Aircraft Passenger Exit Path Lighting Market to Reach $1.1 billion, Globally, by 2032 at 6.8% CAGR: Allied Market Research

Rise in demand for air travel, technological advancements, and surge in adoption of LED technology are the factors that drive the growth of the aircraft passenger exit path lighting market.

PORTLAND, Ore., April 30, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Aircraft Passenger Exit Path Lighting Market by Light Source (LED, Fluorescent, and Incandescent), Aircraft Type (Commercial Aircraft, General Aircraft, and Others), and Lighting Type (Floor Proximity Lighting and Emergency Exit Signs): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the aircraft passenger exit path lighting market was valued at $585.2 million in 2022, and is estimated to reach $1,101.8 million by 2032, growing at a CAGR of 6.8% from 2023 to 2032.

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?  155 - Tables

?  50 - Charts

?  283 ? Pages

Prime Determinants of Growth

The growth of the aviation industry, including passenger air traffic, is a key driver for the growth of the aircraft passenger exit path lighting market. As air travel continues to increase globally, a corresponding need for more aircraft equipped with exit path lighting systems is expected to ensure passenger safety. Furthermore, stringent safety regulations imposed by aviation authorities such as the FAA, EASA, and others mandate the installation of exit path lighting systems in commercial aircraft. Any updates or revisions to these regulations that require enhanced safety features drive the growth of exit path lighting systems.

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Impact of Russia-Ukraine War Scenario

? Ukraine is a major producer of components used in various industries, including aerospace. The Russia-Ukraine conflict has disrupted manufacturing operations or logistics routes in Ukraine or neighboring countries, which has led to shortages or delays in the supply of materials and components used in exit path lighting systems. This  affects production schedules and availability of exit path lighting systems for aircraft manufacturers.

? In addition, geopolitical tensions and conflicts create uncertainty in global markets, affecting investor confidence, currency exchange rates, and overall economic stability. Instability in the region lead to fluctuations in raw material prices, transportation costs, and labor availability, impacting the cost of production for exit path lighting systems.

The LED segment to maintain its leadership status throughout the forecast period

On the basis of light source, the LED segment held the highest market share in 2022, accounting for more than three-fifths of the global aircraft passenger exit path lighting market revenue. This is attributed to the fact that LEDs are highly energy-efficient, consuming significantly less power compared to traditional lighting sources such as incandescent or fluorescent bulbs. This energy efficiency is crucial in aircraft where minimizing power consumption is essential for fuel efficiency and operational cost savings. However, the incandescent segment is projected to manifest the fastest CAGR of 9.3% from 2023 to 2032, This is attributed to the fact that Incandescent lights were likely readily available in the market at the time of increased demand for aircraft exit path lighting. Availability plays a crucial role in the adoption of any technology, and if incandescent lights were more accessible compared to alternatives, they would have been more likely to dominate the market.

The commercial aircraft segment to maintain its leadership status throughout the forecast period

On the basis of aircraft type, the commercial aircraft segment held the highest market share in 2022, accounting for more than half of the global aircraft passenger exit path lighting market revenue. This is attributed to the fact commercial aircraft are subject to stringent safety regulations set forth by aviation authorities such as the federal aviation administration (FAA) and the European Aviation Safety Agency (EASA). These regulations mandate the installation of specific exit path lighting systems to ensure passenger safety during emergencies, driving market demand. However, the general aircraft segment is projected to manifest the fastest CAGR of 8.7% from 2023 to 2032, This is attributed to the fact that general aircraft might have introduced innovative and advanced technologies in their exit path lighting systems, making them more efficient, reliable, and attractive to customers.

The floor proximity lighting segment to maintain its leadership status throughout the forecast period 

On the basis of lighting type, floor proximity lighting segment held the highest market share in 2022, accounting for more than three-fourths of the global aircraft passenger exit path lighting market revenue and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that floor proximity lighting illuminates the path to the exits on the floor, providing clear guidance to passengers even in low-light conditions or dense smoke, enhancing passenger safety. However, the emergency exit signs segment is projected to manifest the fastest CAGR of 9.9% from 2023 to 2032, this is due to the fact that emergency exit signs use universally recognized symbols and colors to indicate the location of emergency exits, making them easily identifiable to passengers regardless of language or familiarity with the aircraft.

North America to maintain its dominance by 2032

On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global aircraft passenger exit path lighting market revenue. This is attributed to the fact that North America has one of the largest air travel markets globally, with millions of passengers flying domestically and internationally every year. This high demand for air travel necessitates a significant number of aircraft, leading to a proportionate demand for safety equipment like exit path lighting. However, Asia-Pacific is expected to witness the fastest CAGR of 10.0% from 2023 to 2032, this is attributed to the fact that Asia-Pacific region has experienced significant growth in air travel demand over the past decade. Emerging economies, rising middle-class populations, and increasing disposable incomes have led to a surge in air passenger traffic. This growth necessitates the expansion of airline fleets, resulting in a higher demand for aircraft and associated safety equipment like exit path lighting systems.

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Leading Market Players:

?  Astronics Corporation

?  Collins Aerospace

?  Luminator Technology Group

?  LEDtronics

?  STG Aerospace

?  Bruce Aerospace

?  Diehl Stiftung & Co.

?  Cobalt Aerospace Group Limited

?  Lufthansa Technik

?  SKYbrary Aviation Safety

The report provides a detailed analysis of these key players of the global aircraft passenger exit path lighting market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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