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At a CAGR of 7.7%, the global Marine Lighting market is projected to reach US$ 3.08 Billion by 2027, says The Insight Partners

The global marine lighting market accounted for US$ 1,611.96 Mn in 2018 and is expected to reach US$ 3,083.73 Mn by 2027 with a CAGR growth rate of 7.7% during the forecast period.


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Shahbaz Syed

4 days ago | 2 min read
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Marine Lighting Market to 2027 - Global Analysis and Forecasts
By Type (Functional, and Decorative), Technology (LED, Halogen, Fluorescent,
Xenon), Application (Navigation Lights, Dome Lights, Compartment and Utility
Lights, Safety Lights, Docking Lights, and Others); End-user (Commercial Ships,
Passenger Ships, and Others)

The global marine lighting market was
valued US$ 1.61 Bn in 2018 and is expected to reach US$ 3.08 Bn by 2027, with a
CAGR growth rate of 7.7% in the forecast period from 2019 to 2027.  The
shipbuilding activities are growing across the globe, especially in the markets
such as China and the US, owing to the increasing number of travelers and trade
activities. The increasing shipbuilding activities across the globe are
expected to influence the growth of marine lighting solutions positively. The
growing seaborne trade activities across the globe owing to the healthy trade
relation is another factor fueling the shipbuilding industry, which would
result in increasing the demand for marine lighting
solutions. Additionally, there are various regulatory standards set by
governing bodies such as the American Bureau of Shipping and the Department of
Transport and Main Roads Australia regarding the lighting, necessitates the use
of various lighting fixtures to meet the required standards. Also, demand for
recreational boats such as yacht, superyacht, and luxury private boats is also
growing across the globe. The demand for decorative marine lighting solutions
is high across the luxury boats segment as the yachts are required to have a
highlighted welcoming ambiance and lighting that complements the design of the
ship. Therefore, the growing demand for yachts, increasing shipbuilding
activities, and stringent lighting standards are the major factors that are
expected to fuel the growth of this market.

Energy efficiency and durability have emerged to be the most
popular trend in the global marine lighting industry. The ship owners are also
focusing on integrating energy-efficient solutions to reduce the operating
costs and improve the overall efficiency of the vessel. In a ship, lighting
accounts for ~25-40% of the total electricity consumption, and therefore there
is a strong focus on improving the efficiency to reduce the operational costs.
Companies operating in the market are focusing on offering energy-efficient
lighting solutions to attract more customers and gain a more significant market
share. Durability is another trend for the marine lighting market owing to the
environment in which the light operates. Companies such as Hella and Ensto
Group are strongly emphasizing on offering energy-efficient and durable marine
lighting solutions. Therefore, the demand for energy-efficient and durable
lighting solutions is expected to grow among the end-users during the forecast
period.

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