Aircraft Lightning Protection Market is expected to witness significant to 20226
APAC region is slated to be the fastest growing regional market for aircraft lightning protection materials and is forecast to showcase growth rate of more than 6% over the analysis period. This can be attributed to the steady increase in air passenger traffic in the region. With rapid urbanization and growing disposable incomes of the population is increasing, and hence the preference for air travels. Growing demand for passenger aircrafts in the region may positively impact industry growth.
Growing usage of low-cost carriers, as well as development of cost-effective solutions against lightning strikes, will also supplement expand aircraft lightning protection industry share over the coming years. Aircraft lightning protection industry is forecast to cross the USD 3.8 billion mark by 2026.
Aircraft lightning protection materials market is a fragmented one with a large number of manufacturers present globally. Key players contributing towards the industry expansion include Cobham, Honeywell, Microsemi Corporation, L3 Aviation Products, The Gill Corporation, Saywell, and Dexmet Corporation.
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On the basis of product type, the aircraft lightning protection industry is categorized into lightning protection, and lightning detection & warning system. Lightning protection segment is further bifurcated into grounding wire/static wick, expanded metal foil, and transient voltage suppressors.
Currently, lightning detection & warning system holds a fair share in the market revenue and is estimated to register a CAGR of above 7% over 2019-2026. Such exponential growth can be attributed to beneficial features offered by these systems, such as monitoring the electric field and triggering warnings during potential lightning situations, which is likely to accelerate product adoption.
Aircraft lightning protection materials are deployed in a wide range of applications in civil and military aviation. These materials are essential for military aircrafts because lightning accidents can take the airplane out of service for an extended period of time which can be a potential risk for the sector as well as nations. Escalating government spending on military & defense aviation sector, as well as increasing defense budgets in various countries, such as the U.S., China, Russia, the UK, and India is likely to favor industry expansion. Military end-use sector is forecast generate a revenue of over USD 380 million over the forecast timespan.
Based on aircraft type, aircraft lightning protection industry is branched into commercial aircrafts, regional jets, business jets, military aircrafts, and helicopters. Shift in passenger preference for air travel will favor the expansion of regional jets. Moreover, modification and upgradation of ageing aircrafts for safety purpose may also change business outlook. From regional jet segment, aircraft lightning protection materials market is estimated to accumulate gains at more than 8% CAGR over the forecast period.
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Rise in number of protection measures undertaken by airliners to avoid delays, interruptions, as well as reduce the impact of lightning strikes, is likely to drive global aircraft lightning protection market. Technology advancements in aircraft configuration with respect to mechanism, design, and material to make them safer, lighter and efficient may further boost industry expansion.
Changing consumer perceptions towards air travel as a faster, safer, and cost-effective transportation will boost expansion of air fleets. This may promote the demand for manufacturing of safer aircrafts. Extensive efforts to expand commercial airline fleets due to increasing air passengers across the world will positively impact industry growth.
Browse key industry insights spread across 300 pages with 361 market data tables & 12 figures & charts from the report, "Aircraft Lightning Protection Market Size By Product (Lightning Protection {Expanded Metal Foil, Static Wick/Grounding Wire, Transient Voltage Suppressors}, Lightning Detection & Warning), By End User (Civil, Military), By Aircraft (Commercial Aircraft, Regional Jet, Business Jet, Helicopter, Military Aircraft), By Fit (Line-Fit, Retrofit), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026" in detail along with the table of contents:https://www.gminsights.com/industry-analysis/aircraft-lightning-protection-market
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