World Marine Lighting Market Projected to Grow to US$ 495 Million by 2027 - Key Players are Signify, Hella, Koito, OSRAM, West Marine, Lumishore, and Foresti & Saurdi

DUBLIN, Aug. 9, 2019 /PRNewswire/ -- The "Marine Lighting Market by Ship (Passenger, Commercial, Yachts), Technology (LED, Fluorescent, Halogen, Xenon), Application (Navigation, Dome, C&U, Reading, Docking, Safety, Decorative), Type, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The marine lighting market, by value, is projected to grow to USD 495 million by 2027 from USD 328 million in 2019, at a CAGR of 5.3% during the forecast period.

The study segments the marine lighting market and forecasts the market size based on ship type (passenger ship, commercial ship, and yachts), technology (halogen, LED, xenon, and fluorescent), application (navigation lights, dome lights, reading lights, compartment lights, docking lights, safety lights, decorative lights), type (functional and decorative) and region (North America, Europe, Asia-Pacific, and RoW).

The marine lighting market is dominated by few global players such as Signify (Netherlands), Hella (Germany), Koito (Japan), OSRAM (Germany), West Marine (US), Lumishore (UK), and Foresti & Saurdi (Italy).

Increasing demand for Maritime transportation to drive the Marine lighting market

The increasing demand for lighting is driven mainly by the growing usage of LEDs, and the stringent regulations for the marine industry, increasing demand for luxury yachts, and increasing shipping activities across the globe.

Passenger ships are the fastest growing marine lighting market, by ship type

Passenger ships are projected to be the fastest-growing segment of the marine lighting market by 2027. The demand for passenger ships is increasing in Europe and Asia Pacific regions due to the increasing consumer preference for luxury cruises. This has led to an overall increase in the demand for decorative lighting in the shipping industry. Commercial ships are the second-fastest-growing marine lighting market owing to increasing trade worldwide.

LEDs are the largest technology segment of the marine lighting market

LEDs are estimated to hold the largest share of the marine lighting market, by technology. Light-emitting diode (LED) lamps have a lifespan and electrical efficiency superior to that of both, halogen and xenon lamps. Shipyards all over the world are switching to LED lights as not only are they energy efficient but also provide better luminosity. They are being used in passenger ships, commercial ships, and yachts. Hence, LEDs are projected to be the largest segment by technology.

North America to be the fastest-growing market for marine lighting, whereas Asia-Pacific is the largest

North America is the fastest-growing region in the marine lighting market owing to the increasing passenger ships and yachts registration. The demand for commercial ships has increased as the US is focusing on its domestic manufacturing industry.

Asia-Pacific, on the other hand, is the largest manufacturing hub in the world. China, Japan, and Indonesia account for the largest demand for ships in the region. India is the fastest-growing country in terms of the usage of marine lighting in the Asia-Pacific region. Factors such as low production cost, abundant availability of raw materials, and safety norms have made this the largest region in the marine lighting market.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Marine Lighting Market
4.2 Marine Lighting Market By Region and Ship Type
4.3 Marine Lighting Market Growth, By Country
4.4 Marine Lighting Market, By Ship Type
4.5 Marine Lighting Market, By Technology
4.6 Marine Lighting Market, By Application
4.7 Marine Lighting Market, By Type

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Demand for Luxury Cruises & Yachts
5.2.1.2 Lighting Regulations Providing an Impetus For Innovation
5.2.2 Restraints
5.2.2.1 Heavy Investments in R&D & Complex Lighting Systems
5.2.2.2 Fluctuating Prices of Raw Materials
5.2.3 Opportunities
5.2.3.1 Organic Light-Emitting Diodes
5.2.3.2 Replacement of Traditional Lighting With LED
5.2.4 Challenges
5.2.4.1 High Initial Costs Associated With LEDs

6 Marine Lighting Market, By Ship Type
6.1 Introduction
6.1.1 Research Methodology
6.1.2 Assumptions/Limitations
6.1.3 By Ship Type: Industry Insights
6.2 Passenger Ship
6.2.1 North America is the Fastest Growing Market For Passenger Ship Lighting Due to Increasing Demand For Passenger Ships
6.3 Commercial Ship
6.3.1 Europe is the Fastest Growing Market For Commercial Ship Lighting Due to Increasing Regional Trade
6.4 Yacht
6.4.1 Asia Pacific is the Largest Market For Yacht Lighting Due to Increasing Demand For Recreational Boats

7 Marine Lighting Market, By Technology
7.1 Introduction
7.1.1 Research Methodology
7.1.2 Assumptions/Limitations
7.1.3 By Technology: Industry Insights
7.2 Led
7.2.1 Commercial Ship is the Largest Segment Due to Lower Energy Consumption
7.3 Fluorescent
7.3.1 Passenger Ship is the Fastest Growing Market For Fluorescent Marine Lights
7.4 Halogen
7.4.1 Commercial Ship is the Largest Market For Halogen Marine Lights as they are Required For Safety Applications
7.5 Xenon
7.5.1 Commercial Ship is the Largest Market For Xenon Marine Lights

