Aircraft Lightning Protection Market to reach $3.3 Bn by 2026

Aircraft Lightning Protection Market size is set to exceed USD 3.3 billion by 2026, according to a new research report by Global Market Insights Inc.
 

Many airlines are planning to increase their fleet size due to the increasing number of passengers and freight demands. Additionally, aircraft manufacturers are expanding their existing manufacturing facilities to cater to the growing demands. Increasing research & development investments coupled with the launch of new products to provide user safety in the event of a lightning strike will support the aircraft lightning protection industry growth.
 

Commercial aircraft industry is expected to witness continued soaring growth through 2026 owing to the rising demand for air travel. As the demand is likely to remain robust, approximately 40,000 commercial aircraft are to be produced in the next 20 years. Changing demographics is the major factor driving the commercial aircraft sector growth. Rapid urbanization along with developing economies stimulates higher living standards among people. Moreover, rising income levels and the growing middle-class population are supporting aircraft lightning protection market expansion.
 

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The growth in consumer spending and transition to service-based economies will positively influence the global air travel demand. Favorable trends associated with the travel & tourism sector will generate a plethora of opportunities for the commercial aviation sector, which, in turn, will spur the market demand by 2026.
 

Browse key industry insights spread across 275 pages with 361 market data tables & 26 figures & charts from the report, “Aircraft Lightning Protection Market Size By Product (Lightning Protection {Expanded Metal Foil, Static Wick/Grounding Wire, Transient Voltage Suppressor}, Lightning Detection & Warning), By End-user (Civil, Military), By Aircraft (Commercial Aircraft, Regional Jet, Business Jet, Helicopter, Military Aircraft), By Fit (Line-Fit, Retrofit), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/aircraft-lightning-protection-market
 

The coronavirus pandemic has completely brought international travel to a virtual standstill, crippling the aerospace industry in a significant manner. A sharp decline in the air travel demand will compel aircraft manufacturers to minimize production, thereby causing a significant revenue decline in the aircraft lightning protection market in 2020. As lockdown restrictions and transportation bans are lifted in the second half of 2020, the market will gain momentum slowly and steadily. It will take at least three to four years for the market to fully stabilize and achieve peak growth rates.
 

Rising use of composites in aircraft manufacturing will propel the consumption of expanded metal foils

Expanded metal foils is likely to generate over USD 135 million by 2026. Increasing usage of expanded metal foils to offer effective shielding and improved safety against lightning strikes along with the prevention of short circuits in aircraft electronic systems will support market statistics. Furthermore, the capability of the product to offer enhanced protection from melting and burning at attachment points will aid in increasing its share. It helps in controlling resistive temperature and acoustic shock waves.
 

The aircraft lightning protection market from military aircraft segment to witness growth at around 1.5% CAGR through 2026. Rising defense and military budgets globally will positively influence market expansion. The U.S. government proposed an increase in the military budget to around USD 686 billion for the financial year 2019. Moreover, advancements in aircraft lightning technologies including low-weight components along with high efficiency will further accelerate market growth over the next few years.
 

Rising air passenger traffic will propel the industry growth

Asia Pacific aircraft lightning protection market size is forecast to cross USD 500 million by 2026. The global air passenger traffic growth will be spearheaded by Asia Pacific. According to the Airports Council International’s (ACI) Annual World Airport Traffic Forecasts 2017 – 2040, Asia Pacific will contribute to nearly 39% of international passenger traffic growth between 2017 and 2040.
 

Countries including China and India are investing huge amounts of money in airport infrastructure projects. Apart from these two countries, various countries including Vietnam, Colombia, Indonesia, Malaysia, and the Philippines are likely to be the fastest-growing countries for air passenger travel. This soaring growth in air passenger traffic will generate a huge demand for a large number of aircraft, thereby bolstering industry growth by 2026.