LONDON--(BUSINESS WIRE)--The global navigation lighting market is expected to grow at a CAGR of around 5% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global navigation lighting market for 2017-2021. The market is segmented based on end-user, which include aerospace and marine.
The growth of navigation lights is driven by the marine and aerospace industries. The increase in aircraft fleet owing to the increase in air travel passengers is contributing to the demand for navigation lights. The introduction of energy-efficient lighting technologies and smart lighting has paved the way for the use of LED-based navigation lights, thereby inducing the replacement of incandescent bulbs in marine and aerospace applications. The stringent regulatory norms for navigation lights for waterborne vessels will add to the market growth during the forecast period.
Technavio’s energy research analysts categorize the global navigation lighting market into the following segments by regions:
- APAC
- Americas
- EMEA
APAC: largest navigation lighting market
“India and China are the main drivers of the aerospace and aviation market due to the increase in average disposable income and demand for air travel. However, high growth rates are also expected in the aerospace and aviation sector in Indonesia, the Philippines, Malaysia, Vietnam, and Sri Lanka,” says Neelesh Prakash Singh, a lead analyst at Technavio for research on power.
The net profit of the airline's industry in APAC went up by approximately 8% in 2016, in comparison to 2015. The aerospace industry in APAC is expected to grow due to the rise in the demand for air travel. This region provides opportunities for aerospace manufacturers and maintenance, repair and overhaul (MRO) companies as well as general aviation and aerospace players.
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Navigation lighting market in the Americas
“The growth is attributed to the growing aviation industry in Latin America. The aviation market in Latin America is expected to grow at an average rate of 6% annually over the next 20 years. This young and growing aviation market has an advantage over mature markets such as the US and Europe, which increase the need for additional flights,” says Neelesh.
Another factor encouraging the growth of the aviation market in this region is rapid urbanization. The number of low-cost carriers (LCC) in the region has increased from 10% in 2003 to 40% by 2016. The growth of this industry is supported by International Air Transport Association (IATA), which strives to unite governments and major aviation stakeholders.
Navigation lighting market in EMEA
The navigation lighting market in this region is growing at a moderate pace, owing to the growth of the shipbuilding and aerospace industries in Europe and parts of the Middle East and Africa. This will contribute to the growth in demand for navigation lights during the forecast period.
The top vendors in the global navigation lighting market highlighted in the report are:
- Glamox
- DAEYANG ELECTRIC
- Osculati
- Aveo Engineering
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