The increasing cases of business and pleasure travel and investments in airport infrastructure is bolstering the revenues in the global aerospace industry, which is significantly supporting the aircraft lighting systems market. The global aircraft lighting systems market size will swell up to $2.6 billion by the end of 2023, and the demand will observe a compound annual growth rate (CAGR) of 4.48% during the forecast period of 2018 to 2023, according to market scrutiny compiled by IndustryARC’s market analyst.
Aircraft lighting systems market research report documents the factors affecting the aircraft lighting systems market along with the emerging opportunities, trends, and challenges that will be making an impact on the pricing conditions. The report is titled “Aircraft Lighting Systems Market: By Type (Commercial Aircraft, Military Aircraft, Cargo Aircraft and others); By Products (LED, OLED, Electro-luminescent lights, Photo luminescent lights and Others); By Application (Navigation Lights, Strobe lights, Runway Turnoff Lights, Wing Inspection Lights, Formation Lights, Floor Escape Path and others); By Geography – Forecast (2018-2023).”
Aircraft Lighting Systems Market: Leading Segments
According to the geographical market study by the market analyst, North America bears the maximum aircraft lighting systems market share, which is much attributed to the leadership of the region in the aviation industry. On the other hand, APAC is growing at a rapid pace due to the fact that there is a rise in the middle-class population in APAC, and the fraction of the same will be 46% by 2025 as projected by Oxford Economics. This will drive the aviation industry in terms of an augmented demand for freight aviation. The increased need for freight aviation will significantly have a positive impact on the demand influx in the aircraft lighting systems market in the region over the forecast period.
The aircraft lighting systems are segmented on the basis of body that includes large wide, medium wide, small wide, and narrow wide body, which is for the single-aisle aircraft. Single-aisle aircraft are making strides in the aviation industry, and as a result, the narrow widebody segment of the aircraft lighting systems market will be booming over the forecast period with the demand growing at a CAGR of 6.23% through to 2023, and the market segment revenues will be $488.9 million by the end of the forecast period.
Aircraft Lighting Systems Market: Market Trends and Growth Drivers
- The Growing Number of Low-Cost & Network Aircraft Operators –
The cost of air freight is significantly reduced when compared to inflation rates. This is leading to the demand influx in the passenger freight segment of the aviation industry. The subsequent growth in the growing passenger commercial aircraft is adding up to the revenues generated in the aircraft lighting systems market.
- The Passenger Experience Factor –
The aircraft lighting systems market is substantially influenced by the customer experience factor. The aviation and airlines companies are now investing in the best in class lighting systems in order to instill a good customer experience. The prevalence of LEDs and other advanced lighting systems is disrupting the market.
- The Demand Influx from the Defense Sector –
The developing economies are now making hefty investments in the defense sector which is quite evident in the increasing acquisition of aircrafts by a few countries worldwide from the major aircraft manufacturing companies. For instance, Countries such as China and India are investing in aircrafts to be at par with the western defense forces. This is making a positive impact on the aircraft lighting systems market.
- Poor Visibility Leading to Flight Accidents –
Aircraft are highly vulnerable to accidents due to visibility or lack thereof. This is the major reason the defense sector and passenger freight airplanes are being incorporated with adequate lighting systems in order to avoid the irrevocable repercussions due to accidents. The need for air-safety is making inculcation of the best lighting systems imperative, which is creating opportunities in the aircraft lighting systems market.
Aircraft Lighting Systems Market: Competitive Landscape
Some of the key companies identified in the aircraft lighting systems market intelligence report that are striving to capitalize on the increasing demand for lighting systems in the aviation industry are UTC Aerospace, Rockwell Collins (B/E Aerospace), Honeywell International Inc., Astronics Corporation, Diehl Aerospace, Zodiac Aerosystems, and others.
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