Market Trends of Marine Lighting Industry
LEDs are Expected to be the Fastest Growing Segment in this Market
- LED lighting is becoming a significant light source for the marine industry. It is utilized for various objectives, including enhancing deck safety and accentuating character elements to improve the boat's atmosphere. LED lighting solutions provide several advantages, including a longer lifespan than other options, lower power consumption, cheaper operating and maintenance expenses, increased visibility, flexible lighting management, and a lower carbon footprint.
- LEDs in the ship's lighting can be utilized optimally with comprehensive technical know-how. For instance, LED technology is installed in the cabin behind mirrors, lighting coves, wet cells, curtains, etc. With specialist knowledge, these installations can be accomplished by considering how to accommodate the heat dissipated to optimize safety, control gear, and several other factors.
- Growing seaborne trade across the country is one of the primary elements influencing the shipping and marine industry's growth. Growing water-based logistics activities have increased marine traffic in recent years, likely driving demand for new ships and cargo. This aspect is also expected to enhance the growth of the shipbuilding industry, which will, in turn, drive the development of LED marine lighting throughout the assessment period.
- According to the United Nations Conference on Trade and Development, container ships increased to 5,589 in 2022 compared to 4,966 boats in 2011.
- Further, according to the Institute of Shipping Economics and Logistics, approximately 58,000 merchant ships were trading internationally. Of them, 17,784 were Ro-Ro/general cargo ships, and 12,941 were bulk cargo carriers. Such an increase in the global fleet is expected to drive the studied market.
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The North American Region is Anticipated to Hold a Major Market Share
- The United boasts robust ship fleets. For instance, according to the US Maritime Administration, the number of oceangoing privately owned vessels in the U.S.-flag fleet as of January 2022 was 178, of which 65 were tankers and 61 were container ships.
- Almost all governments worldwide have specific lighting requirements defined for the marine industry. The United States, for example. The International-Inland Coast Guard Navigation Rules specify illumination standards for all types of watercraft.
- With rules becoming more stringent regarding the usage of navigation and safety lights, shipbuilders are expected to want more of these lights with clearly specified standards. Most militaries require marine lights to ensure safe passage and channel through weather conditions during conflict. Marine lighting is solid and straightforward to maintain. The military employs LEDs sealed to IP67 standards, making them thoroughly water-resistant.
- Further, according to the US Department Of Energy (Doe), by 2035, LED lamps and luminaires are expected to hold most of the lighting installations market, comprising about 84% of all applications. If DOE’s R&D objectives for efficiency are met beyond the annual energy savings, LED lighting could lead to 1.3 quads in yearly energy savings in 2035, estimated at the current level of effort.
- Several companies in the market are launching new products to cater to the evolving. For instance, in September 2022, the DL2 Series, a new generation of loading dock arms and lights, was made available from Tri Lite. The DL2 Series is a set of loading dock arms and lamps that have been reinvented and designed to be the dock lighting of the future. The new product addresses many issues that have plagued standard dock lights for years. Additional arm lengths to enable a broader range of applications, enhanced arm design, and the incorporation of Integrated LED technology into dock arms are all part of the overall offering.
- Further, in April 2022, SEAVIEW, a prominent manufacturer of marine mounting solutions, introduced a new high-tech LED navigation light. The navigation light claims to have a glass lens, gaskets to keep water out, a gore patch to vent/breathe that stops fogging, and is effortless to wire for new and retrofit installations. It is 3-Mile (USCG 3nm) Certified, IP67 watertight, and designed to fit inside the top of any Seaview light bar easily.
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