Marine Lighting Market is forecasted to rise at a 5.06% CAGR, reaching USD 940.140 million by 2030 from USD 734.528 million in 2025.
Marine lighting refers to the various types of lighting fixtures, systems, and technologies used in boats, ships, and other marine vessels. These lightings are designed to provide adequate illumination for various activities and functions onboard, while also taking into consideration the unique challenges and requirements of marine environments, such as exposure to saltwater, corrosion, and vibration. Marine lighting is an important aspect of vessel safety and efficiency, as well as aesthetics and comfort for passengers and crew. Proper lighting can help prevent accidents, enhance visibility, and create a pleasant and functional environment onboard. The marine lighting market is driven by several factors, including safety regulations, growing demand for energy-efficient lighting, increasing marine tourism and recreational activities, and growth in the marine industry.
Marine lighting is an essential component of shipbuilding. Government initiatives taken for the development of the shipbuilding industry will also boost the growth of the marine lighting market. For instance, The Supplying Help to Infrastructure in Ports, Yards, and America's Repair Docks (SHIPYARD) Act, which involved investing approximately US$ 25 billion in the shipbuilding industry of the United States of America, was passed in April 2021. Similarly, in August 2022, the German government announced its plan to allocate 30 million euros towards the development of zero-emission vessels and the promotion of digitization in the shipbuilding industry. In December 2022, the Indian government announced plans to provide cash subsidies, tax reductions, and other incentives aimed at strengthening its shipbuilding industry. Thus, as the shipbuilding industry continues to expand, the marine lighting market will also experience simultaneous growth. Similarly, it was revealed by The Japanese Shipowners' Association (JSA) in October 2021 that approximately $280 billion was planned to be invested by the Japanese shipbuilding industry in the shipping sector to achieve the 2050 zero-carbon target. Under this plan, around 100 ships will be constructed annually. Thus, the growth of the shipbuilding industry will drive the demand for marine lighting solutions.
The growth of the marine lighting market in this region is driven by factors such as increasing maritime trade, rising number of ships for various purposes, growing demand for recreational boating, and rising marine tourism activities in countries such as China, India, Japan, and South Korea. For instance, maritime merchandise exports in China experienced a growth rate of 29.9% in 2021, according to data from United Nations Stats. As per the same source, the country also experienced a fleet growth rate of 5.0% in the same year. Similarly, a 2020 report by the Shipping Ministry of India reveals that Maritime Transport handles around 95% of the country's trade by volume and 68% by value. Additionally, government initiatives taken to boost marine tourism in the countries of this region is also an important reason behind the growth of the marine lighting market. For instance, in March 2021, the Indian Prime Minister announced plans to develop 78 maritime tourism landmarks across the country by 2030 which aim to boost the country's marine tourism industry and promote coastal tourism. Similarly, according to China's National Development and Reform Commission, the country’s marine tourism sector is valued at 1.087 trillion yuan and is predicted to have an average annual growth rate of 11.4%. Thus, all these factors combine to drive the growth of the marine lighting market in the Asia Pacific region.
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