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Aircraft Lightning Protection Market By Product, End User, Aircraft, Fit, Competitive Market Share & Forecast, 2024

Author : Ronak Bora | Published Date : 2019-05-31 

Pegged at a modest $2.5 billion in 2017, global aircraft lightning protection market is projected to witness rapid growth over 2018-2024. Robust advancements in aircraft design coupled with the increasing need of conducting maintenance operations for aircraft fleet to comply with modern safety standards have been major factors driving the growth prospects of this industry.

Regional jets are expected to witness fastest growth over forecast period owing to its increased profitability and easy air services offered to small airplanes. For instance, in 2018, Lufthansa airlines witnessed an addition of CRJ100 jets for connecting eastern and western European cities. Moreover, increasing trading activities across the globe is expected to fuel the growth of business jets, thereby escalating the aircraft lightning protection market volume.

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The last recorded fatal incident where a lightning strike caused a serious accident was in 1967, when a lightning bolt caused the airplane fuel tank to explode. Since then, numerous protection techniques have been developed and implemented with airplanes now going through a series of rigorous certification tests that verify safety measures. These safety certifications are not only perpetually fueling the aircraft lightning protection market but are also responsible for boosting the research and development efforts in the recent times.

The civil aviation industry apportions a major chunk of the global aircraft lightning protection market – around $2 billion according to a 2017 estimate. The market size is projected to rapidly increase over the forecast period owing to growing world-trade and increase in passenger traffic. As per an IATA (International Air Transport Association) forecast, the air passenger traffic is set to reach 7.8 billion by 2036. Moreover, the association also estimates that around $17.5 billion worth of goods travel by air every day which translates to about 35% of the total world trade.

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lightning protection material dominated the industry and accounted for 94% of overall revenue in 2017. The materials are deployed on the outer surface and in structure for protecting the airplanes against lightning strikes. The static wicks and grounding wires are positioned on the trailing edges for discharging the charge into atmosphere. While expanded metal foil is positioned in the structure above composite material for improving the conductivity. Moreover, deployment of static wicks to reduce hinderances in radio communication and transmitting static discharges will propel the aircraft lightning protection market demand over the forecast period.

Asia Pacific is expected to witness around 5% CAGR over the forecast timeframe owing to multiplying number of air passengers. North America leads the aircraft lightning protection market owing to the increasing production and deliveries of airplanes. Government of the U.S & Canada and FAA introduced regulations regarding the weight of empty plane which will surge the application for composite materials.

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Of late, the military segment of aircraft lightning protection market has witnessed a robust expansion owing to increasing defense expenditure of major nations around the globe. According to reliable estimates, the top eight economies of the world allocated a combined $1188 billion to their defense budgets in 2017. Out of these nations, the U.S. alone is estimated to have spent around $610 billion. Apparently, these humongous numbers underscore the significance of military segment in the growth of aircraft lightning protection market.

Essentially driven by growing world-trade, escalating air traffic passenger figures, and a drastic increase in defense budgets of various countries, the growth prospects of the aircraft lightening protection market appear to be highly promising. In fact, according to the research report put together by Global Market Insights, Inc., the remuneration scale of aircraft lightning protection market is projected to surpass $3.5 billion by 2024.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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