Global tritium light source sales are set to be valued at US$ 206.4 Mn in 2021, with a stable long-term projection, according to latest insights from Future Market Insights (FMI), an ESOMAR-certified research and consulting firm. The report estimates global tritium light source market to grow at nearly 2.3% during 2021-2031. The report offers analysis in 20+ high-growth markets, providing detailed insights on tritium light sources market growth will evolve in the next decade.
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Demand for tritium light source was moderate in the 2020. The COVID-19 outbreak also caused the demand from key end-use sectors such as defense and aerospace, industrial infrastructure, and civil and commercial to decelerate. However, considering the possibility of a stimulus in many countries, the long-term outlook on the market remains positive.
According to FMI, the market will remain steady backed by the demand for defense & aerospace sector. The industry is projected exhibit high demand for new technologies including tritium sources. The demand is expected to be especially high in emerging countries from Asia Pacific such as China, India, Indonesia, and others. Rapid growth in the civil and commercial sector in urban as well as semi-urban areas in this region will also contribute towards the growth of the market.
Key Takeaways
After negative growth in 2020, the market will register a positive 2% Y-o-Y growth in 2021 Backed by presence of a strong military & defense sector, the U.S. will account for nearly 70% of sales in North America in 2021 Despite being a leading market, the U.K. will register a moderate 2.5% Y-o-Y growth in 2021 Germany is forecast to register sluggish growth in demand, while growth in France will remain steady Increasing defense budget will continue boosting sales in China, followed by Japan and South Korea
“Rise in demand for self-illumination in recent years is expected to provide an impetus to tritium light sources sales. Besides this, the demand from the supplier side and from the end-use industries across the globe is propelling the tritium light sources market growth. The decrease in availability of tritium on a global scale might impact the pricing of the tritium light source. The U.S. NRC is implementing regulations for decreasing the production of tritium, which might affect growth in the coming years” says FMI analyst.
North America to Continue Exhibiting High Demand
Developments in commercial, civil and defense aviation across the globe has set the platform for growth in the market and are among the key factors shaping growth of the industry. North America, which approximately holds one third of the market is expected to continue to the trend in the forecast period. The tritium light source industry is expected to grow in U.S., post pandemic due to its usage in exit signs in various public spaces such as theatres, hallways and corridors. Along with the usage of tritium light sources in industrial applications, the tritium light sources market in China is expected to grow attributing towards its sales of GTLS in novelty items like key chains, and navigational items such as compasses.
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Competitive Landscape
The market is fragmented, with key players accounting for approximately one fifth of the market share. These players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares. Some of the key players in the market are Evenlite Inc, Cammenga, Beta Light, ITTSAN GTLS, MB Microtec AG, SRB Technologies, and Trijicon.
Scope of the Report
Attribute Details Forecast Period 2021-2031 Historical Data Available for 2016-2020 Market Analysis USD Million for value and Units for Volume Key Regions Covered North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa Key Countries Covered US, Canada, Mexico, Brazil, Germany, Italy, France, U.K., Spain, Russia, BENELUX, NORDICS, China, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Australia and New Zealand, GCC Countries, Turkey, Northern Africa, South Africa Key Segments Covered Motor Winding, Application, End-Use, and Region. Key Companies Profiled Evenlite Inc. Cammenga Betalight b.v. ITTSAN GTLS MB Microtech AG SRB Technologies Trijicon Report Coverage Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives Customization & Pricing Available upon Request
Tritium light source market is likely to grow at a moderate pace during 2021-2031. However, as it is a matured market, companies are expected to concentrate further on research and development activities to develop more in the field of defense and aerospace equipment that meet personalized requirements of consumers. Collaboration with regional defense and aerospace as well as civil and commercial companies as a prime strategy expected magnify in the forecast period.
Valuable Insights into Tritium Light Sources Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global tritium light source, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the tritium light source market based on visible color (yellow, green, red, orange, blue, while, and purple ), application (Directional Markers and Navigation Aids, Aviation Markers (in-flight refuelling, helicopter rotor, warning lights / markers, firearm accessories, watch dials/ watches, and glow pads), and end use (civil and commercial, industrial, defense and aerospace) across six major regions.
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About Industrial Automation Division at Future Market Insights
The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry