The Aircraft Lightning Protection Market size was 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. Furthermore, stringent aviation regulations regarding aircraft safety are also expected to drive the growth of the market. Additionally, the emergence of new aircraft OEMs in the Asia-Pacific region is also expected to drive the demand for aircraft lightning protection systems.
However, issues related to complex maintenance procedures and existing backlogs in new aircraft deliveries are expected to hamper the growth of the market.
The increasing use of new-generation aircraft and the rising demand for military aircraft have propelled the demand for Aircraft Lightning Protection Market Insights systems. Additionally, technological advancements such as lightning sensor systems and lightning diverters are expected to drive the growth of the market.
Growth Opportunities in the Market
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.
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).
Currently, North America is dominating the Aircraft Lightning Protection Market Outlook share among other potential regions. This is due to the increasing procurement across the United States concerning the military and commercial demand. Several statistics show that the United States has been showcasing a large number of air travel and the air passenger traffic has increased significantly. Several commercial airlines have announced their plans towards procuring new aircraft and extending their fleets.
These developments across the commercial segment are driving the overall growth of the aircraft lightning protection industry. Moreover, the procurement for the military segment is also bolstering the overall growth of the aircraft lightning protection industry. For instance, in the year 2019, The defense department of the US had agreed to purchase 478 aircraft from Lockheed martin F-35 lightning II for USD 34 billion. Moreover, countries like Canada had announced their replacement of aging aircraft and fleets.
Other Prominent Players:
Avidyne Corporation (US),National Technical Systems, Inc. (US),Parker Hannifin Corp. (US),Microchip Technology Inc. (US)
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