The aircraft lightning protection market growth would be augmented by the increasing aircraft manufacturing across countries. Reportedly, in 2017, the aerospace manufacturing industry in the U.S. valued at nearly US$240 billion.
Growing consumer preference towards air travel in comparison with other modes of transportation would augment the demand for new airliners globally. Consequently, a surging number of aircraft would further fuel the mass adoption of enhanced security systems to ensure safer air travel.
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The substantial expansion in the travel and tourism sector across the globe is likely to generate tremendous growth opportunities for the aerospace industry. The sector is considered as the world’s second-fastest-growing industry after the manufacturing industry. As per the World Travel and Tourism Council (WTTC), in 2018, the travel and tourism sector rose by 3.9%. Moreover, the number of international tourist arrivals between 2005 and 2018, grew by more than 70% globally, according to the United Nations World Tourism Organization (UNWTO).
This significant growth trend is projected to gain substantial momentum in the upcoming years, which will eventually uplift the aerospace industry outlook. Additionally, growing investments to support infrastructure development projects of airports and favorable government regulations will a major role in the upliftment of the aerospace sector, which will in turn complement the aircraft lightning protection market expansion.
The high cost associated with the incorporation of lightning protection technologies in aircraft and their maintenance might impact the aircraft lightning protection market growth in the upcoming years. However, the increasing emphasis of leading aircraft manufacturers towards developing cost-efficient and advanced lightning protection technologies which will ensure a safe air travel experience for the aircraft.
Growing support from international organizations to provide robust security systems to various airliners in a bid to ensure the safety of passengers, aircraft users, and goods will positively influence business growth. There are few international aerospace agencies like the International Civil Aviation Organization (ICAO) and FAA, who regulate guidelines for the safety against air lightning.
The aircraft lightning protection market is classified based on end-user, product, fit, and aircraft. The lightning detection and warning segment was expected to grow at a 5.5% CAGR between 2020 and 2026. The presence of strict government regulations pertaining to aircraft safety will complement segment growth.
The industry share from regional jets will grow at over 5% CAGR up to 2026. The airline firms are working vigorously towards optimizing fuel efficiency, cost, and flexibility in route enhancement which will augment industry expansion in the forthcoming years. The increasing demand for regional jetliners is majorly attributed to rising maintenance of aging aircraft and high backlogs. Additionally, a growing number of regional jets would foster the industry progression in the coming years.
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Major players in the aircraft lightning protection market comprise Cobham, TE Connectivity, All Weather, Inc., Honeywell International, Inc., Dayton-Granger, Inc., Saab, and Saywell, amongst others.
Major Key Points from Table of Content:
Chapter 5 Aircraft Lightning Protection Market, By End User
5.1 Market end-user insights
5.2.1 Market estimates and forecast, 2016-2026
5.2.2 Market estimates and forecast, by region, 2016-2026
5.3.1 Market estimates and forecast, 2016-2026
5.3.2 Market estimates and forecast, by region, 2016-2026
Chapter 6 Aircraft Lightning Protection Market, By Aircraft
6.1 Market aircraft insights
6.2 Commercial Aircraft
6.2.1 Market estimates and forecast, 2016-2026
6.2.2 Market estimates and forecast, by region, 2016-2026
6.3 Regional Jet
6.3.1 Market estimates and forecast, 2016-2026
6.3.2 Market estimates and forecast, by region, 2016-2026
6.4 Business Jet
6.4.1 Market estimates and forecast, 2016-2026
6.4.2 Market estimates and forecast, by region, 2016-2026
6.5.1 Market estimates and forecast, 2016-2026
6.5.2 Market estimates and forecast, by region, 2016-2026
6.6 Military Aircraft
6.6.1 Market estimates and forecast, 2016-2026
6.6.2 Market estimates and forecast, by region, 2016-2026
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