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Airport Smart Lighting Market Size, Driving Factors, Growth Statistics, Competitive Landscape And Forecast To 2033
Airport Smart Lighting Market Size
According to The Business Research Company's, The airport smart lighting market size has grown strongly in recent years. It will grow from $1.02 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to Energy efficiency regulations, enhanced passenger experience, cost savings, safety and security, data-driven insights, and compliance requirements.
The airport smart lighting market size is expected to see strong growth in the next few years. It will grow to $1.62 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to rising demand for energy efficiency, focus on passenger experience, safety and security requirements, cost savings and operational efficiency, regulatory compliance, data-driven decision-making, and smart airport initiatives. Major trends in the forecast period include the adoption of LED technology, integration of IoT and sensors, focus on sustainability, enhanced passenger experience, smart airport ecosystem integration, remote monitoring and management, and data-driven insights and analytics.
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Market Drivers and Trends:
Growing air travel demand is expected to propel the growth of the airport smart lighting market going forward. Air travel refers to the transportation of passengers and goods by aircraft, typically between different locations, regions, or countries. Air travel demand is rising due to the increasing affordability and accessibility of flights, driven by advancements in technology, competition among airlines, and the expansion of low-cost carriers. Airport smart lighting enhances air travel by improving visibility, safety, and energy efficiency through dynamic adjustments based on passenger flow, weather conditions, and time of day, ultimately enhancing the overall airport experience and operational efficiency. For instance, in November 2023, according to Eurostat, a Luxembourg-based statistical office of the European Union (EU), the EU witnessed a significant surge in air travel, with the total number of passengers reaching 820 million in 2022, marking a substantial increase of 119.3% compared to the previous year. Therefore, growing air travel demand is driving the growth of the airport smart lighting market.
Major companies operating in the airport smart lighting market are increasing their focus on developing advanced solutions, such as sensor-based lighting, to gain a competitive edge in the market. Sensor-based lighting refers to lighting systems that incorporate sensors to detect changes in environmental conditions or occupancy, adjust lighting levels accordingly, and improve the overall passenger experience within airport facilities. For instance, in May 2022, ADB Safegate BVBA, a Belgium-based airport lighting company, launched AXON EQ LED. These lights are equipped with built-in sensors that capture data essential to airport operators, enabling them to pinpoint maintenance needs and optimize operations. The AXON EQ LED lights are part of ADB SAFEGATE's Airfield 4.0 technology, which aims to enhance airport operations by providing advanced routing and guidance capabilities. This technology contributes to increased safety and reduced power consumption at airports.
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Major Key Players of the Market:
Siemens AG, Honeywell International Inc., Safran S.A., Koninklijke Philips N.V., Signify Holding, Acuity Brands Inc., TKH Airport Solutions, Midstream Ltd, Astronics Corporation, Schreder Group, OCEM Airfield Technology, ADB Safegate, Carmanah Technologies Corp, GMR ENLIGHTS s.r.l, Sealite Pty Ltd, Eaton Corporation, atg airports limited, Delta Obstruction Lighting, Avlite Systems, Cree Inc., Airsafe Airport Equipment Co. Ltd.
Airport Smart Lighting Market 2024 Key Insights:
• The airport smart lighting market size is expected to see strong growth in the next few years. It will grow to $1.62 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%.
• Rising Air Travel Demand Fuels Growth In The Airport Smart Lighting Market
• Advancements In Sensor-Based Lighting Solutions Transforming The Airport Smart Lighting Market
• North America was the largest region in the airport smart lighting market in 2023
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