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.
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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.
- JFC Manufacturing Co., Ltd.
- Groupo Lindley
- CR Control Systems, Inc.
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.
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.
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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.
- 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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