Thursday, May 12, 2016
Aircraft Lighting Market to Reach $2.5 Billion in Five Years
|BAE Systems intellicabin interior lighting. Photo: BAE Systems|
[Avionics Today 05-12-2016] The aircraft lighting market is projected to reach $2.5 billion by 2021 and grow at a Compound Annual Growth Rate (CAGR) of 5 percent, according to a new report by MarketsandMarkets. The retrofit segment dominates the overall market in terms of market size, and is expected to exhibit a similar trend during the next five years because of the increasing aftermarket and Maintenance, Repair and Overhaul (MRO) services for aircraft lighting systems. Also, the report noticed that in emerging countries, the demand for new aircraft is high. Thus, this retrofit segment may have a great potential in the commercial sector.
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 main driver of this high CAGR growth is the demand for low cost carriers and domestic civil aviation from small airline companies.