Increasing aircraft deliveries, efficient alternatives to existing interior lights, and rise in number of air passengers propel the growth of the global aircraft cabin lighting market
PORTLAND, Oregon, Sept. 4, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Aircraft Cabin Lighting Market by Type (Emergency Lighting and Ordinance Signs, Lavatory Lights, Reading & Dome Lights, Specialty Lighting, and Wash Lighting), Fit (Retro Fit and Line-Fit), and Aircraft Type (Commercial, Military, and Other Aircrafts): Global Opportunity Analysis and Industry Forecast, 2019-2026." The report provides a detailed analysis of the drivers & opportunities, wavering market trends, competitive market scenario, and market size & estimates. According to the report, the aircraft cabin lighting industry was estimated at $1.16 billion in 2018 and is expected to hit $1.74 billion by 2026, registering a CAGR of 5.2% during the estimated period.
Increase in aircraft deliveries, efficient alternatives to existing interior lights, and rise in number of air passengers drive the growth of the global aircraft cabin lighting market. On the other hand, existing backlog of aircraft deliveries and high initial cost restrain the growth to some extent. However, high-end advancement in interior lighting system technology are expected to create an array of lucrative opportunities for the key players in the industry.
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The commercial segment to remain lucrative by 2026-
Based on aircrafts, the commercial segment accounted for nearly half of the total aircraft cabin lighting market share in 2018 and is expected to rule the roost throughout the forecast period. This is because narrow-body aircraft are popular among customers owing to single engine and less fuel consumption, which saves the operating costs. The same segment is also projected to grow at the fastest CAGR of 5.4% during 2019-2026.
The retro fit segment to dominate during the study period-
Based on fit, the retro fit segment contributed to more than half of the total aircraft cabin lighting market revenue in 2018 and is anticipated to lead the trail throughout 2019-2026. The increasing aftermarket demand for aircraft lighting coupled with surge in need for maintenance and repair of aircrafts drive the growth of the segment. The line fit segment, on the other hand, would showcase the fastest CAGR of 5.2% till 2026. This is attributed to increase in demand from airline operators for new commercial aircrafts and rise in production of aircrafts from aircraft manufacturers.
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Europe, followed by North America, generated the major share in 2018-
Based on geography, Europe, followed by North America, held the largest share in 2018, accounting for nearly one-third of the total aircraft cabin lighting market. Growth in air traffic and increasing use of aircrafts for military applications drive the growth of the market in the region. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 5.7% through 2019-2026. Rise in air travel and aircraft deliveries, increase in demand for very large as well as wide body aircrafts, and surge in focus on enhancing air travel for passengers have worked as the major factors drive the market in this region.
Frontrunners in the industry-
- Cobham PLC.
- Devore Aviation Corporation of America
- Geltronix Aviation Light
- Diehl Stiftung & Co. KG.
- Luminator Technology Group
- United Technologies Corporation
- Soderberg Manufacturing Company Inc.
- Safran
- STG Aerospace
- Astronics Corporation
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