Marine Lighting Industry Worth $495 Million by 2027 - Exclusive Report by MarketsandMarkets(TM)

CHICAGO, July 24, 2019 /PRNewswire/ -- 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", published by MarketsandMarkets(TM), 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.

https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

The increasing demand for cruise & commercial ships in 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.

Browse in-depth TOC on "Marine Lighting Market"

108 - Tables
48 - Figures
133 - Pages

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.

Download PDF Brochure:

https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=212556746

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.

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.

Request for Sample Pages:

https://www.marketsandmarkets.com/requestsampleNew.asp?id=212556746

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).

Browse Related Reports:

Train Lighting Market by Technology (Fluorescent, Halogen, LED, and Xenon), Position (Interior, Exterior), Rolling Stock (Diesel, Electric, DMU, EMU, and Metros, Light Rail, Passenger & Freight Wagon), Application, Component, and Region - Global Forecast to 2025

Automotive Lighting Market for ICE & EVs by Technology (Halogen, LED, and Xenon), Position (Front, Side, Rear, and Interior), Application (Head, Side, Tail, Fog, DRL, CHMSL, Dashboard, Glovebox, Reading, Dome, and Rear View Mirror), Adaptive Lighting & Region - Forecast to 2022

About MarketsandMarkets(TM)

MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets(TM) are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets(TM) now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets(TM) is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets(TM) INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/marine-lighting-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/marine-lighting.asp

View original content:http://www.prnewswire.com/news-releases/marine-lighting-industry-worth-495-million-by-2027--exclusive-report-by-marketsandmarkets-300890115.html

SOURCE MarketsandMarkets