Navigation, visibility and utility of an aircraft depend on the utilization of the lights. They play a crucial role in the overall safety and security features of the crafts as well. An airplane structure consists of different types of lights for wheel well, landing, navigation, taxi, wings, runway turnoff, logo and so on. Rapid rise in the demand for the airplanes from around the world is also contributing to the growth of the overall aircraft lighting market. Growth in air travels and economic stability of the global market are expected to create impressive growth in the global market, during the next few years to come. Advancing technology and inclusion of smart lighting in the crafts are expected to play key role in the overall development in the market.
Scope of Research and Market Segmentation
The global aircraft lighting market is segmented on the basis of the types of crafts, which include regional transport, narrow body, very large and wide body aircrafts. On the basis of the types of products, the market is sub-segmented into exterior lights, ceiling and wall lights, floor-path lighting strips, lavatory and reading lights, signage lights and so on. Technologies in the market are sub-categorized into OLED, LED, photolumnescent and custom controlled lights. Advancements in the lighting technology and inclusion of smart lighting are also expected to drive the aviation aircraft light market. Basic stakeholders in the market include airlines, sub-component manufacturers, airlines, lighting system manufacturers, aircraft integrators, and refurbishers.
5 Major Market Drivers
According to the experts, the major drivers for the aircraft lighting market include increasing frequency and the number of passengers engaging in air travel. Growth in the regional economies is also driving the aviation sector in those regions. Strong rise in the number of aircraft orders, increased low cost carriers, and emergence of new aircraft manufacturers in the market are also considered to be the crucial driving factors for the overall market. Several factors like light weight products, smart lighting, energy efficient equipment, and LED technology are also expected to create strong business opportunities for the global market. Despite the challenges like constantly increasing fuel prices and existing backlogs in the industry deliveries, researchers are expecting impressive growth in the market.
What to Expect – Forecasting
As per the expert analysis, aircraft lighting market is expected to grow at a steady CAGR of over 5% from 2014 to 2020. At the projected growth rate, the industry is expected to become worth $2,018.51 million by the end of the forecasting period in 2020. Reading lights are expected to generate maximum revenue in the aircraft cabin lighting market. Growth in the adoption of LED lights is also expected to create steady rise in demand in the global aircraft navigation light market. North America is expected to dominate the global market in terms of overall shares, however, emerging markets are poised to witness impressive growth rate during the forecasting period.