The global navigation lighting market accounted for $35,781.8 thousand in 2019 and is predicted to generate a revenue of $41,706.1 thousand by 2027.
Navigation lights are used in dockyards and airports to determine the length of the runway to the operator to prevent accidents while landing and parking ships or aircrafts. These lights come in different colors such as red light, green light and white light that help the operator to navigate the pilot accordingly. With the help of navigation lights the process of landing and parking have become far safer and more accurate.
The COVID-19 pandemic created a dramatic impact on the global navigation lighting market in the year 2020. Due to the lockdown announced by the government bodies across various countries, all the places were shut down and people had to stay indoors to protect themselves from the novel coronavirus. The indefinite restriction on international and domestic air travel in countries affected the market drastically. In addition, passengers were hesitant to travel during the outbreak of virus which might prove to be a major restraint to market growth during the pandemic.
Rising demand for air travel is predicted to drive the market in the estimated period. The increasing air travel demand will boost the aircraft production and as a result the use of navigation lightings will also increase. The rising interest of people to opt for air travl is predicted to be a major driving factor for the global navigation lighting market in the estimated period.
Manufacturing and installation of navigation lights is an expensive procedure and this is predicted to be the biggest restraint for the global navigation lighting market in the forecast period. There are limited type of navigation lights available such as light emitting diodes (LEDs), incandescent or filament, flashing or strobe lighting, halogen lighting, and high intensity discharge (HID) bulbs. The production and installation of all these lights demand high costs which is predicted to hinder the market growth in the estimated period.
On the basis of end user, the navigation lighting market is further classified into marine and aerospace. Marine end user sub-segment generated a revenue of $19,693.1 thousand in 2019 and is predicted to grow by generating a revenue of $22,140.8 thousand by 2027. Aerospace end user sub-segment generated a revenue of $16,086.5 thousand in 2019 and is predicted to grow by generating a revenue of $19,566.7 thousand by 2027.
On the basis of region, the navigation lighting market is classified into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region market generated a revenue of $18,821.2 thousand in 2019 and is predicted to grow by generating a revenue of $22,938.3 thousand by 2027. Europe region market generated a revenue of $7,013.20 thousand in 2019 and is predicted to grow by generating a revenue of $7,799.0 thousand by 2027.
The major key players in the navigation lighting market are Glamox AS, Aveo Engineering Group, s.r.o., Hella Marine, Perko Inc., Lutron Electronics Co., Inc, Canepa & Campi, Den Haan Rotterdam, FAMOR S.A., and TRANBERG.