Latest News- Navigation Lighting Market: Marine industry is expected to lead the End-user segment during 2024-2028

The Navigation Lighting Market is being driven by Introduction of energy-efficient lighting technologies

The Navigation Lighting Market is expected to grow at a CAGR of 5.22% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 6736.2 thousand. The LED lighting market in navigation applications has experienced a significant cost reduction since 2020, primarily driven by the decreasing Average Selling Prices (ASPs) of chips and components. Mass production has further amplified cost savings by enabling vendors to optimize variable costs through increased production volumes. This trend is expected to continue, fueling the substantial growth of LED penetration in the global navigation lighting market during the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Marine industry
  • Aerospace industry
• Type
  • High light intensity
  • Medium light intensity
  • Low light intensity
• Geography
  • APAC
    • China
    • Japan
  • Europe
    • France
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Introduction of energy-efficient lighting technologies
• Increase in aircraft fleet
• Stringent regulatory norms for maritime navigation lights

However, the market also witnesses some limitations, which are as follows:

• Delays in aircraft delivery
• Low demand and oversupply of marine vessels
• Manufacturing and procedural constraints of aircraft

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Market Scope in Navigation Lighting Market Research Report

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Research Analysis Overview

In the dynamic and complex realm of marine transportation and aviation industries, the importance of effective visual signaling cannot be overstated. The Navigation Lighting Market encompasses a range of illuminating devices, including white lights, green lights, red lights, and high intensity discharge (HID) lights. These lights are essential for ensuring the safety of land-based structures, boats, ships, cruise ships, passenger aircraft, and spacecraft. Bridge engineers, harbormasters, and yard crews rely on these lighting systems to ensure safe and efficient marine transportation. Navigation lights are integral to the functioning of shipping vessels, seaports, and airports. Light-emitting diodes (LEDs) and incandescent filaments are commonly used in the production of these lighting systems. The market for navigation lighting is vast and diverse, catering to the needs of various sectors, including marine transportation and aircraft industries. The demand for advanced and energy-efficient lighting solutions continues to grow, driving innovation and technological advancements in this field.

Market Research Overview

The Navigation Lighting Market is a segment of the broader Global Electronic Equipment and Instruments Market, which falls under the larger umbrella of the Global Electronics Market. This market encompasses manufacturers of communications equipment, technology hardware and peripherals, electronic components, consumer electronics, industrial electronics, and electronic manufacturing services. According to Technavio's analysis, the Global Electronic Equipment and Instruments Market is projected to expand at a moderate rate. The market size is determined by the revenue generated from the sales of associated Information and Communication Technology (ICT) and electronics products, equipment, and components.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/