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.
According to the most recent findings from Future Market Insights (FMI), an ESOMAR-certified research and consulting company, global sales of tritium light sources are expected to reach US$ 206.4 Mn in 2021 with a stable long-term projection.
In 2020, the demand for tritium light sources was moderate. Key end-use industries like defence and aerospace, industrial infrastructure, and civil and commercial also saw a decline in demand as a result of the COVID-19 outbreak. However, the market’s long-term outlook is still favourable due to the potential for stimulus in a number of nations.
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According to FMI, the market will remain stable, with demand from the defence and aerospace sectors supporting it. New technologies such as tritium sources are expected to be in high demand in the industry. Demand is expected to be especially strong in Asia Pacific emerging markets like China, India, and Indonesia. Rapid growth in the civil and commercial sectors in this region’s urban and semi-urban areas will also help drive market expansion.
- 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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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.
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.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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