The demand within the global market for aircraft lighting has been rising on account of advancements in the field of defense and aerospace, finds Transparency Market Research (TMR). The market vendors operating in the global aircraft lighting market have gained key reward points through collaborative functioning. These vendors have been making ardent efforts to ensure a regular inflow of revenues within the global aircraft lighting market in recent times. There is a high possibility of multiple trends and opportunities that could aid the growth dynamics of the global aircraft lighting market. The global market for aircraft lighting is projected to become a lucrative haven in the years to follow.
The global aircraft lighting market is highly consolidated, and the leading vendors have been exercising substantial control over the market forces. In this scenario, there is little possibility of new vendors experimenting in the global market for aircraft lighting. However, the presence of a seamless industry for aircraft management has given an impetus to the growth of the regional and local vendors. The market dynamics of the global aircraft lighting market largely depend on the strategies and growth plans developed by the market vendors. Some of the key players in the global market for aircraft lighting are UTC Aerospace Systems, Diehl Stiftung & Co. KG, Honeywell International Inc., and Astronics Corporation.
Transparency Market Research (TMR) predicts that the global market for aircraft lighting market shall expand at a sluggish CAGR of 4.6% over the period between 2017 and 2026. The cumulative value of the global market for aircraft lighting is expected to reach US$ 3,300 Mn by 2026-end. On the basis of lighting type, signage light is the most common aircraft light that has gained traction in recent times. Based on geography, the market for aircraft lighting in North America has been expanding at a stellar pace.
Improvements in the Aviation Industry Push Market Growth
The manufacture of aircrafts is an immensely meticulous process that involves the use of several intrinsic technologies. This factor has played a key role in the growth of the global market for aircraft lighting in recent times. There is a wide range of opportunities floating in the global aircraft lighting market owing to the increased impetus given on aircraft safety. The wing lights and cockpit lights used in aircrafts are of tremendous value, and this factor has also played a major role in the growth of the global aircraft lighting market.
Utility of Signage and Reading Lights to Propel Demand
The demand within the global market for aircraft lighting has been rising on account of the need to increase the reliability of aviation training operations. The demand has been escalating to new heights on account of the utility of signage lights and reading lights. Furthermore, flights that cover different time zones are in greater need for better aircraft lighting systems. This factor has also aided the growth dynamics of the global aircraft lighting market in recent times. Interior lights and position lights are a key component of the aircraft lighting system.