CHICAGO, July 2, 2020
CHICAGO, July 2, 2020 /PRNewswire/ -- According to the new research report "Aircraft Lighting Market by Aircraft Type (Commercial, Military, Business Jets & General Aviation, Helicopters), Light Source (LED, Fluorescent), Light Type (Interior Lights, Exterior Lights), End User (OEM, Aftermarket), Region-Global Forecast to 2030", published by MarketsandMarkets™, the Aircraft Lighting Market is estimated to be USD 826 million in 2020 and is projected to reach USD 1,987 million by 2030, at a CAGR of 9.2% from 2020 to 2030. The increasing demand for better flight experience and comfort, as well as the rise in air passenger traffic are leading to the rise in aircraft orders across the globe. These factors are anticipated to drive the growth of the aircraft lighting market during the forecast period.
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Interior lights segment projected to grow a higher CAGR from 2019 to 2030
Based on light type, the interior lights segment is expected to grow at a higher CAGR during the forecast period as compared to the exterior lights segment. Interior lighting affects the mood of the passenger; thus, manufacturers are focusing on developing mood interior lighting products, that would be capable of changing colors as per the passenger's demands and moods.
OEM segment projected to grow at a higher CAGR from 2019 to 2030
Based on end user, the OEM segment is anticipated to grow at a higher CAGR during the forecast period as compared to the aftermarket. There has been a substantial rise in demand for single-aisle aircraft in the Asia Pacific region. OEMs offer lighting products that can be customized as per the ambiance of the airline. Rise in aircraft deliveries, and rising focus of airlines in deploying customizable lighting for increasing passenger comfort is projected to fuel the growth of the OEM segment.
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Asia Pacific aircraft lighting market is projected to grow at the highest CAGR from 2019 to 2030
Based on region, the Asia Pacific is expected to witness substantial growth during the forecast period, especially in countries such as China, India, and Japan, due to the growing air passenger traffic and the requirement for environment friendly LED aircraft lights. Additionally, the increasing number of long-haul flights and aircraft orders in these countries are resulting in a rise in demand for durable exterior and interior aircraft lighting systems to provide efficient cabin illumination.
The aircraft lighting market has been gaining traction over the past few years due to the presence of several established companies as well as startups. Some of the major players in the aircraft lighting market.
Include Astronics (US), Cobham (US), Honeywell (US), Collins Aerospace (US), IFE Products (US), Diehl Stiftung (Germany), STG Aerospace (UK), and Oxley Group (UK), among others.
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