Growing seaborne trade across the globe is one of the key factors positively impacting the growth of the shipping and marine industry. Growing water-based logistics activities in the recent past have led to increase in sea traffic, which is expected to propel the demand for new ships and cargos. This particular factor is also estimated to boost the growth of the shipbuilding industry, which in turn, will accelerate the growth of Marine LED Lights Market over the assessment period. Several nations around the globe are shifting their focus on enhancing their international business through marine transport. Marine transportation is one of the best substitutes for all other modes, including roads rails and airways, because marine transport is an economical mode of transportation.
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These factors are projected to affirmatively influence the growth of the marine LED lights market during the forecast period. Further, growth in travel and leisure sector is another important factor that will fuel the growth of marine LED lights market during the forecast period. Similarly, growth in marine repair and maintenance services/activities is estimated to create significant opportunities in the aftermarket of marine LED lights. Additionally, increasing demand for boats due to increasing tourism in coastal regions or beaches as well as growing leisure activities is another important factor responsible for the growth of marine LED lights market.
Marine LED Lights play a significant role in any marine vessel, including boats, cruise ships, merchant ships and defense ships. Marine LED Lights are used for different applications in a vessel. For instance, they are used in alarm systems, navigation systems and for under water lighting purposes, among others. Marine LED Lights are also used in underwater as well as surface water ships/boats for signaling and other important applications. Marine LED Lights are water proof, rust proof and durable. Marine LED Lights pass through several tests, such as current load, HVAC HVDC and signal quality. In the current scenario, LEDs are replacing traditional marine lights because these lights are small in size, high in brightness and high in luminous efficiency.
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The global marine LED lights market is expected to grow at a relatively high growth rate in Asia Pacific region. In Asia Pacific, China, Japan and South Korea are estimated to drive the growth of the region due to strategic trade location of these countries as well as the fact that these countries are prominent manufacturers of ships and boats across the globe. Europe also holds significant share in the global marine LED lights market due to high demand for cruises in the region. North America is also projected to be a prominent market in terms of demand. Further, Latin America is estimated to grow at a healthy growth rate during the forecast period owing to improving logistics and seaborne trade in the region.
Marine LED Lights Market: Market Participants
Examples of some of the market participants identified across the value chain of the global Marine LED Lights market are: Koito Manufacturing Co. Ltd. OSRAM GmbH, Imtra Corp. Shadow-Caster, Star LED, Hella Marine, Lumishore, NJZ Lighting Technology Co.,Ltd. Koninklijke Philips N.V. Taco Metal
The Marine LED Lights market research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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