The global aircraft lighting market is set to gain impetus from the increasing demand for lightweight aircraft components. Various companies are therefore aiming to develop small-sized aviation lighting components. Fortune Business Insights™ provided this information in a new report, titled, “Aircraft Lighting Market Size, Share & COVID-19 Impact Analysis, By Aircraft Type (Fixed Wing (Commercial Aircraft, Military Aircraft, and Business Jets and General Aircraft), and Rotary Wing (Commercial Helicopter, and Military Helicopter)), By Lighting Type (Interior Lights (Signage lights, Ceiling & Wall Lights, Floor Path Lighting, Reading Light, and Lavatory lights), and Exterior Lights (Emergency Lights, Navigation Lights, and Others)), By Point of Sale (OEM, and Aftermarket), and Regional Forecast, 2020-2027.” The report further states that the aircraft lighting market size was USD 921.2 million in 2019 and is projected to reach USD 1,237.6 million by 2027, exhibiting a CAGR of 9.76% during the forecast period.
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Drivers & Restraints-
Rising Adoption of LED Lights Owing to Their Beneficial Properties will Favor Growth
Nowadays airline operators are choosing LED lights over traditional lights. It is set to propel the development of energy-efficient airplane lighting systems for exterior and interior usage. Also, unlike incandescent and fluorescent lights, LED lights provide a longer lifespan. At the same time, they don’t require regular maintenance. These factors are expected to drive the aircraft lighting market growth in the coming years. However, the increasing backlogs in aircraft deliveries owing to the massive economic slowdown worldwide may hinder growth.
Russia-Ukraine War Implication
The Russia-Ukraine war could change the Natural Fragrance Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Natural Fragrance Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity.
A list of all the renowned aircraft lighting manufacturers operating in the global market:
- Astronics Corporation (The U.S.)
- Aveo Engineering Group s.r.o (Czechia)
- Bruce Aerospace (The U.S.)
- Cobham plc (The U.K.)
- Collins Aerospace (The U.S.)
- Diehl Stiftung & Co. KG (Germany)
- Honeywell International Inc. (The U.S.)
- Luminator Technology Group (The U.S.)
- Oxley Group (The U.K.)
- Safran (France)
- Soderberg Manufacturing Company (The U.S.)
- STG Aerospace Limited (The U.K.)
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Interior Lights Segment to Grow Rapidly Fueled by Surging Installation of Mood Lighting
Based on lighting type, the interior lights segment earned 67.84% in terms of the aircraft lighting market share in 2019. It is expected to grow rapidly throughout the forthcoming years backed by the rising installation of new cabin lighting, mood lightings in aircraft worldwide. These lights can be easily controlled by passengers with the help of their smartphones, thereby providing them with an enhanced flying experience.
North America to Dominate Stoked by Need to Provide Comfortable Flight Experience
Geographically, North America procured USD 290.1 million in terms of revenue and is set to retain its dominant position in the near future. This growth is attributable to the presence of several prominent airline operators in the region that are focusing on providing a safe and comfortable flight experience to passengers. It would result in the development of novel aircraft lighting systems.
Europe, on the other hand, generated the second-largest share in 2019. The region houses key companies, such as STG Aerospace Limited, Oxley Group, Safran, Diehl Stiftung & Co. KG, and Cobham plc. In the Asia Pacific, the high demand for commercial aircraft on account of the rising air traffic would accelerate growth.
Key Players Focus on Launching Innovative Lighting Systems to Intensify Competition
The market for aircraft lighting is highly fragmented. Most of the manufacturers are focusing on conducting extensive research and development activities to come up with state-of-the-art aircraft lighting systems. Below is one of the latest industry developments.
What Does This Report Contain?
- What are the market drivers, hindrances, and dynamics?
- Which region is likely to lead in the coming years?
- Which segment is set to dominate in the near future?
- How will key firms generate more sales of aircraft lighting amid COVID-19?
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