(MENAFN- GlobeNewsWire - Nasdaq) The global aircraft lightning protection market is segmented based on aircraft type, product, and fit type. The market is segmented by aircraft type into commercial aircraft, military aircraft, business jets, general aviation, and others. The market is segmented by product into lightning protection systems, transient voltage suppressors, and surge protection devices. By fit type, the market is segmented into line fit, retrofit- Industry forecast 2023-2030.
Westford,USA, Feb. 13, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest report, the global aircraft lightning protection market's growing safety concerns are compelling aircraft manufacturers and operators to invest in cutting-edge lightning protection systems to mitigate potential risks. Furthermore, increased investments in aviation infrastructure worldwide augment the adoption of advanced lightning protection technologies.
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Pages - 157 Tables - 90 Figures – 76
The global aircraft lightning protection market is experiencing notable expansion. The rising demand for contemporary, lightweight aircraft models, driven by the pursuit of fuel efficiency and reduced operational costs, plays a pivotal role in market growth.
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Report Scope & Segmentation:
| Market Size in 2022
| USD 5.69 Billion
| 2030 Value Projection
| USD 10.37 Billion
| Forecast Period
| Segments Covered
Aircraft Type Product Type Fit Type
| Regions Covered
North America Europe Asia Pacific Latin America Middle East and Africa
Prominent Players in GlobalAircraft Lightning Protection Market
Cobham Advanced Electronic Solutions L3Harris Technologies, Inc. Honeywell International Inc. TE Connectivity Ltd. Saab AB Dexmet Corporation Astroseal Products Manufacturing Corp. Dayton-Granger, Inc. The Gill Corporation PPG Industries, Inc. Avidyne Corporation GKD Gebr. Kufferath AG Benmetal Inc. Cobhamplc Microsemi Corporation Esterline Technologies Corporation 3M Company Kitagawa Industries Co., Ltd. LORD Corporation Parker-Hannifin Corporation
Retrofit Segment has Risen Significantly due to Demanding Requirements with Aviation Safety Regulations
Retrofit segment plays a critical role in addressing the substantial number of older aircraft models still in service that lack lightning protection systems. Aircraft operators and airlines are facing the imperative to upgrade their fleets to meet these demanding requirements, with aviation safety regulations becoming progressively more stringent and emphasizing lightning protection in the global aircraft lightning protection market.
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North America holds the title of the largest market share within the global aircraft lightning protection market. The region boasts the presence of key aircraft manufacturers, making it a central hub for aviation innovation and technology development.
Line Fit Segment to Dominate Market due to the High Volume of Commercial Aircraft Deliveries
Line fit segment stands as the largest market segment in the global aircraft lightning protection market, primarily due to its prevalence and several key factors. Line Fit, which involves installing lightning protection systems during the initial manufacturing process of the aircraft, holds a commanding position within the market for several reasons. The line fit segment's dominance can be attributed to the high volume of commercial aircraft deliveries.
Asia Pacific is emerging as a significant growth center in the global aircraft lightning protection market, driven by many dynamic factors. The region's rapid economic development has spurred substantial growth in various sectors, including aviation. The increasing air passenger traffic in countries across Asia Pacific has been particularly noteworthy, with countries such as China and India witnessing remarkable surges.
A comprehensive analysis of major global aircraft lightning protection market players has been conducted recently. The report encompasses various aspects of the market, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
Key Developments in Global Aircraft Lightning Protection Market
In 2023, ProTek Devices made a significant announcement about the launch of a high-powered surface mount transient voltage suppression component. This component is specifically designed to cater to motor, module, and AC/DC systems, particularly in aircraft applications. It serves the crucial function of safeguarding equipment circuits from potential damage caused by high voltage spikes, ensuring the reliability and longevity of critical systems within aircraft. In 2023, Air India unveiled a monumental contract valued at USD 46 billion for procuring a staggering 470 commercial aircraft from Boeing and Airbus. Such a massive fleet expansion initiative requires comprehensive safety measures, including lightning protection systems.
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Key Questions Answered in the Global Aircraft Lightning Protection Market Report
What specific growth drivers are projected to impact the market during the forecast period? List the top companies in the market and explain how they have achieved their positions of influence. In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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