Aircraft Lightning Protection Market Share Value, Industry Data Analysis, And Outlook To 2030
Market Overview:
Aircraft lightning protection market share size valued at USD 3.09 billion in 2020 and will grow at a CAGR of 3.1% from 2020 to 2030.
The rapidly growing need for electronics in aircraft systems and the rising demand for new aircraft deliveries has significantly contributed to the expansion of the aircraft lightning protection market share. Furthermore, stringent aviation regulations regarding aircraft safety are also expected to drive the aircraft lightning protection market CAGR. Additionally, the emergence of new aircraft OEMs in the Asia-Pacific region is also expected to drive the demand for aircraft lightning protection systems.
Aircraft lightning protection is an essential safety feature that ensures the safety of passengers and crew members during flight. Lightning strikes are a common occurrence during flights and can result in catastrophic damage to the aircraft, which can lead to injuries, loss of life, and significant financial losses. The aircraft lightning protection market share has seen significant growth in recent years due to an increase in the number of aircraft being produced, a rise in air travel, and advancements in technology.
Key Players:
The Key players Of Aircraft lightning protection market share are LORD Corporation (Parker Hannifin Corporation), Gill Corporation, Dexmet Corporation, Technical Fiber Products Ltd , Cobham Limited (UK), Saab AB (Sweden), Honeywell International, Inc. (US), L3Harris Technologies, Inc.(US), Microsemi (US), TE Connectivity (Switzerland), Dayton-Granger, Inc. (US), PPG Engineered Materials (US), Astroseal Products Manufacturing Corp. (US), Pinnacle Lightning Protection, LLC (US)
Market Segmentation:
The aircraft lightning protection market share can be segmented into various categories, including product type, end-user, and region. The product type segment includes lightning protection systems, transient voltage suppressors, and lightning detection and warning systems. The end-user segment includes commercial, military, and general aviation. Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The Commercial Segment to Register the Higher Growth Rate: The commercial segment dominated the market in 2019 and is expected to register the higher CAGR during the forecast period owing to the growing air passenger traffic and air cargo across the world.
The Lightning Protection Segment Is Expected to Be the Fastest Growing: The lightning protection segment is expected to register the highest CAGR during the forecast period, 2020 to 2026. Lightning protection systems are reliable and consist of high-performance protection products that can withstand severe environmental conditions. Aircraft lightning protection systems are largely used in military and aerospace industries to offer enhanced safety to the aircraft.
The Fixed-Wing Segment Dominated the Market in 2019: The fixed-wing segment dominated the market in 2019. The growth can be attributed to factors such as increasing air travel, the rise in disposable income levels of the middle-class population, and growing international trade & tourism across the globe. Strong growth in this sector has resulted in an increasing number of aircraft orders to address the rising air passenger traffic. Manufacturers are currently focused on developing aircraft lightning protection systems and components to offer enhanced safety to the passengers and crew.
The Retrofit Segment to Register the Higher Growth Rate: Increasing aircraft modernization programs and retrofitting of aging aircraft fleets are expected to drive the growth of the segment.
Regional Analysis:
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The commercial aviation segment dominates the aircraft lightning protection market share , accounting for the largest market share. This is primarily due to the increasing number of air passengers and the growing demand for new aircraft. The military aviation segment is also a significant contributor to the market, driven by the increasing focus on military modernization and the procurement of new military aircraft.
In terms of product type, the lightning protection systems segment is expected to dominate the aircraft lightning protection market data during the forecast period. This is due to the increasing use of these systems in modern aircraft, which offer better protection against lightning strikes. The lightning detection and warning systems segment is also expected to grow significantly, driven by the increasing focus on passenger safety and the need for early warning systems to avoid lightning strikes.
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