Global Marine Signaling Devices Market 2017-2021
About Marine Signaling Devices
A marine signaling device is an equipment used as a means of communication and navigation tool on the sea. All sea-going vessels are expected to carry a minimum number of marine signaling devices in accordance with the regulatory bodies. There are two types of marines signaling devices, namely visual and audible signaling devices. Visual devices are further categorized based on the use of fireworks, into pyrotechnic and non-pyrotechnic visual signaling devices.
Technavio’s analysts forecast the global marine signaling devices market to grow at a CAGR of 3.67% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine signaling devices market for 2017-2021. To calculate the market size, the report considers the demand for marine signaling devices.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Signaling Devices Market 2017-2021
Technavio recognizes the following companies as the key players in the global marine signaling devices market: Drew Marine Signal & Safety, E2S, Greatland Laser, Orion Safety Products, and Weems & Plath.
Other Prominent Vendors in the market are: ACR Electronics, Echomax, Falcon Safety Products, Forespar, Glamox, Hella Marine, Kahlenberg Industries, KAMA INDUSTRIES, Marinco, NRS Solutions, Ocean Signal, Osculati, Perko, Pfannenberg, Plastimo, Rockwell Automation, Schmitt & Ongaro, and Spinlock.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increase in participation in water-based sports. The increase in participation in water-based sports is likely to contribute to the demand for marine signaling devices over the next few years. Recreational sea sports are a growing trend in many countries. For instance, the Great Barrier Reef in Australia is an attractive location for snorkeling and scuba diving, where the participants are taken to the middle of the ocean, away from the shore, and are allowed to dive into the water. However, instances of distress, where it is necessary to seek help, may arise during these activities. In these situations, marine signaling devices are used.”
According to the report, one of the major drivers for this market is increase in demand for naval vessels. At present, many nations are re-strategizing their defense postures based on the uncertainties in APAC, the Middle East, and Russia. As a result, an emerging trend is the new wave of defense globalization, which is driving many nations to focus on sea-based defense and maritime security surrounding the global trade as well as national economic resources. This will have a positive impact on the market, as an increase in the demand for naval vessels will lead to the increase in the use of safety measures such as marine signaling devices.
Further, the report states that one of the major factors hindering the growth of this market is collapse of shipbuilding industry in China. The global shipbuilding industry faced a rather sluggish period in 2016. The demand for new vessels declined by 85% in 2016 over the 2015 levels. The global shipping industry declined in 2016 owing to the instability in the Chinese economy and the plunge in commodity prices. The decline in China's economic growth rate since 2015 has affected freight providers. Further, the decline in oil prices since 2014 has affected marine operations in terms of imports and exports. This slowdown in the industry will have a negative impact on the demand for marine signaling devices.
Drew Marine Signal & Safety, E2S, Greatland Laser, Orion Safety Products, and Weems & Plath.Other Prominent Vendors in the market are: ACR Electronics, Echomax, Falcon Safety Products, Forespar, Glamox, Hella Marine, Kahlenberg Industries, KAMA INDUSTRIES, Marinco, NRS Solutions, Ocean Signal, Osculati, Perko, Pfannenberg, Plastimo, Rockwell Automation, Schmitt & Ongaro, and Spinlock.