New Commercial Aircraft LED Lighting System Market Research Report- COVID-19 Analysis Based on WCF LED Lighting System, Reading LED Lighting System, and Lavatory LED Lighting System Types | Technavio
LONDON--(BUSINESS WIRE)--Jan 4, 2021--
The new commercial aircraft led lighting system market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Commercial Aircraft LED Lighting System Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the Increasing Demand for Commercial Aircraft,” says a senior analyst for the Industrials industry at Technavio.
There is a growing need for narrow-body and wide-body segments in the aerospace industry owing to the unprecedented order backlogs, inducing Airbus and Boeing to make plans to increase production. The growing preference for acquiring new generation aircraft is one of the major factors driving commercial aircraft LED lighting system market growth. Commercial aircraft OEMs are focused on developing next-generation aircraft with reduced fuel consumption and decreased noise and carbon emission levels. With the growing demand for air travel, the need for new-generation aircraft will significantly increase in the coming years, fueling commercial aircraft LED lighting system market growth.
As the markets recover, Technavio expects the commercial aircraft led lighting system market size to grow by USD 163.58 million during the period 2020-2024.
Commercial Aircraft LED Lighting System Market Segment Highlights for 2020
- The commercial aircraft led lighting system market is expected to post a year-over-year growth rate of -1.21%.
- The wall, ceiling, and floor (WCF) LED lighting system segment is expected to experience a linear growth during the forecast period.
- As these lighting systems form the basis of aircraft interiors, with every new aircraft being put into service, the ceiling and floor lighting systems become a must and require the aircraft to be certified fit for flying from FAA or European Aviation Safety Agency (EASA) authorities.
- The aircraft wall, ceiling, and floor LED lighting segment across the globe is expected to grow steadily during the forecast period amid widespread adoption of LED ambient lighting technologies across new generation aircraft and cabin retrofitting activities in older generation aircraft.
- Market growth in this segment will be faster than the growth of the market in the reading LED lighting system and lavatory LED lighting system segments.
- 36% of the growth will originate from the Europe region.
- Europe will offer several growth opportunities to market vendors during the forecast period. The increasing demand for new aircraft will significantly drive commercial aircraft LED lighting system market growth in this region over the forecast period.
- France and Germany are the key markets for commercial aircraft LED lighting systems in Europe. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.
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- The commercial aircraft led lighting system market size is expected to accelerate at a CAGR of about 3% during the forecast period.
- The commercial aircraft led lighting system market is segmented by Type (WCF LED lighting system, Reading LED lighting system, and Lavatory LED lighting system), Geography (North America, Europe, APAC, South America, and MEA), and Application (narrow-body aircraft, wide-body aircraft, and regional aircraft).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Astronics Corp., BAE Systems Plc, Diehl Stiftung & Co. KG, Honeywell International Inc., Oxley Group, Raytheon Technologies Corp., Safran SA, SCHOTT AG, Soderberg Manufacturing Co. Inc., and STG Aerospace Ltd.
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INDUSTRY KEYWORD: ENGINEERING AIR AEROSPACE TRANSPORT MANUFACTURING TRANSPORTATION TRAVEL
SOURCE: Technavio Research
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