According to the report published by Allied Market Research, the global aircraft lighting market generated $1.4 billion in 2019 and is estimated to reach $2.0 billion by 2027, registering a CAGR of 4.7% from 2019 to 2027. The report offers an extensive analysis of the changing market dynamics, major segments, market player positioning, industry roadmap, pricing analysis, and competitive scenario.
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An increase in aircraft demand and a shift from incandescent lights to LED lights drive the growth of the global aircraft lighting market. However, the high cost of LED and delayed delivery of aircraft hinder market growth. On the other hand, the surge in demand for lightweight aircraft components creates new opportunities in the coming years.
Covid-19 Scenario on Aircraft Lighting Market:
- The aviation industry is one of the worst-hit sectors during the lockdown. On the other hand, the precautionary measures and government restrictions on travel and tourism have badly impacted the industry with less revenue generation.
- However, various countries have started entering the recovery phase including China, India, and others. Furthermore, the governments in these regions are expected to lift certain restrictions, offering an opportunity for the aviation industry to get back to their profit margin.
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Based on the region, North America contributed to the highest share, accounting for more than one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, this region is expected to grow at the highest CAGR of 5.1% from 2019 to 2027. The report also analyzes region including Europe, LAMEA, and Asia-Pacific.
Leading market players analyzed in the aircraft lighting market research include Aeroleds, Astronics Corporation, Beadlight Limited, Bruce Aerospace, Cobham PLC, Heads Up Technologies, Honeywell International Inc., Madelec Aero, Safran, and Whelen Aerospace.
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Similar Reports We Have:
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.
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