Pune, India, Jan. 21, 2021 (GLOBE NEWSWIRE) -- 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.
COVID-19 Pandemic: Declining Demand for Commercial Aircraft to Slow Down Growth
The COVID-19 pandemic has disrupted the supply chain of the aviation industry. Most of the aircraft manufacturing companies have not received new orders for commercial aircraft. The Boeing Company declared in September 2020 that it was unable to deliver around 145 commercial aircraft owing to this pandemic. These factors may obstruct growth.
List of Top Companies Covered in Aircraft Lighting Market are:
- 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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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 to 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.
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?
Segment-
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.
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Regional Insights-
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 Asia Pacific, the high demand for commercial aircraft on account of the rising air traffic would accelerate growth.
Competitive Landscape-
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:
March 2019: Astronics Corporation launched its brand new Nuancia RGBW Strip Lights for delivering flexible illumination options to aircraft cabins and seats. Airlines and aircraft manufacturers will be able to program mood-lighting systems with the help of the new product and use more than 16 million colors.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/aircraft-lighting-market-104658
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, 2016-2027
- Segmental Definitions
- Market Analysis, Insights and Forecast – By Aircraft Type
- Fixed Wing
- Commercial Aircraft
- Military Aircraft
- 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
- Rest of the world
TOC Continued…!
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