Marine Lighting Market Size, Value, CAGR, Analysis Forecast to 2027

The 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. Governments of all the nations across the world have well-defined lighting requirements for operations of boats and ships of all sizes. For example, the US Coast Guard Navigation Rules specify lighting requirements for each type of watercraft. Also, the Australian government has different specifications regarding navigation lights used in the marine industry. With the regulations being specific regarding the use of navigation and safety lights, shipbuilders are anticipated to demand various marine lights with suitably defined specifications.

The marine industry is witnessing a huge demand for passenger, commercial, and other types of seaborne vessels. Therefore major commercial cargo ship companies, passenger ships companies, and naval forces are procuring new technologies to modernize their existing seaborne vessels. Modernization of the existing fleet of commercial and naval ships is a major trend prevailing in the marine industry. Modernization of ships includes modernization mechanical and electrical (HM&E) equipment, basic hull, and development combat systems. Also, the ship owners are focusing on improving the efficiency and reducing the overall operational costs of the ship. Commercial end users are focusing on improving the ambiance of their ships to attract more customers and provide a better experience. The increasing retrofitting activities and growing focus towards adopting efficient and attractive lighting solutions are the major factors driving the growth of the marine lighting market.      

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Marine lighting refers to the lighting solutions used for providing necessary illumination for continuing the operations. Different types of lights used in the ships include navigation lights, dome lights, safety lights, and underwater lights, among others. Presently the companies operating in the market are focusing on providing advanced lighting solutions with high durability and better efficiency to meet the varying demands of the customers. Governments of all the nations across the world have well-defined lighting standards for operations of boats and ships of all sizes. The marine lighting is primarily of two types i.e., functional and decorative. Functional lights provide the necessary lights for performing various operations and ensuring the safety of the vessel, while the decorative lights help improve the ambiance of the ship and are primarily used by commercial ships. There are different type of marine lights available which includes navigation lights, dome lights, compartment and utility, safety lights, docking lights, and others.

Marine lighting is an essential element of the marine industry. As the ship lighting accounts for a significant portion of energy consumption in the vessel, the use of an efficient solution is necessary. Thus, to meet the energy efficiency requirements of the ship-owner, marine lighting manufacturers are focusing on offering LED solutions. Growing seaborne trade and increasing shipbuilding activities owing to the rising passenger volumes are the significant factors that are expected to support the growth of the marine lighting market.

The market for marine lighting is highly fragmented and competitive, with several international and local players offering solutions. Further, lighting solutions provided by the players vary in scale based on the size of vendors as well as their ability to manufacture hardware. The players present in the marine lighting market mainly concentrate on business contracts, partnerships, collaboration, and product developments. The companies operating in the market are focusing on offering advanced products that meet consumer requirements.

Few of the important market initiatives and from the industry are mentioned below:

  1. In 2019, Ensto group simplified its organizational structure by merging Ensto Lighting Oy merged to Ensto Finland Oy. This would result in a simpler customer interface and would empower the company to better serve its customers related to lighting and electrification.
  2. In 2019, Howick and Maraetai Coastguard upgraded their exterior lighting on their rescue boats with Hella marine LED lighting.
  3. In 2019, RAK Ports selected Phoenix Lighting to provide EcoMod 2 LED floodlights to retrofit Liebherr and Konecranes Gottwald mobile harbor cranes.
  4. In 2019, NJZ Lighting added a new member a new member, Class I Division 1 certified explosion proof light which delivers upto 19,500 lumens with 5 years warranty.
  5. In 2018, ITC introduced RGBW for marine industry, the RGBW has a fourth LED chip that provides high quality white light which offers additional color temperature options.

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