According to a recent report published by Allied Market Research, titled, “Aircraft Lighting Market by Interior Light, Exterior Light, Aircraft Application, and Light Type: Opportunity Analysis and Industry Forecast, 2020–2027,” the global aircraft lighting market was valued at $1.4 billion in 2019, and is projected to reach $2.0 billion by 2027, registering a CAGR of 4.7%.
North America dominates the market in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. U.S. dominated the global aircraft lighting market share in 2019, and is expected to grow at a significant rate during the forecast period, due to increase in demand for aircraft equipped with advanced lightings.
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Aircraft equipped with lights are used for navigation, safety, and to offer enhanced visibility within the aircraft when in flight mode or when taxing on ground. Lightings used in an aircraft are categorized into interior lights and exterior lights, which have different operations such as they offer visibility to the pilots and passengers on board and are used while informing passengers about the safety features.
Increase in deployment of lighting systems in aircraft to aesthetically enhance the interior and exterior of aircraft and correspondingly increase the conspicuity of aircraft. Lighting comprises signaling devices as well as other display devices, which help passengers in an efficient way by informing them about safety guidelines such as usage of seat belts, oxygen masks, and fire-resistant cushion. These lightings are mounted indifferent locations in the aircraft, which are categorized into interior lightings and exterior lightings. Traditionally, incandescent lights were used in aircraft, however, with the introduction of LEDs, consumer preference has shifted toward installing LEDs to provide better illumination, thereby augmenting the growth of the global market.
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By interior light, the market is categorized into emergency lights, specialty lights, wash lights, reading lights, and lavatory lights. The wash lights and reading lights accounted for the highest revenue in 2019, owing to high adoption of wash lights, as they illuminate the interior of the aircraft to offer enhanced visibility to passengers along with the availability of wide product portfolio from key market players. However, the reading lights segment is anticipated to witness the highest CAGR of 5.0% during the forecast period, owing to increase in demand for brighter lights to be used in aircraft, thus providing better experience to passenger while reading books or using devices.
On the basis of aircraft application, the aircraft lighting market is segregated into commercial, business jets, military, and helicopters. The commercial segment accounted for over 43% market share in 2019, and is anticipated to lead the market during the forecast period, owing to surge in demand and production of advanced commercial aircraft across the globe followed by business jets.
Factors such as increase in aircraft demand and shift in preference from incandescent lights to LED lights are expected to drive the growth of the global aircraft lighting market. However, high cost of LEDs and delayed delivery of aircraft are expected to restrain the growth of the market during the forecast period. Conversely, surge in demand for lightweight aircraft components is expected to offer potential opportunities for the global aircraft lighting market during the forecast period.
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Key Findings Of The Study
By interior light, the reading light segment is expected to register a significant growth during the forecast period.
Depending on exterior light, the aircraft visibility light segment is anticipated to exhibit significant growth in the near future.
On the basis of aircraft application, the business jets segment is projected to lead the global aircraft lighting market owing to higher CAGR as compared to other aircrafts.
North America is anticipated to register the highest CAGR.
The key players analyzed in this report are Aeroleds, Astronics Corporation, Beadlight Limited, Bruce Aerospace, Cobham PLC, Heads Up Technologies, Honeywell International Inc., Madelec Aero, Safran, and Whelen Aerospace Technologies.
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Aircraft Lighting Market to Garner $2.0 billion by 2027: Allied Market Research – GlobeNewsWire.com
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