8 Marine Lighting Market, By Application
8.1 Introduction
8.1.1 Research Methodology
8.1.2 Assumptions/Limitations
8.1.3 By Application: Industry Insights
8.2 Navigation Lights
8.2.1 Europe is the Fastest Growing Market For Navigation Lights Due to Increasing Demand For Passenger Ships and Yachts
8.3 Dome Lights
8.3.1 Asia Pacific is the Largest Market For Dome Lights Due to Increasing Requirement of Passenger Ships
8.4 Compartment and Utility Lights
8.4.1 North America is the Second Fastest Growing Market For Compartment and Utility Lights Due to Increasing Demand For Luxury Cruises
8.5 Reading Lights
8.5.1 Asia Pacific is the Largest Market For Reading Lights Due to Increasing Demand For Passenger Ships
8.6 Docking Lights
8.6.1 Europe is the Fastest Growing Market For Docking Lights Due to Stringent Regulations For Marine Industry
8.7 Safety Lights
8.7.1 Asia Pacific is the Largest Market For Safety Lights Due to Large-Scale Registration of Commercial Ships
8.8 Decorative Lights
8.8.1 Europe is the Fastest Growing Market For Decorative Lights Due to Increasing Demand For Passenger Ships and Yachts

9 Marine Lighting Market, By Type
9.1 Introduction
9.1.1 Research Methodology
9.1.2 Assumptions/Limitations
9.1.3 By Type: Industry Insights
9.2 Functional Lights
9.2.1 Asia Pacific is the Largest Market For Functional Lights Due to Increasing Commercial Ship Registration
9.3 Decorative Lights
9.3.1 Europe is the Fastest Growing Market For Decorative Lights Due to Increasing Registration of Passenger Ships and Yachts

10 Marine Lighting Market, By Region
10.1 Introduction
10.1.1 Research Methodology
10.1.2 Assumptions/Limitations
10.1.3 By Technology: Industry Insights
10.2 Asia Pacific
10.2.1 China
10.2.1.1 Led is the Fastest Growing Technology in Owing to Increasing Demand For Commercial Ships
10.2.2 India
10.2.2.1 Led is the Fastest Growing Technology Due to Increasing Commercial Ship Requirement
10.2.3 Japan
10.2.3.1 Led is the Fastest Growing Technology Due to Increasing Requirement in Passenger Ships
10.2.4 South Korea
10.2.4.1 Fluorescent Light is the Second Largest Technology Segment Due to Its Longevity
10.2.5 Indonesia
10.2.5.1 Led is the Fastest Growing Marine Lighting Technology Due to Increasing Passenger and Commercial Ship Requirements
10.2.6 Rest of Asia Pacific
10.2.6.1 Halogen is the Second Fastest Growing Technology Due to Extensive Usage in Safety Applications
10.3 Europe
10.3.1 France
10.3.1.1 Led is the Fastest Growing Technology Due to Increasing Commercial Ship Requirement
10.3.2 Spain
10.3.2.1 Halogen is the Second Fastest Growing Technology Due to Widespread Use in Safety Applications
10.3.3 Turkey
10.3.3.1 Fluorescent Light is the Second Largest Technology Segment Due to Its Longevity
10.3.4 Norway
10.3.4.1 Led is the Largest Technology Segment Due to Increasing Passenger and Commercial Ship Requirements
10.3.5 Greece
10.3.5.1 Led is the Fastest Growing Technology Due to Increasing Demand For Passenger Ships
10.3.6 Russia
10.3.6.1 Led is the Largest Technology Segment Due to Growing Demand For Commercial and Passenger Ships
10.3.7 Rest of Europe
10.3.7.1 Halogen is the Second Fastest Growing Technology Due to Extensive Usage in Safety Applications
10.4 North America
10.4.1 US
10.4.1.1 Led is the Largest Technology Segment Due to Increasing Demand For Commercial Ships
10.4.2 Canada
10.4.2.1 Led is the Largest Technology Segment Due to Increasing Demand For Commercial Ships
10.4.3 Mexico
10.4.3.1 Led is the Fastest Growing Technology Due to Increasing Commercial Ship Registrations
10.5 RoW
10.5.1 Iran
10.5.1.1 Led is the Largest Technology Segment Due to Large-Scale Commercial Ship Registrations
10.5.2 Brazil
10.5.2.1 Halogen is the Second Fastest Growing Technology Due to Widespread Use in Safety Applications
10.5.3 Rest of RoW
10.5.3.1 Led is the Fastest Growing Technology Due to Widespread Use in Commercial Ships

11 Competitive Landscape
11.1 Overview
11.2 Market Ranking Analysis
11.3 Competitive Scenario
11.3.1 Partnerships/Agreements/Supply Contracts/Collaborations/Joint Ventures
11.4 Competitive Leadership Mapping
11.4.1 Visionary Leaders
11.4.2 Innovators
11.4.3 Dynamic Differentiators
11.4.4 Emerging Companies
11.5 Strength of Product Portfolio
11.6 Business Strategy Excellence

12 Company Profiles
Business Overview, Products Offered, Recent Developments & SWOT Analysis
12.1 Signify
12.2 Hella
12.3 Koito
12.4 Osram GmbH
12.5 West Marine
12.6 Lumishore
12.7 Lumitec
12.8 Foresti & Saurdi
12.9 NJZ Lighting Technology
12.10 Taco Marine
12.11 Additional Companies
12.11.1 North America
12.11.1.1 ITC Marine
12.11.1.2 Britmar Marine
12.11.1.3 Myotek
12.11.1.4 Techno Marine Corporation
12.11.2 Europe
12.11.2.1 Ensto
12.11.2.2 Led Flex
12.11.2.3 Savage Marine
12.11.2.4 Palagi
12.11.3 Asia-Pacific
12.11.3.1 Ushio Lighting
12.11.3.2 Deyuan Marine
12.11.3.3 Ajmera Electrotech

For more information about this report visit https://www.researchandmarkets.com/r/3ank39

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