Airport Lighting Market Worth 672.2 Million USD by 2021
PUNE, India, July 8, 2016 /PRNewswire/ --
The report "Airport Lighting Market by Type (Runway, Taxiway & Apron Lighting Systems), Position (In-Pavement Lighting, Elevated Lighting & PAPI), Technology (Non-LED and LED), and by Geography - Global Forecast to 2021", published by MarketsandMarkets, the market is projected to reach USD 672.2 Million by 2021, at a CAGR of 7.2% from 2016 to 2021.
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Browse 85 market data Tables with 42 Figures spread through 148 Pages and in-depth TOC on "Airport Lighting Market"
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A number of factors, such as rise in air traffic and increasing focus towards enhancing energy savings are expected to drive the growth of the airport lighting market.
The LED lights segment is projected to lead the airport lighting market during the forecast period.
The LED lights segment dominates the airport lighting market, and is expected to continue its dominance over the next five years, primarily driven by the need for energy conservation at airports and reduction in maintenance costs. It has been proven that the LED lights save up to 40% energy compared to that of non-LED lights.
The in-pavement/inset lights segment is expected to grow at the highest CAGR during the forecast period.
The Airport Lighting Market has been segmented and analyzed in terms of three positions of lighting, which include in-pavement/inset lights, elevated lights, and precision approach path indicator (PAPI). The in-pavement/inset lights segment is projected to grow at the highest CAGR from 2016 to 2021. This growth is mainly attributed to the increased spending by aviation authorities towards adopting a more simple technology and hassle-free maintenance lighting systems.
Asia Pacific: The fastest-growing market for airport lighting
The market for airport lighting has been estimated to be the largest in North America, due to increased focus towards reducing energy consumption and the need to cut down maintenance costs for lights. The airport lighting market in the Asia-Pacific region is expected to grow at the highest CAGR, due to various initiatives related to airport infrastructure expansions. This growth can also be attributed to the increase in government spending for infrastructure development, growing GDP of the region, and rise in air traffic.
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Honeywell International, Inc. (U.S.): One of the key players in the airport lighting market
The major players in this market have been identified to be Hella KGaA Hueck & Co., Honeywell International, Inc., Carmanah Technologies Corp., and ABB. Honeywell International, Inc. is one of the top companies profiled in the global airport lighting market. The company has a strong distribution network, along with a robust product portfolio and wide customer base.
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