Pune,India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The global aircraft lighting market size was valued at USD 670.6 million in 2021. The market is projected to grow from USD 712.8 million in 2022 to USD 1,341.7 million by 2029, exhibiting a CAGR of 9.46% during the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “Aircraft Lighting Market, 2022-2029.”
COVID-19 Impacts:
COVID-19 Led to Delays and Cancellation of Aircraft Deliveries Eventually Reducing Demand for Aircraft Lighting System
The aviation industry was severely affected by the pandemic and the effect was visible in different parameters, including low passenger air traffic, delays in aircraft deliveries, and cancellation of aircraft orders. In addition, many aircraft were bonded into storage conditions, airline schedules were cancelled, and international aircraft movement was restricted. Moreover, aircraft values underwent a significant change with narrow bodies particularly selling at higher rate than normal leading to order cancellation from major airlines around the world.
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List of Key Players Mentioned in the Report:
- Astronics Corporation (U.S.)
- Aveo Engineering Group s.r.o (Czechia)
- Bruce Aerospace (U.S.)
- Cobham plc (U.K.)
- Collins Aerospace (U.S.)
- Diehl Stiftung & Co. KG (Germany)
- Honeywell International Inc. (U.S.)
- Luminator Technology Group (U.S.)
- Oxley Group (U.K.)
- Safran (France)
- Soderberg Manufacturing Company (U.S.)
- STG Aerospace Limited (U.K.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 9.46% |
| 2029 Value Projection | USD 1,341.7 Million |
| Base Year | 2021 |
| Historical Data | 2018-2020 |
| No. of Pages | 200 |
| Segments Covered | By Aircraft Type, By Lighting Type |
| Aircraft Lighting Market Growth Drivers | Surge in Demand for Upgrade of Conventional Aircraft Lights with Modern Lights to Boost Market Growth |
Browse Summary of this Research Report:
https://www.fortunebusinessinsights.com/aircraft-lighting-market-104658
Segments:
Fixed Wing Aircraft to Dominate Market Owing to Increased Airline Fleet
By aircraft type, the market is bifurcated into fixed-wing and rotary-wing. The fixed-wing aircraft segment dominated the market in the base year due to increased commercial airline fleet around the world.
Adoption of Advanced Interior Lights to Drive Interior Light Segment Growth in Base Year
In terms of lighting type, the market is bifurcated into interior lights and exterior lights. The interior lights segment is further segmented into signage lights, ceiling & wall lights, floor path lighting, reading light, and lavatory lights.
Rising Demand for Modern Generation Aircraft Interior Lights to Boost Segmental Growth
Based on point of sale, the market is segmented into OEM and aftermarket. The aftermarket segment is projected to witness higher growth rate during the forecast period owing to growing demand for aircraft lighting customization according to customer’s need.
In terms of geography, the market is divided into North America, Europe, Asia Pacific, the Middle East, and the rest of the world.
Report Coverage:
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method, which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
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Drivers and Restraints:
Surge in Demand for Upgrade of Conventional Aircraft Lights with Modern Lights to Boost Market Growth
Airline operators from all over the world are highly investing in aircraft modernization programs and increasing contracts with OEMs to upgrade the conventional cabin interiors and lighting systems. The airline industry is mainly focusing on enhancing passenger experience and comfort by installing advanced aircraft interior systems.
An economic slowdown in supply chain and distribution channel resulted in a decline of aircraft manufacturing. This slowdown is expected to surge the aircraft backlogs during the pandemic period. Several major companies involved in aircraft and its component manufacturing are facing major supply issues, and this effect will continue to affect the aviation industry.
Regional Insights:
North America to Dominate
North America dominated the aircraft lighting market share in 2021 and was valued USD at 209.2 million in 2021. The growth in this region is attributed to the presence of a well flourished line fit & retro fit aviation industry and the highest aircraft fleet and aircraft lighting manufacturers in the U.S.
The market in Asia Pacific is one of the major emerging markets in the aviation industry. This growth is attributed to the expansion of the airline industry in India and China.
The market in the Middle East would witness a substantial aircraft lighting market growth in the near future, owing to increasing investment and spending for the modernization of aircraft cabin interiors for business jets.
Competitive Landscape:
Key Players Sign Significant Contracts to Make Remarkable Changes in Market
The players operating in the market often employ numerous tactics that will aid the market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their own company.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights
- Impact of COVID-19 on the Aircraft Lighting Market
- Supply Chain Challenges
- Steps Taken by the Industry/Government/Companies to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities due to COVID-19 Outbreak
- Global Aircraft Lighting Market Analysis, Insights and Forecast, 2018-2029
- Segmental Definitions
- Market Analysis, Insights and Forecast – By Aircraft Type
- Fixed Wing
- Commercial Aircraft
- Military Aircraft
- Regional Jets
- Business Jets and General Aircraft
- Rotary Wing
- Commercial Helicopter
- Military Helicopter
- Fixed Wing
- Market Analysis, Insights and Forecast – By Lighting Type
- Interior Lights
- Signage lights
- Ceiling & wall lights
- Floor path lighting
- Reading Light
- Lavatory lights
- Exterior Lights
- Emergency lights
- Navigation lights
- Others
- Interior Lights
- Market Analysis, Insights and Forecast – By Point of Sale
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- The Middle East
- Rest of the world
TOC Continued…!
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Key Industry Developments:
February 2022: Diehl Aerospace, a subsidiary of Diehl Aviation, has been awarded a contract extension by Boeing for the delivery of the interior lighting system for the Boeing 787 Dreamliner. The first contract for LED interior lighting development and serial production for the Boeing 787 Dreamliner has been signed in 2005.
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