Navigation Lighting Market Opportunities, Business Forecast To 2029
The global navigation lighting market size was valued at USD 36.3 Million in 2022, and is poised to grow at a 4.5% CAGR from 2023 to 2029. The primary drivers of the expansion of the global navigation lighting market include the increasing demand for the marine and aerospace industry, the increasing air travel, and the increasing awareness.
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The global navigation lighting market segmentation:
1) By Type: Low Light Intensity, Medium Light Intensity, and High Light Intensity.
2) End User: Aerospace and Marine
Marine Segment to Dominate the Navigation Lighting Market
Based on end-user, the global navigation market is divided into Aerospace and marine. The marine segment is expected to account for a larger revenue share in the global navigation lighting market, with a value share worldwide. The increasing import-export exercise by marine crafts is driving the global market along with increasing demand and population worldwide. Good transportation through marine craft is less expensive than aircraft. Hence, this segment will drive the global lighting market growth.
Asia Pacific Navigation Lighting Market
The Asia Pacific market is expected to increase in the global navigation lighting market over the forecast period. The Asia Pacific market is expanding as a result of the increasing demand for air travel, increasing import-export activities, and growing income and population in the emerging countries in this region. North America held a considerable market share during the estimated period.
The global navigation lighting market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In Oct 2021, Hella marine redefined underwater lighting with Apelo, featuring edge light technology and optical intelligence for superior brilliance.
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Key players’ profiles in the navigation lighting market report are Glamox AS, Aveo Engineering Group, S.R.O., Hella Marine, Perko Inc., Lutron Electronics Co., Inc, Canepa & Campi, Den Haan Rotterdam, FAMOR S.A., and TRANBERG.
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