With the economic recovery and strong consumer sentiment, the commercial aviation market is slowly finding its way. Global air travel has increased; Asia-Pacific and LATAM are the two favorable markets driving passenger traffic, thus stimulate the growth of aircraft lighting market. The aircraft lighting market is expected to grow at a CAGR of 5.43% from 2014–2020.
The aircraft lighting market report offers an in-depth analysis of this market for the next six years. It also provides an insight into the regional trends to analyze market share. Currently, the aircraft lighting market is valued at $1,469.50 million and is expected to grow to $2,018.51 million by 2020.
The report lists the leading players in aircraft lighting market. Apart from an overview of the companies, it also provides financial analysis, products, and key developments. All percentage share, splits, and breakdown determined using secondary sources have been verified through primary sources.
The aircraft lighting market is segmented on the basis of aircraft type, product, and technology. The products include exterior lights and interior lights. The market is segmented into LED, OLED, custom controlled lights, and Photoluminescent, by technology type. The types of aircraft covered in this report are Very Light Aircraft (VLA), Wide Body (WB) aircraft, Narrow Body (NB) aircraft, and Regional Transport aircraft (RTA).
Geographies covered include North America, Europe, Asia-Pacific, Latin America, and the Middle and Africa. A huge demand is expected for aircraft lights in the Asia-Pacific region, primarily due to increasing deliveries of A380, A350 XWB, B787 Dreamliner, B747-400S, and many other LED-integrated aircraft models.
The Narrow Body Aircraft Market has the highest potential to grow in the lighting market. Reading lights are projected to be the maximum revenue generator among the different types of aircraft cabin lights. Increased production of aircraft will also drive the market.
Airlines are currently trying to tackle rising fuel prices, which is a major challenge. This has forced them to enhance efficiency in their aircraft cabin lighting system. There has been immense research and development in areas of low power consuming lights and adding value to the passengers experience using lighting systems.
The current trend is to include more LED lighting in cockpits and cabins. Many legacy systems still incorporate incandescent lamps, but all new designs are expected to include LEDs in the cabin. The major drivers for the aircraft lighting market mainly include increased air travel, increased demand for very large aircraft and wide body aircraft, and the need to enhance the experience of the passengers. The market is restrained by airline order backlogs, alternative mode of transportation, and economic downturns.
The industry is witnessing new entrants from emerging economies in the narrow body segment. These, in turn, act as a boon for the aircraft component manufacturer. The Airbus A320 family and Boeing 737 are significant aircraft in today’s aviation network. Leading players in aircraft lighting market include B/E Aerospace Inc., Goodrich Corporation, Diehl Aerosystems, Zodiac Aerospace, EMTEQ, Luminator Technology Group, Astronics Corporation, Honeywell International, and Cobham Plc.