Aircraft Lighting Market worth 2.55 Bn USD by 2021
The report, now available on ASDReports, "Aircraft Lighting Market by Fit (Linefit, Retrofit), Aircraft Type (NBA, WBA, VLA and RTA), Light Type (Interior Light, Exterior Light), Technology and by Geography - Global Forecast to 2021", The aircraft lighting market (ALM) market is projected to reach USD 2.55 Billion by 2021 at a CAGR of 5.08%. A number of factors, such as growth in aircraft deliveries, increase in low cost carriers, domestic civil aviation and efficient alternatives for the existing installed lights will drive the growth of the ALM market.
The retrofit aircraft lighting market is expected to grow the highest during the forecast period
The global aircraft lighting market has been segmented and analyzed in terms of two types of by fit, namely, linefit and retrofit, wherein, the retrofit segment dominates the overall market in terms of market size, and is expected to exhibit a similar trend during the next 5 years because of the increasing aftermarket and MRO services for aircraft lighting systems. Also, it has been noticed that in emerging countries, the demand for new aircrafts is high. Thus, this retrofit segment may have a great potential in the commercial sector.
Aircraft Lighting Market - Global Forecast to 2021
The regional transport aircraft is projected to grow the highest during the forecast period
The global aircraft lighting market by aircraft type has been segmented into four sub segments namely, NBA, WBA, VLA and RTA, out of which, the regional transport aircraft (RTA) has the highest CAGR rate among all aircraft types because of high demand from airline industries. This aircraft have less seating capacity but have higher safety equipment. Due to the small size of the aircraft, the number of required lights is limited. The market for RTAs is largest in North America and Europe, owing to the developed domestic civil aviation market in these regions.
Asia-Pacific to show the highest CAGR growth in the aircraft lighting market during the forecast period
Asia-Pacific has the highest growth potential for the aircraft lighting market. This region is projected to have the highest CAGR rate for aircraft lighting market, primarily driven by the increase in aircraft deliveries and aircraft orders from different countries. The main driver of this high CAGR growth is the demand for low cost carriers and domestic civil aviation from small airline companies.
B/E Aerospace Inc. (U.S.): One of the key players in the aircraft lighting market
The major players in this market have been identified to be Cobham plc. (United Kingdom), UTC Aerospace Systems (United States), Honeywell International Inc. (United States) and Diehl Stiftung & Co. KG (Germany).
The scope of the report covers detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, acquisitions, partnerships, agreements, and recent developments associated with the aircraft lighting market.
Source : ASDReports - Market Research - view original press release