Latest market research report indicates that Aircraft Lighting Market is all set to grow at a CAGR of 7.8% from 2021 to 2028. The increase during the timeframe will translate into USD 1,401.38 Million by 2028 up to USD 826.27 Million in 2020.
These numbers come from Zion Market Research. According to researchers at the company the surge in commercial aviation will lead to surge in demand for aircraft maintenance and repairs and this in turn will boost the aircraft lighting market at the projected CAGR. Report also suggests that LED is being increasingly sought after in new generation aircraft and this has generated demand for cabin retrofitting activities in older generation aircraft in order to maintain similar service quality in the entire fleet. The rising trend towards enhancing passenger comfort and experience is anticipated to drive the market interior lights segment.
As far as regions go, increasing population in developing countries like India and China, has congested the road and rail transport system. Further the air connectivity within the countries is increasing substantially thereby given people a viable alternative to rail and road transport. These factors are anticipated to stimulate the aircraft lighting market growth.
Diving deeper into region specific numbers, the market report points out that Asia Pacific held a share above 19% in the aircraft lighting market in 2019. The growth is due to the rising GDP, and subsequently, living standards and disposable income, resulted in a surge in demand for air travel for both leisure and business purposes. In the past decades the Asia- Pacific region has been the point of attraction for business activities with numerous countries like India, China and Japan observing foreign investment. This has led to rapid economic growth and has contributed to the overall growth of the aviation sector in the region. The steady growth in the air travel is due to the success of the low-cost carrier model in the region. All these factors are expected to fuel growth of aviation sector, which will eventually propel the aircraft lighting market.
North America may not offer the 7.8% CAGR growth and it will be expected to get restricted around the 6-6.3% mark during the forecast period of 2020-2028. Though lower, the surge in aircraft lighting market is due to the enhance flight experience and high demand for air travel. The post pandemic revival of air travel will lead to surge in air transport and this will in turn fuel the demand for aircraft lights in the projected timeframe.
The high demand for aircraft lights is also subjected to the presence of major aircraft lighting manufacturers in the region such as Astronics Corporation, Luminator Technology Group, Cobham Plc, Collins Aerospace and Honeywell International Inc. among others. Emerging trends in the lighting aspect as integration of interactive screens in aircraft cabins, mood lighting systems along with the the adoption of photo luminescent emergency cabin light in are intended to cause a major technological change in the aircraft lighting market in the estimated period.