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Marine beacon is a light emitting navigational support device used in rivers, seas, or oceans to guide the sailors to move the vessel accordingly and warn them about the upcoming obstacles by the emitting the light. These are very helpful for sea travel at night. The solid and efficient light source is visible from about 1 to 2 kilometers range. The construction on the marine beacon is robust and it can sustain in the harsh marine environments.
There has been a huge growth in global trade activities owing to rise in overseas sales of goods. Sea transport is the most preferred method due to its capability of transporting high volume of goods in a single trip in considerabely low cost. The demand for safer and faster navigation has led highly beneficial towards the growth of the market. Moreover, rise in the sea tourism activites is expected to support the growth of the market. However, the lack of skilled workers for its installation in the sea is anticipated to restrain the growth of the market.
Key Market Driver -
Rise in demand for safer and faster navigation Renewed interest in sea tourism activities
Key Market Restraint -
Lack of skilled workers for installation of marine beacon Inefficient supply of product
The market is segmented by product type and application. The product type segment is further classified into halogen marine beacon, LED Marine beacon, and others. The LED marine beacon is expected to have the potential to hold a larger share in the market as the LED light is visible from a long distance and it requires less power. The application segment is further divided into lighthouse, buoys, and harbour. The lighthouse is anticipated to have a significant growth in the market through the forecast period owing to rise in demand for lighthouse in marine navigation.
The major companies in the marine beacon market are ACR Electronics Inc.(The U.S.), Floatex Srl (Italy), Moflash Signalling Ltd. (The U.K.), SABIK Marine (Finland), Sealite Pty. Ltd. (Australia), Gisman (Iran), JFC Manufacturing Co., Ltd. (Ireland), Groupo Lindley (Portugal), CR Control Systems, Inc. (The U.S.), and among others.
The marine beacon market has been segmented into North America, Europe, Asia Pacific, and Rest of the world. North America is expected to dominate the market owing to the large number of export and import activities carried out via waterways requiring planned and appropriate placement of marine beacons to guide the navigators. The market in the Asia Pacific is anticipated to grow at high rate due to increasing investments. China which is an export-led economy that supplies its products all across the globe is responsible for the growth of the market in the region.
The Middle East and Africa is a significant trading location as it is a hub between the western and eastern economic region that makes the place ideal for goods transportation and hence influence a positive growth in the market.
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