The aircraft lightning protection market size is poised to touch a remarkable value by 2032. The market is slated to grow at an appreciable CAGR over the forecast period.
Aircraft lightning protection technology is deployed for protecting an aircraft from damage in case it is struck by lightning during flight. Growing concerns associated with aircraft safety are set to propel industry expansion over the coming years.
Fortune Business Insights™ provides this information in its research report, titled “Aircraft Lightning Protection Market, 2024-2032”.
Informational Source:
https://www.fortunebusinessinsights.com/aircraft-lighning-protection-market-108112
List of Key Players Mentioned in the Report:
- Honeywell International Inc. (U.S.)
- Parker Hannifin Corporation (U.S.)
- Boeing (U.S.)
- Airbus (Netherlands)
- Saab AB (Sweden)
- Dexmet Corporation (U.S.)
- Pinnacle Lightning Corporation (U.S.)
- Dayton-Granger (U.S.)
- Astroseal Products Manufacturing Corporation (U.S.)
Segmentation:
Based on type, the market for aircraft lightning protection is subdivided into wire bundle shields, diverter strips, ground straps, coated glass fabric, wire mesh, aluminium flame spray coating, and others.
By aircraft, the market is fragmented into fixed wing, unmanned aerial vehicle (UAV), and rotary wing.
Based on application, the market for aircraft lightning protection is divided into protection, alerting, and detection.
By point of sale, the market is bifurcated into aftermarket and OEM.
Based on geography, the market for aircraft lightning protection has been studied across North America, Europe, Asia Pacific, and the rest of the world.
Report Coverage:
The report gives an analysis of the industry based on numerous segments. The market has been studied on the basis of type, aircraft, application, point of sale, and geography. The report also provides the key driving factors, restraining factors, and the latest trends in the market.
Drivers and Restraints:
Surge in Passenger Traffic to Impel Industry Expansion
A rise in passenger traffic and increasing concerns regarding aircraft safety during flight are anticipated to drive aircraft lightning protection market growth. The industry expansion is further impelled by the growing establishment of manufacturing units and escalated production.
However, the high costs associated with product manufacturing could restrain industry growth to a certain extent.
Regional Insights:
North America Leads the Global Market Owing to the Presence of Heavy Air Traffic
North America holds a dominating position in the global market. This is due to the presence of multiple established OEMs and heavy air traffic, which leads to increased product demand in the region.
Asia Pacific aircraft lightning protection market share is slated to record significant growth over the ensuing years. This can be credited to the escalating passenger traffic, production of new aircraft, and the resultant product demand in the region.
Competitive Landscape:
Companies Develop and Launch New Products to Secure Competitive Edge
Market players focus on the development and launch of new aircraft lightning protection products. Key companies are also keen to enter collaborations and strike merger and acquisition agreements with other industry players. These steps are being adopted to strengthen their positions in the market and secure an edge over competitors.
Key Industry Development:
January 2023 – Airbus developed a new lightning protection system, dubbed the Perforated Copper Foil (PCF) layer, for its A350 aircrafts. As stated by the company, it deployed the new layer in the aircraft’s rear fuselage delivered at the end of 2022.
February 2022 – Lockheed Martin Corporation commenced its replacement of the F-35 OBIGGS (Onboard Inert Gas Generation System) in older aircraft. The move was undertaken to address the flammability of the previous version in the event of a lightning strike.