The global marine beacon market size is antedated to grow progressively owing to the increasing demand for safer and faster navigation of vessels and ships at sea level, observes Fortune Business Insights™ in an upcoming report, titled, “Marine Beacon Market Size, Share & Industry Analysis, By Product type (Halogen Marine Beacon, LED Marine beacon, Other), By Application (Lighthouse, Buoys, Harbors) and Regional Forecast 2020-2029.” Marine beacons are visible from up to 2 kilometers range. Their construction is robust and can sustain harsh marine environments.

The COVID-19 pandemic has had a drastic impact on the global economy. Nationwide lockdowns and traveling restrictions have disrupted the global supply chain, negatively impacting businesses across the globe. Countries across the world are constantly working on addressing the challenges that have arisen during the crisis. At fortune business Insights, we are constantly analyzing these challenges in order to provide feasible solutions.

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A List of Key Manufacturers Operating In the Marine Beacon Market Report:

  • ACR Electronics Inc.
  • Floatex Srl
  • Moflash Signalling Ltd.
  • SABIK Marine
  • Sealite Pty. Ltd.
  • Gisman
  • JFC Manufacturing Co., Ltd.
  • Groupo Lindley
  • CR Control Systems, Inc.
  • Others

Highlights of the Report:

While making the report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.

Russia-Ukraine War Implication

The Russia-Ukraine war could change the market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.

There is hardly any sector that the war has left untouched, especially aggravating the business landscape of sectors ranging from aerospace to oil & gas. Amidst prevailing challenges, stakeholders are gearing to turn adversities into opportunities. However, soaring military aid for Ukraine could provide impetus to stakeholders. Meanwhile, it is to be noted that the relevant sanction could augment operating costs and disrupt industries.

Drivers & Restraints-

Increasing Cases of Marine Accidents to Drive Growth

The increasing demand for safe navigation over water bodies due to rising instances of marine accidents globally is estimated to drive the growth of the global marine beacon market. For instance, as per a report published by the Insurance Information Institute, in 2017, marine accidents accounted for nearly 1,163 deaths, causing a loss of USD 197 million. In addition, the rising inclination of people toward ocean tourism and water-based recreational activities is anticipated to further strengthen growth. However, the lack of skilled workers for installation may restrain growth in the forecast timeframe.

Regional Insights-

Presence of Large-capacity Ports in the U.S. to Help North America Lead

North America is estimated to lead the global marine beacon market owing to the presence of the world’s busiest ports in the U.S. For instance, according to the Bureau of Transportation Statistics, in 2018, the Port of South Louisiana, LA, ranked on top by capacity, had a tonnage capacity of 275.5 million tons.

The market in Asia Pacific is anticipated to grow at a significant rate in the projected timeline. The high rate of export from China across the world is one of the major factors driving the growth of marine beacons in the region.

Competitive Landscape-

Mergers and Acquisitions to Aid Key Enterprises Expand Product Portfolios

Key players operating in the global marine beacon market are embarking on expanding their product portfolios. They are attaining the same through expansion strategies including mergers and acquisitions. For instance, in January 2019, Moflash acquired Clifford & Snell brand of signaling devices from R.Stahl. The acquisition is projected to be a significant addition to the company’s product portfolio.

Industry Developments-

  • In February 2019, SPX Corporation acquired SABIK Marine. This acquisition will expand and strengthen SPX Corporation’s position in navigation aids speciality lighting solutions. SABIK Marine’s highly engineered products will provide value creation for SPX Corporation’s shareholders.

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By Emelia Murison

Emelia Murison is a freelance writer and editor with a passion for innovation and technology. She covers breaking industry news, #SpaceForGood, and product reviews for the group. She also provides copywriting services to startups around the world – one of which introduced her to the world of Aerospace.