May 31, 2016 – A new report by MarketsandMarkets states that the aircraft lighting market is projected to reach US$2.55bn by 2021 at a CAGR of 5.08%. The company says factors including growth in aircraft deliveries, increase in low-cost carriers, domestic civil aviation and efficient alternatives for existing installed lights will drive the growth.
The global aircraft lighting market has been segmented and analyzed in terms of linefit and retrofit. The report says the retrofit segment dominates in terms of market size, and is expected to exhibit a similar trend over the next five years because of increasing aftermarket and MRO services.
In terms of aircraft type, MarketsandMarkets says the regional transport aircraft segment has the highest CAGR rate because of high demand from airline industries, and that the market for this type is largest in North America and Europe.
The report also found that Asia Pacific has the highest growth potential for the aircraft lighting market, primarily driven by the increase in aircraft deliveries and aircraft orders from different countries.
The report also details major factors influencing the growth of the market, and includes analysis of key industry players, covering their products and services, key strategies, new product launches, acquisitions, partnerships, agreements and recent developments associated with the aircraft lighting market.