The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Airport Lighting Market.
It was estimated prior to this unanticipated outbreak that the Airport Lighting System Market was likely to grow at >7% CAGR during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Airport Lighting Market Segment Insights:
By Light type:
There are several types of lighting system used in an airport, such as runway lighting system, taxiway lighting system, approach lighting, obstruction & beacon lighting, and apron & hanger lighting. Runway lighting system is expected to remain the largest lighting type during the forecast period whereas, apron & hanger lighting system is also expected to experience healthy growth during the same period.
By Technology Type:
LED lights are expected to witness the highest growth during the forecast period, driven by increasing focus on energy efficiency and reduction in overall operation and maintenance cost of the airport.
By Region:
North America is expected to remain the largest lighting market for airport applications during the forecast period due to the presence of large number of commercial and military airports and high focus towards energy efficiency and low operational cost. Asia Pacific is expected to grow at the highest rate in the next five years. The developing countries, mainly China and India are likely to drive the demand of airport lighting systems in the Asia-Pacific region in the next five years, driven by on-going and upcoming airport infrastructure projects.
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