According to a new market research report published by Acute Market Reports “Airfield Lighting Market (By Type: Runway Lighting, Taxiway Lighting, Approach Lighting and Apron Lighting; By Technology: Non-LED and LED) - Growth, Future Prospects, and Competitive Landscape, 2021-2029”, airfield lighting market was valued at US$ 606.4 Mn in 2020 and is expected to reach US$ 1118.3 Mn in 2029 growing at a CAGR of 7.1% during the forecast period from 2021 to 2029
The complete report is available at https://www.acutemarketreports.com/report/airfield-lighting-market
Market Insights
Rising activity at air terminals along increasing security concerns have compelled various airport administrations to incorporate the most recent innovations in the airfield lighting systems. Airfield lighting is one of the most vital component which ensures the safety and security of aircrafts along with the perimeter. Thereby, airports across the world are constantly in the phase of new installation or up gradation of airfield lighting systems. Furthermore, rising interest in energy conservation and requirement for energy efficient lights have encouraged manufacturers to offer a wide selection of energy efficient LED lights. In addition, manufacturers have been engaged in developing robust airfield lighting systems which can operate effectively and efficiently in various adverse weather conditions. The airfield lighting market is expected to witness immense growth opportunities due to construction of new air terminals. For instance, around 350 new airplane terminals are planned to commission in the next few years in the Asia Pacific region. Thereby, the airfield lighting market is expected to witness a significant boost in the Asia Pacific region in the following years.
Competitive Insights:
Airfield lighting market is fragmented in nature and is characterized by various international airfield lighting systems suppliers. These suppliers face intense competition to acquire agreements from airports across the globe for the provision of lighting systems. In addition, manufacturers have been focusing on improvement of their existing product portfolio in order to effectively cater to customer requirements. Some of the major players in the global airfield lighting market include ADB Safegate Americas, LLC, Honeywell International, Inc., Avionics Ltd., Avlite Systems Ltd., ABB Ltd., Hella KGaA Hueck & Co, Eaton Corporation PLC, ATG Airports, Inc., Vosla GmbH, Carmanah Technologies Corp., Goodrich Lighting Systems GmbH, Manairco, Inc., Koninklijke Philips N.V., Siemens AG and General Electric Company.
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