Northrook, IL -- (SBWire) -- 11/21/2019 --The aircraft lighting market is estimated to be USD 1.1 billion in 2019 and is projected to reach USD 2.1 billion by 2030, at a CAGR of 5.8% from 2019 to 2030.
The increasing focus of airlines to enhance passenger travel experience and comfort as well as the rise in aircraft orders and modernaization programs are main factors are anticipated to drive the growth of the aircraft lighting market during the forecast period.
Browse 290 market data tables with 41 figures spread through 233 pages and an in-depth TOC on the report, "Aircraft Lighting Market: Global Forecast to 2030".
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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. The reason being these lights enhance the travel experience and comfort for passengers through mood lighting using LED wall lights which is the upcoming trend in the aircraft lighting market.
Commercial aviation segment projected to grow at a higher CAGR from 2019 to 2030
Based on aircraft type, the interior and exterior lights more or less are the same on different types of commercial aircraft, except for the intensity and the number of lights that are installed. Usually, larger aircraft, such as VLAs and WBA, need more intensity lights, and the volume required is also higher. According to the Boeing Outlook 2019, single-aisle aircraft estimated to account for a share of 70% of the global passenger jet fleet, and this will increase to 75% in the next 20 years. Additionally, the network airlines may require more than 18,000 new aircraft and may take deliveries of over 6,200 wide body aircraft. Thus, the increasing demand for these aircraft will drive the adoption of aircraft lighting.
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. The growth of the market can be attributed to the increase in aircraft orders, as well as deliveries, economic growth across regions, and the rise in air passenger traffic. Also, Airbus and Boeing are focusing on using advanced and energy-efficient lighting components for aircraft in the production phase. Hence, the OEM segment is expected to lead the aircraft lighting market during the forecast period.
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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Global Aircraft Lighting Market Expected to Grow at a CAGR of 5.8%
North America expected to lead aircraft lighting market in aviation from 2019 to 2030