According to a new report published by Allied Market Research, titled, “Aircraft Lighting Systems Market Size, Share, Competitive Landscape and Trend Analysis Report, by Position, by Platform, by Lighting Type, by End Use : Global Opportunity Analysis and Industry Forecast, 2020-2030.” The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market. The aircraft lighting systems market was valued at $1.5 billion in 2020, and is estimated to reach $2.3 billion by 2030, growing at a CAGR of 4.9% from 2021 to 2030.
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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.
The global aircraft lighting system market is segmented on the basis of position, platform, lighting type, end use, and region. By position, it is divided into interior lighting and exterior lighting. By platform, the market is classified into commercial aircraft, general aviation and private aircraft, and freighter aircraft. The lighting type segment is divided into LED, OLED, photoluminescent, and others. By end use, it is segmented into original equipment manufacturer (OEM) and aftermarket. By region, the market is analyzed across North, Europe, Asia-Pacific, and LAMEA.
By position, the market is categorized into interior lighting and exterior lighting. Interior lighting is expected to witness a lucrative growth rate over the coming years. The platform market segment encompasses commercial aircraft, general aviation, private aircraft, and freighter aircraft. The commercial aircraft segment is expected to witness highest market share in the coming years, whereas the general aviation and private aircraft segment is expected to witness highest growth rate, owing to rise in custom interior lighting of private aircraft owners. By lighting type, the LED segment is expected to witness highest growth 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 market. 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.
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The trend of customization is largely noticed in the interior segment of private jets. Rise in acquisition of private jets by business tycons and ultra-reach individuals across the globe supports business opportunities in the aircraft lighting system market.
Key players operating in the aircraft lighting system market are Astronics Corporation, Cobham Aerospace Communications, Collins Aeropsace, Diehl Stiftung & Co. KG, Geltronix, Hoffman Engineering, Honeywell International Inc., Luminator Aerospace, Safran, and STG Aerospace Limited
Analyst Review:
The aircraft lighting system market is expected undergo a major shift in coming years. Majority of conventional lighting system would be replaced by LED lighting system of self-luminous lighting system. In addition, a notable emphasis is expected to be provided on interior lighting of an aircraft. Stringent government norms related to exterior lighting of an aircraft, regular A and B checks, and multiple aftermarket options are expected to generate a healthy market place. Revival of global economies post the COVID-19 pandemic is accelerating the aviation industry, supporting the aircraft lighting system market. The market in developed countries, such as the U.S., Canada, Mexico, and Germany is projected to report a slower growth rate as compared to developing regions, such as India, South Africa, and the Middle East, owing to rapid industrialization and high sales of vehicles in developed regions.
Key Finding of the Study:
➢ By position, the interior lighting segment is expected to lead the market during the forecast period.
➢ By platform, the commercial aircraft segment is expected to lead the market during the forecast period.
➢ By lighting type, the LED segment is expected to grow at lucrative growth rate during the forecast period.
➢ By end use, the aftermarket segment is expected to lead the market during the forecast period .
➢ Europe is anticipated to exhibit highest CAGR during the forecast period.
Key Benefits For Stakeholders:
➢ This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aircraft lighting systems market analysis from 2020 to 2030 to identify the prevailing market opportunities.
➢ The market research is offered along with information related to key drivers, restraints, and opportunities.
➢ Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
➢ In-depth analysis of the aircraft lighting systems industry segmentation assists to determine the prevailing market opportunities.
➢ Major countries in each region are mapped according to their revenue contribution to the global market.
➢ Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
➢ The report includes the analysis of the regional as well as global aircraft lighting systems market trends, key players, market segments, application areas, and market growth strategies.
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