ALBANY, New York, April 12, 2019 /PRNewswire/ -- The global aircraft lighting market depicts a competitive and highly consolidated landscape. Increasing number of aircraft manufacturers globally are expected to drive more robust competition in the market, reports Transparency Market Research (TMR). Some key players in the aircraft lighting market hold a significant revenue share, adds TMR. Top players in the global aircraft lighting market include Diehl Stiftung & Co. KG, UTC Aerospace Systems, Astronics Corporation, and Honeywell International Inc.
Companies in the aircraft lighting market are witnessing a rising demand as the defense and aerospace sectors continue to undergo innovation. Due to the stiff competition, multitude of trends, and lucrative opportunities, the players are engaging in more collaboration than ever before. The leading companies in the aircraft lighting market are engaging in research and development to find cost-effective and sustainable lighting solutions. A strobe light presents an optimistic frontier for research and development in the aircraft lighting market. A strobe light produces regular flashes of bright and vibrant light, which can be handy for airliners during landings. These lighting solutions are becoming more appealing to players in the aircraft lighting market as more investments are making their way into electric commercial aircrafts.
According to Transparency Market Research, the aircraft lighting market will reach US$ 3.3 Bn by 2026 end, thanks to a steady 4.6 % CAGR during 2017-2026. Among the various lighting solutions in the market, the signage light is expected to gain the most traction during 2017-2026. Rising uncertainties in climate changes are expected to drive robust growth for signage light segment, especially in North America region. Conventional dominance is expected to drive the regional market to hold the largest share of the total revenues during the forecast period.
New Aircrafts and Rising Uncertainties to Propel Demand
Boeing introduced the 737 Max8, with its first flight in 2016. The plane created immense buzz in the market initially, with more than 5000 orders in a record time. Currently, there are only two hundred and sixty-three planes on the ground. However, it is expected to replace over 5000 older aircrafts in the commercial aviation sector.
New aircrafts are a major opportunity for players in the aircraft lighting market. New aircrafts require innovative new lighting solutions and also provide ample scope for integrating sustainable and advanced lighting. Additionally, new design specifications in aircrafts can require changes in the lighting landscape on runways and signage lighting as well. Additionally, the climate change uncertainties are also hovering over the aviation sector. Digital and other types of signage which prove effective in avoiding collisions and providing safer journeys are rising in demand.
Recent tragedies like the one with Ethiopian airlines in regards to Boeing 737 can hamper the growth of the aircraft lighting market.
LED Lighting and Design Changes to Lift the Aircraft Lighting Market
LED-based lighting, specifically quantum based dot lighting, are expected to provide a major boost to the aircraft lighting market. These solutions provide precise and low maintenance solutions to airlines, which are essential to lower costs. Additionally, airlines are looking for ways to improve passenger experience. However, current lighting solutions do not gain much attention from passengers, especially during landings and boarding. However, in order to board passenger effectively and provide them with a safe passage during emergencies, lighting solutions can play a key role in aircraft development in the near future. The futuristic solutions can include decorative lighting laminate that can glow and illuminate passages during landings and boarding.
The review is based on TMR's report titled, "Aircraft Lighting Market (Lighting Type - Signage Light, Ceiling & Wall Lights, Reading Lights, Cockpit Lights, Other Interior Lights, Position Lights, Wings & Engine Inspection Lights, Anti-Collision Lights, Landing Lights, Other Exterior Lights; Aircraft type - Small Widebody Aircraft, Medium/ Large Widebody Aircraft, Narrowbody Aircraft, Propeller Aircraft, Helicopter, Defense and Homeland Security Aircraft, Freighters; Fit Type - Retrofit, Inline Fit; Platform Type - Fixed Wing, Rotary) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2026".
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