According to the study, the global tritium light source market will grow at a 2.3% annual rate between 2023 and 2033. The report examines more than 20 high-growth markets, providing specific information on how the tritium light sources market will develop over the next decade.
According to Future Market Insights (FMI), an ESOMAR-certified research and consultancy company, global sales of tritium light sources are anticipated to reach US$ 206.4 million in 2021 with a stable long-term forecast.
In 2020, there was a modest market for tritium light sources. Important end-use industries like defence and aerospace, industrial infrastructure, and civic and commercial also saw a decline in demand as a result of the COVID-19 pandemic. However, because of the potential for stimulus in several nations, the market’s long-term prognosis is still favourable.
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According to FMI, the market would continue to be stable thanks to demand from the aerospace and defence industries. Tritium sources, for example, are a new technology that is anticipated to be highly sought after in the market. China, India, and Indonesia are among the Asia Pacific region’s rising economies where demand is anticipated to be particularly robust. Market expansion will also be aided by the swift development of the civic and commercial sectors in this region’s urban and semi-urban areas.
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.
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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.
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.
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.
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Tritium Light Source Market
By Visible Color:
- Green
- Yellow
- Red
- Orange
- Blue
- White
- Purple
By Application:
- Directional Markers and Navigation Aids
- Aviation Markers
- Warning Lights / Markers
- Firearm Accessories
- Glow Pads
By End-Use Sector:
- Civil and Commercial
- Industrial Infrastructure
- Defense and Aerospace
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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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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