Aircraft Lightning Protection Market in Regional Jets Segment is Expected to Witness Fastest Growth Over Forecast Period | Key Players are The Gill , Saywell, L3 Aviation Products, Dexmet Corporation, Microsemi Corporation, Honeywell and Cobham
With increasing number of air passengers every year, the aircraft lightning protection market garnered remunerations of around USD 2.5 billion in 2017, owing to the rise in total aircrafts being operated across the world. Although the last plane crash attributed to lighting was recorded long time back, most of the aircrafts are anticipated to endure at least one to two lightning strikes every year that can affect electronic systems onboard and their functioning.
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The aircraft lightning protection industry has enabled the integration of appropriate measures and protection materials to counter any damaging effects. Severe delays and costly service disruptions can be caused by lightning strikes if not equipped with protection systems, as most of the aircrafts are made of low-electricity conducting composite materials. As composite materials provide a lighter and stronger alternative to deliver a reduction in overall aircraft weight and improved fuel efficiency, the aircraft lightning protection market will witness remarkable growth in the coming years.
Higher consumer spending by the middle-class population has resulted from the rapid economic development worldwide, affecting the travel and tourism industry as a whole. Demonstrating the enormous potential for the aircraft lightning protection market, commercial airlines had carried approx. 4 billion passengers on scheduled flights in 2017. The International Air Transport Association (IATA) has predicted that by 2035, the air traffic figures could go up to 7.2 billion passengers, almost doubling from the present levels. According to IATA, a sizable chunk of this traffic will originate from the Asia-Pacific (APAC) region where China is pegged to dethrone U.S. as the biggest aviation market by 2024, and India is slated to capture the third place by overtaking the UK by 2025.
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Understandably, with a large portion of the region susceptible to harsh weather conditions, especially warmer areas that experience more lightning instances, the APAC aircraft lightning protection market may benefit from the demand for additional aircrafts. Global standards for passenger safety are also being strictly followed by airlines in the emerging nations of the region, where there has been a steady heave in disposable income over the years.
There has been a significant upsurge in domestic air travel in APAC countries and apart from developed economies like Australia and New Zealand, China and India have seen a tremendous boost in regional flights. Referring to previous reports, China itself had added more than 110 domestic routes between 2015 and 2016 with the total number of airports, domestic and international, growing to 1,224 by 2016. As such, the APAC aircraft lightning protection market, which is expected to register a 6% CAGR from 2018 to 2024, will be a critical component of the regional aviation industry.
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North America dominates aircraft lightning protection market with rise in airplane production and deliveries. Government of Canada and the U.S. Federal Aviation Administration (FAA) regulations regarding empty airplane weight have surged the application of composite materials. Adoption of methods for conductive treatment of composites will enhance product penetration.
Key industry players of aircraft lightning protection market are The Gill Corporation, Saywell, L3 Aviation Products, Dexmet Corporation, Microsemi Corporation, Honeywell and Cobham. Other important players include Wire Masters, The Expanded Metal Company, Benmetal, Niles Expanded Metal, Exel Group, Proteck devices, Avidyne, Astroseal Products, Dayton Granger, TE Connectivity and Saab. Companies are launching innovative products to increase their market share. For instance, in July 2015, Dexmet Corporation introduces thinner expanded foils for high performance applications.
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