The global marine lighting market is estimated to exhibit growth at a CAGR of nearly 4% to 5% during the forecast period 2022-2032. The sales of marine lightings is expected to rise by 1.5x, creating an incremental opportunity of more than US$ 550 Mn by the end of 2032. Driven by the increasing seaborne trade activities worldwide and rising concerns regarding marine fleet safety, the demand for marine lightings is projected to exceed US$ 380 Mn by 2022.
| Report Attribute | Details |
| Marine Lighting Market Base Year Value (2021) | US$ 360 Million |
| Marine Lighting Market Expected Value (2022) | US$ 380 Million |
| Marine Lighting Market Anticipated Value (2032) | US$ 550 Million |
| Marine Lighting Market Projected Growth Rate (2022-2032) | 4% to 5% CAGR |
Marine lighting is an essential part of the marine industry as the industry is predominantly dependent on lighting for its safe and proper functioning along with providing aesthetic appearance to vehicular fleet.
Increasing number of high-net-worth individuals and rising inclination towards recreational & leisure activities, on account of the swift expansion of the tourism sector, has resulted in augmenting the sales of marine vessels such as boats, and cruise ships, and yachts, worldwide.
For instance, according to a report published by the National Marine Manufacturers Association, in 2020, nearly 329,000 units of boats were sold in the U.S., projecting 13% more sales in comparison to the sales in 2019.
This rise in sales of aforementioned marine vessels is estimated to surge the demand for all the components, including marine lighting as it plays a crucial role in navigation and enhancing vehicular aesthetics, thereby, creating lucrative opportunities for growth in the global market.
Although there are several advantages associated with the use of marine lighting, the extravagant cost of these lights, high energy consumption, and need for high maintenance due to the extreme weather condition, among others are hindering the sales in the market.
In addition to this, emission of heat, and regulations regarding the use of toxic metal such as mercury in lighting is hampering the demand in the fluorescent segment.
As per a study by Future Market Insights, North America is anticipated to account for a dominant share in the global marine lighting market from 2022 to 2032.
There is a rapid expansion of the tourism sector and consumer spending on recreation activities such as cruise parties, sea diving, and others, across North America. On account of this, sales of marine vehicles are increasing at a swift pace in the countries such as the U.S. and Canada, creating remuneration opportunities in the market.
In addition to this, implementation of stringent regulations pertaining to marine vehicle safety, navigation, and lightings is further bolstering the demand for marine lighting in the North America market.
Europe is projected to exhibit growth at a healthy CAGR in the global marine lighting market during the forecast period 2022-2032, reveals FMI.
As the trend of globalization continues to create deeper inroads, a swift rise in shipping and seaborne trade activities is being witnessed across countries such as the U.K., Germany, Spain, France, and others.
Moreover, with rising emphasis on enhancing aesthetics appeal of marine vehicles interior and exterior, marine lightings such as cockpit lights, decorative lights, and others are extensively being used by shipbuilding market players. Thus, rapidly expanding shipbuilding industry is estimated to facilitate the growth in the Europe market.
Some of the leading players in the marine lighting market are Alpenglow Marine Lights, LLC, OSRAM GmbH, Light Corporation Group, Hella Marine, Aqualuma LED Lighting, Marine Light Corp, Innovative Lighting, Vision X Europe, Shadow Caster, Inc., Lumitec LLC, AZZ Inc., Imtra Corp., others.
Prominent player are aiming at adoption expansion strategies such as new product launch, agreement, collaboration, and acquisition to strengthen their footprint in this highly competitive market.
| Report Attribute | Details |
| Growth Rate | CAGR of 4% to 5% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Countries Covered |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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FMI projects the demand for marine lighting market to expand at around 4% to 5% value CAGR over the forecast period 2022-2032
The market for marine lighting is dominated by North America, and this trend is projected to continue in the foreseeable future.
Alpenglow Marine Lights, LLC, OSRAM GmbH, Light Corporation Group, Hella Marine, Aqualuma LED Lighting, Marine Light Corp, Innovative Lighting, Vision X Europe, Shadow Caster, Inc., Lumitec LLC, AZZ Inc., Imtra Corp., are some prominent marine lighting manufacturers.
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