Navigation Lighting Market Expected to Reach $51,277.10 Thousand by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Navigation Lighting Market," The navigation lighting market was valued at $34,826.40 thousand in 2021, and is estimated to reach $51,277.10 thousand by 2030, growing at a CAGR of 4.2% from 2022 to 2030.

Navigation lights, also known as position or running lights, are used to guide a ship's parking or an aircraft's landing. On boats and airplanes, navigation lights are an essential safety component. All vessels travelling between sunset and sunrise, as well as in low-visibility circumstances such as rain or fog, benefit from these lights. As needed by law and regulations, navigation lights on any water vessel or aircraft have a defined arc of lighting, range of visibility, and location. To provide color or white lighting, navigation lights can use a range of technologies incandescent or filament lighting, high intensity discharge, flashing, including light emitting diodes (LEDs), and halogen lighting.

However, the cost of installing and producing navigation lights will limit the expansion of the navigation lighting market industry. Navigation lighting, too, demands regular maintenance and special attention. Because all of the navigation lights on ships and aircraft are located outside, they are susceptible to the effects of seawater, precipitation, and atmospheric moisture.

Air passenger traffic has increased recently. As a result, airlines are increasing their fleet capacity. For instance, Tata Group ordered around 200 airplanes to scale -up the fleet. Moreover, due to increasing air passenger traffic, low-cost airlines are increasing their fleet and international routes. Besides, increasing spending on military aircraft and fighter jets is projected to fuel the navigation light market opportunities in the coming years.

The global navigation lighting market share is segmented on the basis of type, end-user, and region. By type, the market is classified as low light intensity, medium light intensity, and high light intensity. By end-user, the market is classified as marine and aerospace. By region, the market is analyzed across North America, Asia-Pacific, LAMEA, and Europe.

The key players in the navigation lighting market 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.

The report focuses on the global navigation lighting market trends and the major products and applications, where navigation lights are deployed & used, and role of different key players that shape the market. The report focuses on the overall demand for navigation lights in various countries, presenting data in terms of both value and volume. The revenue is calculated by proliferating the volume by region-specific prices, considering the region-wise differentiated prices.

Impact of COVID-19 on the Global Navigation Lighting Industry

• COVID-19 had a negative impact on the global navigation lighting market. The spread of the novel coronavirus created havoc across industries. To prevent the spread of the virus, government bodies of several countries restricted traveling and implemented social distancing norms. As a result, many manufacturing units were working with a limited workforce or completely halted their operation. This factor has resulted in negative growth of the market in the pandemic time period.
• The spread of coronavirus disrupted the supply chain, industrial operation, and logistics operation. Therefore, a major decline was observed in the global navigation light market due to the impact of COVID-19.
• The Covid-19 pandemic had an influence on public services, economics, and opportunities all around the world, and tourism is one of the most affected businesses. The entire value chain of the organization got disrupted.
• COVID-19 impacted almost all industries and the navigation lighting producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries, shortage of labor, and the fear of contracting the novel coronavirus, which led to sluggish demand in the market.
• Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market.

Key Findings of the Study

• Based on type, the high light intensity sub-segment emerged as the global leader in 2021 and medium light intensity sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on end-user, the marine sub-segment emerged as the global leader in 2021 and aerospace sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.