Global Navigation Lighting Market 2017-2021
About Navigation Lighting
Navigation light, a key safety equipment, is a colored source of illumination fitted on a waterborne vessel, aircraft, and spacecraft. Navigation lights help provide the relative position of the craft, and are commonly known as position lights. These lights are used to signal a craft's position, heading, and status. The placement of the lights is mandated by international conventions or civil authorities. Navigation lights are used mainly from sunset to sunrise, or in times of limited visibility, such as fog, rain or low light. Vessels that operate at night, whether at anchor or underway, must carry and display correct navigation lights. The light helps vessels to determine which is the give-way vessel while encountering each other at night. All waterborne vessels and crafts used for commercial or pleasure purposes must adhere to the regulations concerning navigation lighting.
Technavio’s analysts forecast the global Navigation Lighting market to grow at a CAGR of 4.54% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global Navigation Lighting market for 2017-2021. To calculate the market size, the report considers the sales of navigation lighting for marine and aerospace applications.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Navigation Lighting Market 2017-2021
Technavio recognizes the following companies as the key players in the global navigation lighting market: Glamox, DAEYANG ELECTRIC, Osculati, and Aveo Engineering.
Other Prominent Vendors in the market are: Hella Marine, Lopolight, Perko, and Vega.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is declining manufacturing cost of LEDs. The manufacturing cost of LED lights have declined since 2012 and will continue to decline during the forecast period. The decline is mainly due to the declining ASP of the chips and components used in the manufacturing of the LEDs.”
According to the report, one of the major drivers for this market is increase in aircraft fleet. The global aviation industry is expected to grow rapidly after facing a rather sluggish growth in 2014 and 2015. This was due to the combined with a structural shift in the Chinese economy, and decelerated growth in the economy of countries such as Brazil and Russia in 2015. The decline in air fares, owing to the dip in oil prices, benefitted airlines, aircraft manufacturers, and part suppliers. The exhibit given below highlights the decline in the global aerospace industry and its recovery in 2015. The growth is attributed to stable growth in GDP, low prices of crude oil, and increasing demand for passenger travel in the commercial sector of the aerospace industry.
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 sluggish period in 2016. The demand for new vessels declined by 85% in 2016 over 2015 levels. The global shipping industry declined in 2016, owing to the instability in the Chinese economy and the tumbling of commodity prices. The decline in Chinese growth since 2015 has contributed to the decline in the shipbuilding sector. Further, the decline in oil prices since 2014 has affected the marine operations in terms of imports and exports.
Glamox, DAEYANG ELECTRIC, Osculati, Aveo Engineering, Hella Marine, Lopolight, Perko, and Vega.
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