SELBYVILLE, Del., Jan. 4, 2021 /PRNewswire/ — Global Market Insights, Inc. has recently added a new report on the aircraft lightning protection market which estimates the market valuation for aircraft lightning protection will cross US$ 3.3 billion by 2026. The rising aircraft manufacturing will induce significant market growth potential.
Soaring growth in the travel & tourism sector will generate significant opportunities for the aerospace sector. It is the second-fastest-growing sector just behind the manufacturing sector. According to the World Travel and Tourism Council (WTTC), the travel & tourism sector grew by 3.9% in 2018. According to the World Tourism Organization (UNWTO), the total number of international tourist arrivals across the globe increased by more than 70% between 2005 to 2018. This upward growth trajectory is expected to continue in the future, thereby propelling the aerospace sector growth. Apart from these factors, future airport infrastructure development projects and supportive government policies will aid the aerospace sector, in turn, driving aircraft lightning protection market expansion.
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High costs associated with maintenance and incorporation of lightning protection technologies in aircraft may hamper aircraft lightning protection market growth in the coming years. Aircraft manufacturers are focused on providing cost-effective and robust lightning protection technologies. Increasing international organization support to ensure the safety of aircraft users, passengers, and goods will provide a positive outlook for industry growth. International Civil Aviation Organization (ICAO) and FAA are a few of the international aerospace agencies that provide regulatory guidelines to ensure safety against lightning strikes.
The lightning detection and warning segment will witness 5.5% CAGR from 2020 to 2026. Growth in this segment is attributable to stringent government regulations associated with aircraft safety. Industry participants are involved in strategic agreements and partnerships for technology advancements in lightning detection and warning systems in aircraft, thereby enhancing segment growth.
Regional jet will witness over 5% CAGR over the forecast timeframe. The manufacturers are optimizing cost, fuel efficiency, and flexibility in route development to attract more airline operators, thereby supporting industry growth in the future. Maintenance of aging fleets and high backlogs are further escalating demand for regional jetliners. The rising number of regional jets will further bolster the aircraft lightning protection market growth in the near future. This segment.
The key manufacturers in the aircraft lightning protection industry are Saab, Cobham, Honeywell International, Inc., Dayton-Granger, Inc., TE Connectivity, All Weather, Inc., and Saywell.
Some major findings of the aircraft lightning protection market report include:
- Grounding wires will grow at a steady rate due to increasing demand from helicopters for protection against lightning strikes.
- Huge military spending across the globe will trigger product penetration in the military segment.
- Increasing demand for low-cost carriers and the development of cost-effective solutions will augment industry growth.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Aircraft lightning protection market 3600 synopsis, 2016 –2026
2.1.1 Business trends
2.1.2 Product trends
2.1.3 End user trends
2.1.4 Aircraft trends
2.1.5 Fit trends
2.1.6 Regional trends
Chapter 3 Aircraft Lightning Protection Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.3 Profit margin analysis
3.2.4 Distribution channel analysis
3.2.5 Vendor matrix
3.3 Technology landscape
3.4 Regulatory landscape
3.4.1 North America
3.4.3 Asia Pacific
3.4.4 Latin America
3.5 Industry impact forces
3.5.1 Growth drivers
18.104.22.168 Increasing aircraft production and R&D for lightning protection
22.214.171.124 Growing demand for low cost carriers and development of cost-effective solutions
126.96.36.199 Growing air passenger traffic and defense aircrafts
188.8.131.52 Increasing demand for single aisle aircraft fleet coupled with infrastructure development
184.108.40.206 Rising number of business jets along with Proliferating tourism industry
3.5.2 Industry pitfalls & challenges
220.127.116.11 High cost associated with aircraft manufacturing set up for lightning protection
3.6 Innovation & sustainability
3.7 Growth potential analysis
3.8 Porter’s analysis
3.9 Competitive landscape, 2019
3.9.1 Top players analysis
3.9.2 Strategy dashboard
3.10 PESTEL analysis
3.11 Impact of COVID-19 on aerospace & defense industry
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Aircraft Lightning Protection Market to reach $3.3 Bn by 2026
Aircraft Lightning Protection Market size is set to exceed USD 3.3 billion by 2026, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.