Aircraft Lighting Market Size Expected to Reach USD $2.0 Billion With a CAGR of 4.7% by 2027

Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global aircraft lighting industry garnered $1.4 billion in 2019, and is estimated to reach $2.0 billion by 2027, registering a CAGR of 4.7% from 2020 to 2027.

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𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝘆𝗻𝗮𝗺𝗶𝗰𝘀

Growing demand for aircrafts from the civil and military aviation sectors and surge in usage of LED lights in comparison with incandescent lights drive the global aircraft lighting market. However, higher cost of LED lights and growing backlog in the delivery of aircraft restrain the market growth. On the other hand, increase in demand for lightweight aircraft components creates new opportunities in the coming years.

Covid-19 Scenario

Several major market players have halted the production of aircraft lighting amidst the lockdown.
During the coronavirus pandemic, the revenue generated from the commercial aircraft segment will decline significantly as airline companies across various countries had suspended their domestic and international services amid lockdown due to the Covid-19 pandemic.
Aircraft lighting is used inside an aircraft cabin to give aesthetic look to the cabin interiors. Amid lockdown, commercial aircraft manufacturing has been stopped across the globe, which is likely to decline market growth.
The LED segment to dominate throughout the forecast period

Based on light type, the LED segment accounted for more than two-thirds of the global aircraft lighting market in 2019, and is expected to maintain its leadership status in terms of revenue throughout the forecast period. In addition, it is also estimated to portray the fastest CAGR of 5.0% from 2020 to 2027. This is attributed to applications of LED in different lighting systems in an aircraft.

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The commercial segment held the lion's share during the forecast period

Based on aircraft application, the commercial segment contributed to the highest market share, accounting for more than two-fifths of the global aircraft lighting market share in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to the growing demand for advanced commercial aircrafts in the airline industry. However, the business jets segment is estimated to generate the fastest CAGR of 5.2% from 2020 to 2027. This is attributed to growing demand for business jet due to its advantages such as the reduction in traveling time and cost-effectiveness.

North America to maintain its dominant by 2027

Based on region, North America accounted for the highest share, holding for more than one-third of the global aircraft lighting market industry in 2019 and is projected to maintain its dominant position throughout the forecast period. In addition, North America is estimated to portray the fastest CAGR of 5.1% from 2020 to 2027. This is attributed to the growing demand for new commercial aircrafts due to surge in passengers traveling across the region.

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𝗧𝗵𝗲 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀

Astronics Corporation
Aeroleds
Bruce Aerospace
Beadlight Limited
Heads Up Technologies
Cobham PLC
Madelec Aero
Honeywell International Inc.
Whelen Aerospace
Safran

𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐖𝐞 𝐇𝐚𝐯𝐞 𝐨𝐧 𝐀𝐞𝐫𝐨𝐬𝐩𝐚𝐜𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

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