Northbrook, IL -- (SBWIRE) -- 08/01/2019 -- According to the new market research report "Marine Lighting Market by Ship (Passenger, Commercial, Yachts), Technology (LED, Fluorescent, Halogen, Xenon), Application (Navigation, Dome, C&U, Reading, Docking, Safety, Decorative), Type (Functional, Decorative), and Region - Global Forecast to 2027" The Marine Lighting Market size is projected to grow from USD 328 million in 2019 to USD 495 million by 2027, at a CAGR of 5.3% during the forecast period.
The increasing demand for cruise & commercial ships in the Asia Pacific and Europe is the primary driver impacting the Marine Lighting Market. Maritime safety regulations have also played a significant role in increasing the demand for marine lighting.
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The Marine Lighting Market is dominated by global players and comprises several regional players as well. The key players in the Marine Lighting Market are Signify (Netherlands), Hella (Germany), Koito (Japan), Osram (Germany), West Marine (US), Lumishore (UK), Foresti & Saurdi (Italy).
Commercial ships accounted for the largest share of the Marine Lighting Market
Commercial ships are the backbone of global trade. There has been a trend of increasing trade activities due to numerous factors such as rising manufacturing output, reduction in shipping costs & taxes, and the emergence of new trading partners. Thus, the demand for commercial ships goes hand in hand with the global economy. This has resulted in commercial ships being the largest users of marine lighting.
General cargo, bulk carriers, and oil tankers have a significant requirement of marine lighting among all the commercial ships. According to industry experts', compartment and utility lighting is the largest application of lights in commercial vessels. The rise in trade and shipbuilding activities is expected to drive the growth of this segment in the near future.
Fluorescent lights are one of the most widely used technologies of marine lighting
The luminous efficiency of fluorescent lights is between 9% and 11% while that of halogen is 3.5%. Fluorescent lamps have an operational life span ranging between 6,000 and 15,000 hours. Halogen lamps have an operational life of 3,000 hours. As marine applications require long-lasting lamps, fluorescent lamps are used more commonly as compared to halogen lamps. Among all the lighting technologies available, fluorescent is the second most long-lasting lights after LEDs. Thus, fluorescent lights are the second largest segment of Marine Lighting Market by technology.
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Europe is estimated to be the second-largest market for marine lighting globally
The European marine industry is well developed in the world. Russia, Greece, Turkey, and Norway have the largest registration of commercial ships. Moreover, Turkey, Norway, and Greece also have a huge passenger ship registration. The demand for yachts is also the largest in Europe. Additionally, the maritime regulations for lighting are stringent in this region with safety lights and navigation lights required to follow all the stipulated guidelines. This makes Europe a key Marine Lighting Market for major lighting manufacturers. Hence, Europe is projected to be the second-largest market for marine lighting globally.
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