Allied Market Research has announced growing demand for aircraft from the civil and military aviation sectors and surge in usage of LED lights will take aircraft lighting industry to USD 2bn by 2027, the company said.
Allied Market Research has published a report, titled, Aircraft Lighting Market by Interior Lights (Emergency Lights, Specialty Lights, Wash Lights, Reading Lights, and Lavatory Lights), Exterior Lights (Aircraft Visibility Lights, Pilot Lights, and Specific Purpose Lights), Aircraft Application (Commercial, Business Jets, Military, and Helicopters), and Light Type (LEDs and Fluorescent): Global Opportunity Analysis and Industry Forecast, 2020–2027.
According to the report, the global aircraft lighting industry garnered USD 1.4 billion in 2019, registering a CAGR of 4.7% from 2020 to 2027.
Several major market players have halted the production of aircraft lighting amidst the COVID-19 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.
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.
Based on region, North America accounted for the highest share, holding for more than one-third of the global aircraft lighting market 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.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon.