Growing demand for aircraft from the civil and military aviation sectors and surge in usage of LED lights in comparison with incandescent lights due to their high energy efficiency drive the global aircraft lighting market
PORTLAND, Oregon, June 2, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Aircraft Lighting Market by Interior Lights (Emergency Lights, Specialty Lights, Wash Lights, Reading Lights, and Lavatory Lights), Exterior Lights (Aircraft Visibility Lights, Pilot Lights, and Specific Purpose Lights), Aircraft Application (Commercial, Business Jets, Military, and Helicopters), and Light Type (LEDs and Fluorescent): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global aircraft lighting industry garnered $1.4 billion in 2019, and is estimated to reach $2.0 billion by 2027, registering a CAGR of 4.7% from 2020 to 2027.
Growing demand for aircrafts from the civil and military aviation sectors and surge in usage of LED lights in comparison with incandescent lights drive the global aircraft lighting market. However, higher cost of LED lights and growing backlog in the delivery of aircraft restrain the market growth. On the other hand, increase in demand for lightweight aircraft components creates new opportunities in the coming years.
Several major market players have halted the production of aircraft lighting amidst the lockdown.
During the coronavirus pandemic, the revenue generated from the commercial aircraft segment will decline significantly as airline companies across various countries had suspended their domestic and international services amid lockdown due to the Covid-19 pandemic.
Aircraft lighting is used inside an aircraft cabin to give aesthetic look to the cabin interiors. Amid lockdown, commercial aircraft manufacturing has been stopped across the globe, which is likely to decline market growth.
The LED segment to dominate throughout the forecast period
Based on light type, the LED segment accounted for more than two-thirds of the global aircraft lighting market in 2019, and is expected to maintain its leadership status in terms of revenue throughout the forecast period. In addition, it is also estimated to portray the fastest CAGR of 5.0% from 2020 to 2027. This is attributed to applications of LED in different lighting systems in an aircraft.
The commercial segment held the lion's share during the forecast period
Based on aircraft application, the commercial segment contributed to the highest market share, accounting for more than two-fifths of the global aircraft lighting market share in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to the growing demand for advanced commercial aircrafts in the airline industry. However, the business jets segment is estimated to generate the fastest CAGR of 5.2% from 2020 to 2027. This is attributed to growing demand for business jet due to its advantages such as the reduction in traveling time and cost-effectiveness.
Based on region, North America accounted for the highest share, holding for more than one-third of the global aircraft lighting market in 2019 and is projected to maintain its dominant position throughout the forecast period. In addition, North America is estimated to portray the fastest CAGR of 5.1% from 2020 to 2027. This is attributed to the growing demand for new commercial aircrafts due to surge in passengers traveling across the region.
Aircraft Lighting Systems Market: Global aircraft lighting systems market was valued at $1,579 million in 2016, and is projected to reach at $2,204 million by 2023, growing at a CAGR of 5.1% from 2017 to 2023.
Aircraft Cabin Lighting Market: The market was valued at $1,167.50 million in 2018, and is projected to reach $1,740.00 million by 2026, growing at a CAGR of 5.2% from 2019 to 2026.
Aircraft Glareshield Lighting Market: The global aircraft glareshield lighting market is segmented into type, aircraft type, and region. By type, the market is classified into incandescent light, halogen, and light emitting diodes (LED).
Aircraft Exterior Lighting Market: The aircraft exterior lighting market is experiencing rise in demand for energy efficient lighting systems for safe navigation and driving growth.
Industrial and Commercial LED lighting Market: The global industrial and commercial LED lighting market was valued at $ 9,060.0 million in 2017, and is projected to reach $ 39,387.0 million by 2025, registering a CAGR of 19.9% from 2018 to 2025.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.