What is the future of Aircraft Lighting Market? Know Covid Impact on Size, Share & Forecasts
June 22, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Lighting Market.
It was estimated prior to this unanticipated outbreak that the Aircraft Lighting Market was likely to witness an impressive CAGR of 5.4% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Healthy future growth rate offers a plethora of opportunities to the entire ecosystem of the market.
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Aircraft Lighting Market Segment Insights:
By Aircraft Type:
The narrow-body aircraft is expected to remain the largest segment of the market during the forecast period of 2018 to 2023. Wide-body aircraft is likely to witness the highest growth during the same period, driven by an increasing demand for wide-body aircraft, such B787, and A350XWB, especially in the developing economies, such as China and India. There is also a healthy demand for wide-body aircraft in the Middle East region.
By Light Type:
Interior lighting includes reading lights, ceiling & wall lights, signage lights, cockpit lights, floor path lighting strips, lavatory lights, and other interior lights, whereas exterior lighting includes position lights, wing and engine lights, anti-collision lights, landing lights, emergency & utility lights, cargo & service lights, and other exterior lights. Both light types (interior and exterior) are likely to witness healthy growth rates in the market over the next five years.
By Technology Type:
The LED light type segment is the most attractive technology type for aircraft lighting majorly due to longer life of about 10,000 to 20,000 hours as compared to traditional halogen lights which usually have a lifespan in the range of 500 to 3000 hours. Further LED light also consume lower power which can contribute towards higher fuel efficiency and translate cost savings, along with making more power available for passengers’ comfort such as in-flight connectivity and entertainment.
By Region:
North America is projected to remain the largest aircraft lighting market during the forecast period. This region has been the pioneer in the aerospace & defense industry and is the manufacturing capital with the presence of small- to large-sized OEMs in each aircraft category. Most of the players have manufacturing and assembly plants in North America. Additionally, various major lighting manufacturers for the aerospace industry are in the region to support OEMs for the development of advanced products meeting airline requirements.
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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