In recent years, the tritium light source market has experienced moderate growth. Because of the lower amounts of tritium available each year, this growth is expected to remain constant or decrease. When gaseous tritium decays, it reacts with zinc sulphide, phosphor, and other compounds to produce light, which is then used as a light source.
Tritium light sources are used in a variety of applications such as civil and commercial, industrial infrastructure, defense, and aerospace. Directional markers, exit signs, firearm accessories, warning lights, and aviation markers all use tritium light sources.
FMI (FMI), ESOMAR-certified market research and consulting firm, offers insights into key factors driving demand for Tritium Light Source in its new study. The report tracks Tritium Light Source’s global sales in 20+ high-growth markets, as well as the impact COVID-19 has had on the building and construction industry in general, and Tritium Light Source in particular.
According to FMI’s analysis, tritium light source sales increased at a CAGR of 2.3 percent between 2016 and 2021. These sources were chosen because of their high luminescence and low maintenance requirements. The ongoing crisis caused by the COVID-19 pandemic has had no significant impact on the production of tritium or tritium light sources; however, supply chain activities have seen a minor slump; however, consumption will improve with economic recovery following the pandemic’s containment period.
The COVID-19 pandemic has had a significant impact on the global economy at many levels, including the electronic industry. The COVID-19 pandemic crisis is also expected to have an impact on the Tritium Light Source market, resulting in a significant drop in demand in 2020. With several end-users affected in regions like East Asia and South Asia Pacific, the supply and shortage in demand are expected to result in a significant drop in Y-O-Y growth yet FMI expects the global tritium light source market to grow at 2.3% CAGR through 2031.
Tritium light sources are mostly used in the defense and aerospace sector. They are used in applications such as directional markers, navigation aids, compasses, aviation markers, firearm accessories such as riflescopes, and others.
Competitive price offering, increase in end-user satisfaction, and use of advanced materials for the containment of the tritium light source are the results of the R&D activities. Manufacturers are increasing research and development along with improving facilities to avoid leakage and damage to the surrounding environment.
Moreover, establishing sales and service facilities in emerging countries coupled with establishing contracts with online sales channels paves the way for the expansion of channel reach.
Some of the leading companies operating in the market are:
- Evenlite Inc
- Betalight b.v.
- ITTSAN GTLS
- MB Microtec AG
- SRB Technologies