The global marine lighting market is projected to grow to USD 495 million by 2027 from USD 328 million in 2019, at a CAGR of 5.3% during the forecast period. The increasing demand for lighting is driven primarily by the growing usage of LEDs and the stringent regulations for the marine industry.
The marine lighting market is dominated by a few global players and comprises several regional players like Hella (Germany), Lumishore (UK), Signify (Netherlands), Koito (Japan), Osram (Germany) among others. The key strategies adopted by the major players in the marine lighting market between 2015 and 2019 is partnerships and supply contracts. Marine lighting manufacturers and Tier-I suppliers are focusing on obtaining supply contracts of major passenger ships and yachts.
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Hella (Germany) is one of the leading global players in the marine lighting industry. The company has adopted the strategy of new product developments to gain a competitive edge in the global marine lighting market. In September 2018, Hella launched 2 Nautical Miles LED anchor lamps, which consume less than 1W. They use advanced 9-33 V electronics, in a featherweight design and are manufactured with proven materials that will not yellow or become brittle in a harsh UV environment.
Lumishore (UK) is another leading player in the global marine lighting industry. The company invests heavily in R&D. It also plans on enlarging its marine lighting portfolio to cater to customers located around the world, while establishing itself as a strong player in the market. It has adopted the strategy of partnerships, collaborations, joint ventures, agreements, and supply contracts to increase its presence in the marine lighting market. In March 2016, Lumishore announced that its marine lights product line was available supporting the Gulf market via its exclusive UAE-based distributor Exalto Emirates.
Marine Lighting Market by Ship (Passenger, Commercial, Yachts), Technology (LED, Fluorescent, Halogen, Xenon), Application (Navigation, Dome, C&U, Reading, Docking, Safety, Decorative), Type (Functional, Decorative), and Region - Global Forecast to 2027
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