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The global tritium light source market is anticipated at US$ 6.6 billion in 2022. The sector is gaining pace as companies provide technologically improved tritium light sources with various integrated technologies. As of 2033, the market for tritium light sources will most likely garner a value of US$ 8.6 billion, recording a CAGR of 2.5% from 2023 to 2033. The market is likely to secure US$ 6.7 billion in 2023.
The tritium light source market is expected to grow in the near future on the back of the increasing application of tritium light sources like directional markers, exit signs, and warning lights across diverse applications including civil and commercial, defense, and aerospace, industrial infrastructure across the globe
The rapidly growing defense & aerospace industry, mainly in emerging nations, and noteworthy prominence in industrial infrastructure activities are anticipated to act as prime factors fueling the significant growth of the tritium light source market.
The manufacturer is focusing on the development of products in an effective way to prevent discharge and leakage. Also, the manufacturers are providing value-added services to their end-user customers.
Which Drivers Underpin Tritium Light Source Industry Expansion?
Increased Application in Military Sector to Drive the Market Growth.
Increased demand for the tritium light source market in military and defense applications is the main driver for the tritium light source market. A tritium light source i a continuous source of light and can work without an external power source. The tritium light sources are used in a variety of military equipment like night vision goggles, weapon sights, and compasses.
The rising investment in military & defense by the government of various nations for modernization is expected to boost the demand for tritium light sources. Thus with the increasing application of tritium light sources, the market is expected to show growth during the forecast period.
The Rapidly Growing Defence and Aerospace Sector to Boost the Market Growth
Tritium light sources are mostly used in the defense & aerospace sectors. They are used in applications such as directional markers, navigation aid, compasses, aviation markers, firearm accessories such as riflescopes, and others.
The tritium light source market is growing steadily owing to increased demand for long-lasting light sources in many end-use industries. Increased awareness about the safety and increasing demand for nuclear power and the need for safe & clean energy is likely to drive the market growth during the forecast period.
Which factors may Hinder the Applications of Tritium Light Sources?
Regulatory Restriction and Safety Concerns Are Expected to Hinder the Market Growth.
Manufacturers and distributors of tritium light sources must possess a distributor license issued by Nuclear Regulatory Commission (NRC). They are supposed to license to use the material. In the United State, 37 states have agreements with the NRC, which is also known as agreement states.
Other countries all over the world, have similar regulations which prohibit the risk of radiation exposure to the public from normal usage of the same, that’s why some tritium products are not sold in the respective countries although available for sale internationally.
Why is the Demand Rising in the United States Tritium Light Source Market?
Increased Application in Civil & Commercial Aviation to Drive the Growth of the Tritium Light Source Market in the United States
The global tritium light source market is expected to be dominated by North America. The market is anticipated to expand at a CAGR of 2.5% over the forecast period. The United States remains the leading market for tritium light sources throughout the forecast period owing to the surging development of the civil and aviation industry.
The key application of tritium light source utilization stands to be its usage in aviation markers as these aviation markers are used as obstruction markers. aircraft landing aids, airport signs, markers, and on-airfield ages. The United States has a long history of being among the top countries in terms of tourism and foreign tourist arrivals.
The aviation industry is quite mature in the region and currently witnessing upgradation and renovation activities in its aviation infrastructure. The lights containing 3-40 curies of tritium are used on commercial aircraft as well as in public buildings and with a substantial fleet size the market potential to remain attractive for tritium light source manufacturers.
Who are the Leading Players in the Tritium Light Source Market?
Prominent players in the tritium light source market are Evenlite Inc., Betalight B.V., Cammanga, ITTSAN GTLS, MB Microtech AG, SRB Technologies, Trigalight, and Trijicon among others.
Leading players operating in the global tritium light source market are focusing on intensive research and development for launching innovative products and services in the market.
Product innovation is the key strategy adopted by market players. Brand consciousness and aggressive marketing by top players however make it challenging for new entrants in this market.
The market players are also emphasizing offering tritium light sources with high reliability and high performance. The market is benefiting from partnerships with a high focus on innovation.
Cammenga is the United States Military’s official compass manufacturer. Tritium Lensatic Compasses have proven themselves repeatedly in almost every kind of environment and situation. Cammenga introduced Tritium Compass 3HCammenga’s.
Betalight introduced BETALUX SAFETY SIGNS which are completely independent & maintenance-free. It does not require external power, no additional light source, and batteries.
SRB Technology manufactures tritium-based products like exit signs, compasses, and markers. All these are widely used in marine & safety, aerospace, and military.
These insights are based on a report on
Tritium Light Source
by Future Market Insights
Source: Email/GFMM
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