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Tritium Light Source Market in Comparison to Historic Sales, Future Outlook And Competitive Landscape Till 2031

According to the latest findings from Future Market Insights (FMI), an ESOMAR-certified research and consultancy firm, global tritium light source sales are expected to reach US$ 206.4 million in 2021, with a stable long-term forecast. The report estimates the 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 that will evolve in the next decade.

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Demand for tritium light sources was moderate in 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 the defense & aerospace sector. The industry is projected to exhibit high demand for new technologies including tritium sources. The demand is expected to be especially high in emerging countries from the 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 the 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
  • The 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 have set the platform for growth in the market and are among the key factors shaping the 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 attributed to 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 the expansion of their networks 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.

 The 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 the personalized requirements of consumers. Collaboration with regional defense and aerospace as well as civil and commercial companies is a prime strategy expected to magnify in the forecast period.

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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, white, and purple ), application (Directional Markers and Navigation Aids, Aviation Markers (in-flight refueling, 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 Future Market Insights (FMI)

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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The post Tritium Light Source Market in Comparison to Historic Sales, Future Outlook And Competitive Landscape Till 2031 appeared first on Future Market Insights.

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