According to a new market report published by Stratistics MRC the Global Commercial Aircraft Lighting Market is valued at $4.63 billion in 2014 and is expected to grow at a CAGR of 27.3% to reach $25.07 billion by 2022. The demand environment for air travel remains broadly positive, supported by recent improvements in the global economy, including in advanced markets like the US. It is estimated that the demand for air travel will likely double by 2035. Railways and roads are the dominant means of transport carrying more than 90% of total traffic generated and acts as restraining factor for the market.
Global Commercial Aircraft Lighting market is segmented by aircraft type into wide body aircraft, very large aircraft, regional transportation aircraft and narrow body aircraft. The narrow body aircraft market has the highest potential to grow in the lighting market. The key reason for this growth is the preference for narrow-body aircrafts by operators that need low-cost carriers in order to fly short-distance routes efficiently.
Based on product type, the market is segregated into lavatory light, floor path lighting strips, exterior lights, ceiling and wall lights, signage light, and reading lights. Reading lights segment is expected to be maximum revenue generator among different types of lights used in the aircraft lighting. Based on technology, the market is categorized into custom controlled lights, Light-Emitting Diode (LED), Organic Light-Emitting Diode (OLED), photolumnescent lights, and traditional lighting systems. The technology is shifting towards LED technology, which is providing a visible difference between newer and older generation aircraft.
Aircraft are moving towards smarter LED lighting systems for benefits such as increased efficiency, better control, less low power consumption, and longer lifespan. By 2022, the aviation industry is anticipated to see the usage of OLEDs for ambient lighting and miniaturization of reading lights into smaller LED openings, hiding into ceiling panels.
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This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. A huge demand is expected for aircraft lights in the Asia-Pacific region accounting for a market share of 30%, primarily due to increasing deliveries of A380, A350 XWB, B787 Dreamliner, B747-400S and many other LED-integrated aircraft models. Increased air travel and rising demand for very large aircraft are the factors driving the market growth. More than half of the growth in passenger travel occurred on airlines in emerging markets including Asia-Pacific and the Middle East.
Some of the key players in the market include Honeywell Aerospace, Cobham, B/E Aerospace, Aveo Engineering, UTC Aerospace Systems, Zodiac Aerospace, Bruce Aerospace, STG Aerospace, Diehl Aerosystems, Astronics, Emteq Inc., Luminator Aerospace and Goodrich Corporation.
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