PORTLAND, Oregon and PUNE, India, April 28, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Aircraft Cabin Lighting Market by Type, Fit, and Aircraft Type: Global Opportunity Analysis and Industry Forecast, 2014-2022," the global aircraft cabin lighting market is estimated to reach $2,033 million by 2022, registering a CAGR of 5.3% from 2016 to 2022. In 2015, the wall, floor, and ceiling lights dominated the global aircraft cabin lighting market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.
Summary of the Aircraft Cabin Lighting Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/aircraft-cabin-lighting-market
The installation of aircraft cabin lighting systems is enhanced, owing to increase in air travel. Airline operators are replacing old traditional lights with LED lights to reduce aircraft weight, reduce fuel cost and increase in efficiency. Traditional lighting equipment consumes more power, thereby increasing the overall operational cost.
The global aircraft cabin lighting market is driven by factors such as increase in air travel, growth in use of energy-efficient lighting systems, rise in demand for retrofit lighting systems, upsurge in competition among existing aircraft operators, increase in focus on enhancing travel experience for passengers, and high demand for aftermarket and maintenance of aircraft. However, high costs hamper the market growth. Furthermore, growth in demand for air travel across emerging countries, such as Asia-Pacific and LAMEA, with heavy government investments is expected to present lucrative opportunities for the aircraft cabin lighting market growth.
The wall, floor, and ceiling lighting systems accounted for major market share in 2015, generating $855 million by 2022, registering a CAGR of 6.1%, owing to availability of innovative and energy-efficient lighting systems. Technological advancements in LED and organic LED lighting systems further drive the adoption of these lighting systems. The wall, floor, and ceiling lighting systems market is expected to generate $855 million by 2022, registering a CAGR of 6.1%.
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The retrofit lighting system market accounted for the highest share in the global aircraft cabin lighting market in 2015. Retrofit lighting, increases energy savings, improves safety, and offers increased productivity while reduces operation & maintenance costs, decreases heat emission of LEDs, and reduces light pollution.
The aircraft cabin lighting system is installed in aircraft such as wide-body aircrafts, narrow-body aircrafts, very large aircrafts, and regional jets. In 2015, wide-body aircrafts accounted for the highest share in the global aircraft cabin lighting market, and is estimated to reach $808 million by 2022, registering a CAGR of 5.2%. The increase in air traffic in emerging economies of Asia-Pacific and LAMEA drives the wide-body aircraft market. The growth in usage of energy efficient lights in aircraft and high maintenance of the aircraft supplement the growth of wide-body aircrafts. The innovation in design & technology by key players provides the wide-body aircraft market an opportunity to strengthen their market position.
According to Seapee Bajaj, Research Analyst, Aerospace & Defense, Allied Market Research, "Asia-Pacific is expected to grow at the highest rate during the forecast period, owing to growth in aviation industry, privatization of airline operators, and increase in investment initiatives by the government."
North America generated the highest revenue in the global aircraft cabin lighting market in 2015, accounting for $500 million, and is projected to reach $676 million by 2022, registering a CAGR of 4.5% during the forecast period. This is attributed to increase in air traffic and rise in competition among existing aircraft operators and increase in inflow of investment in the defense sector and technological advancements.
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KEY FINDINGS OF THE STUDY
- In 2015, wall, floor, and ceiling lighting systems accounted for the major share in the global market, in terms of revenue, and is projected to grow at a CAGR of 6.1% during the forecast period.
- The retrofit lighting system accounted for the highest share of around 56% in 2015.
- In 2015, North America generated the highest revenue, accounting for around 35% of the global market.
- Asia-Pacific aircraft cabin lighting market is expected to grow at the highest CAGR of 6.6%.
The renowned companies profiled in the report include Diehl Aerospace GmbH, STG Aerospace Ltd, United Technologies Corporation, B/E Aerospace, Inc, Astronics Corporation, Zodiac Aerospace, Honeywell International Inc., Soderberg Manufacturing Company Inc., Aveo Engineering Group, and Cobham PLC. These companies have consistently launched new products and introduced novel technologies to cater to the requirements of consumers. A significant increase in inflow of investments was observed for R&D activities among private and public organizations to facilitate product innovation and develop customized solutions.
Read similar market research reports on Aerospace & Defence at: https://www.alliedmarketresearch.com/aerospace-&-defence/space-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research