Aircraft Lighting Systems Industry size was valued at $1.5 billion in 2020, and is estimated to reach $2.3 billion by 2030, growing with a CAGR of 4.9% from 2021 to 2030.
Key Players In Aircraft Lighting Systems Industry
Astronics Corporation
Cobham Aerospace Communications
Collins Aeropsace
Diehl Stiftung & Co. KG
Geltronix
Hoffman Engineering
Honeywell International Inc.
Luminator Aerospace
Safran
STG Aerospace Limited
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The aircraft lighting system industry holds a great potential in the future, owing to the rise in the global aviation industry and increase in air traffic in developed and developing regions. Arrival of LED lights having a long lifespan, low maintenance, and increased operational efficiency has disrupted business dynamics. Initiatives taken by aircraft lighting system manufacturers to offer custom interior lighting arrangements as per client requirements is expected to drive market competitiveness. In addition, innovative lighting ideas to improve inflight experience of passengers is expected to drive new business opportunities in the coming years.
In addition, the aircraft lighting system market is highly regulated by various government bodies and regulatory organizations across the globe. Industry players operating within the market enjoy freedom in designing and integrating the interior arrangement of aircraft lighting, string regulations need to be followed by integration of exterior aircraft lighting systems. Regular A, B, C, and D checks of an aircraft during MRO with a substantial focus on effective operations of aircraft lighting is also one of the major factors that drive the market growth.
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Asia-Pacific dominated the aircraft lighting system market in terms of growth, followed by Europe, North America, and LAMEA. U.S. dominated the market share in 2020, whereas China is expected to grow at a significant rate during the forecast period.
Factors such as the revival of the aviation industry and increase in air traffic in metropolitan locations is expected to supplement growth of the aircraft lighting system Industry. The total number of passengers across the globe has reached 47% of the pre-covid level and is expected to reach 83% by the end of 2022. Total number passengers as of 2024 is expected to reach 4 billion, exceeding the pre-covid situation. Customized lighting systems offered by industry players to cater to unique demands of customers have emerged as a unique strategic initiative practiced by industry players to increase their market share. The trend of customization is largely noticed in the interior segment of private jets. Rise in acquisition of private jets by business tycoons and ultra-reach individuals across the globe supports business opportunities in the aircraft lighting system market.
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