venta Global Ltd, Attwood Marine Products, Glamox ASA, Sealite, Britmar Marine Ltd., Vega Industries, Hella Marine, Lopolight ApS, Navisafe AS, PERKO Inc., and LAZIAS. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global marine navigation light market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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