Navigation Lighting Market size is set to grow by USD 6.73 million from 2024-2028, Rising demand for new aircraft boost the market, Technavio

NEW YORK, May 22, 2024 /PRNewswire/ -- The global navigation lighting market  size is estimated to grow by USD 6.73 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 5.22%  during the forecast period. 

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Market Driver

According to ACI World, global air passenger numbers will grow by 53.5% in 2022, reaching about 7 billion, with the figure expected to double in 15 years due to increased travel in the APAC region. Major airlines are expanding fleet capacities to meet this demand.

United Airlines, for instance, ordered 110 aircraft from Boeing and Airbus in October 2023, including 50 Boeing 787 Dreamliners and 60 Airbus A321neos. Boeing received 561 orders for 737s and 213 for twin-aisle planes by December 2022. This rise in new aircraft purchases is driving the growth of the global navigation lighting market.

Market Challenges

• Modern aircraft are the result of extensive R&D, with each technological advancement in components being crucial. The development process involves prolonged testing and documentation, ensuring systems are fit for integration. Aircraft manufacturing is exhaustive and time-consuming, requiring precise assembly of numerous parts.
• Delays in production can extend delivery dates, potentially leading to order cancellations. As air travel recovers post-pandemic, airlines have increased pressure on manufacturers to speed up production. Delays can limit airline capacity and cause significant financial losses for aircraft manufacturers and component suppliers, including those in the global navigation lights market.

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Segment Overview 

1. End-user 
• 1.1 Marine industry
• 1.2 Aerospace industry
2. Type 
• 2.1 High light intensity
• 2.2 Medium light intensity
• 2.3 Low light intensity
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Marine industry-  The marine industry segment is set to grow significantly during the forecast period, driven by the critical role of navigation lighting. In 2018, this segment was valued at USD 14,518.48 thousand. The increase in international trade and maritime activity has led to a higher demand for navigational lights on vessels, including ships and boats.

Strict regulatory standards and safety regulations by international maritime organizations further support this growth. Proper navigation lighting is essential for safe vessel operation, helping to reduce risks and accidents. These factors contribute to the expansion of the navigation lighting market in the marine industry.

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Research Analysis

The Navigation Lighting Market encompasses the production and supply of illuminating devices for marine transportation, including Aircraft, Watercraft, and Spacecraft. These lights serve a crucial role in ensuring safety and efficient operation in various maritime environments, such as seaports and shipping vessels. The market includes a range of visual signaling solutions, including Incandescent filaments, Light-emitting diodes (LEDs),

High Intensity Discharge (HID) lamps, and other hazard warning lights. Navigation lighting is essential for various maritime structures, including ships, boats, and land-based structures, and is used to indicate Red lights, Green lights, and White lights for various purposes, such as identifying hazards and guiding safe passage.

The market caters to various sectors, including marine transportation, aviation, and space industries, and is integral to the operation of passenger aircraft, cruise ships, and other vessels.

Market Research Overview

The Navigation Lighting Market encompasses various types of lighting systems designed to ensure safe and efficient navigation in maritime, aviation, and space sectors. These lighting solutions include runway lights, beacon lights, obstacle lights, and helicopter landing pads. The market is driven by the increasing demand for safety and security in transportation sectors, technological advancements, and regulatory requirements.

The market also faces challenges such as high installation and maintenance costs, and the need for energy-efficient and long-lasting solutions. The future of navigation lighting lies in the integration of advanced technologies like LED, solar power, and IoT to create smart and sustainable lighting systems.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user 
• Marine Industry
• Aerospace Industry
• Type 
• High Light Intensity
• Medium Light Intensity
• Low Light Intensity
• Geography 
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com/

SOURCE Technavio