Portland, OR -- (SBWire) -- 09/21/2017 --According to a recent report published by Allied Market Research, titled, Aircraft Lighting Systems Market by Aircraft Type and Light Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global aircraft lighting systems market was valued at $1,579 million in 2016, and is projected to reach at $2,204 million by 2023, growing at a CAGR of 5.1% from 2017 to 2023. In 2016, the interior lighting sub-segment accounted for the highest revenue share in the global market.

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The leading market players have developed customized lighting systems and equipment to cater to the needs of consumers. In addition, they focus on exploring novel technologies and applications through technology demonstration to increase their market outreach. LED lighting systems are adopted by airline operators, owing to higher efficiency, lower costs, and enhanced quality of light. Moreover, collaborations and acquisitions are expected to enable the leading players to enhance their product portfolios and expand into different geographical regions. Furthermore, high demand for energy efficient lighting systems in the emerging economies, such as Asia-Pacific and LAMEA, along with increase in privatization of airlines in the market is expected to provide numerous growth opportunities during the forecast period.

The global aircraft lighting systems market is segmented into light type, aircraft type, and region. Based on light type, it is bifurcated into exterior and interior lighting systems. Based on aircraft type, it is classified into wide body, narrow body, very large aircraft, and regional jets. The market in analyzed based on region across North America, Europe, Asia-Pacific, and LAMEA including the country level analysis for each of these regions.

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The factors that drive the global aircraft lighting systems market are increase in air travel, growth in demand for new aircraft, and rise in need for light-weighted aircraft components & new technological advancements. However, high initial costs hamper the market growth.

The key players operating in the global aircraft lighting systems market include Diehl Stiftung & Co. Kg., Zodiac Aerospace, United Technologies Corporation, B/E Aerospace, Inc., Luminator Aerospace, Cobham PLC., Honeywell International Inc., STG Aerospace Limited, Astronics, and Geltronix Aviation Light.

Key Findings of the Aircraft Lighting Systems Market:

- The exterior lighting systems sub-segment is expected to exhibit a significant increase in the global aircraft lighting systems market during the forecast period.

- In 2016, the narrow body aircraft accounted for the highest revenue among the other aircraft types.

- Asia-Pacific is anticipated to exhibit substantial growth during the forecast period.