NEWARK, Del, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The runway lighting market is poised for substantial growth, with forecasts indicating a valuation of US$ 722.1 million by 2024. This remarkable surge is attributed to a heightened awareness and enhanced comprehension of runway lighting capabilities. The market is positioned to explore new opportunities, demonstrating a CAGR of 4.7% from 2024 to 2034. Expectations suggest the market could reach an estimated overall valuation of around US$ 1,187.4 million by 2034.
The runway lighting market is transforming significantly and is poised for substantial growth and technological advancements. The surge in market value is driven by multiple factors contributing to the expansion of the market sector. One key driver is the increasing interest and a deepening understanding of the capabilities offered by runway lighting systems. The aviation industry stakeholders recognize the critical role of effective lighting solutions in ensuring safe and efficient airfield operations.
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The market is witnessing a growing demand for these systems to meet regulatory standards and enhance operational efficiency and safety. The growth in runway lighting is expected to unlock new avenues and opportunities for industry players. As airports globally undergo expansions and upgrades, there is a heightened need for advanced lighting solutions to accommodate increased air traffic and ensure optimal visibility during various weather conditions.
This long-term outlook reflects the sustained demand for innovative and efficient lighting systems, aligning with the evolution of the aviation industry. Ongoing technological advancements, smart airport initiatives, and a continued focus on safety and sustainability will likely shape the future of the market landscape.
Key Takeaways from the Market Study:
- The market valuation in 2019 was US$ 564.4 million.
- Based on product type, LEDs are expected to dominate at a market share of 35% in 2024.
- India is estimated to register at a CAGR of 5.4% by 2034.
- The United Kingdom experiences significant growth, projected at a CAGR of 4.3% by 2034.
“The increasing demand for energy-efficient and cost-effective lighting solutions amidst the growth in air traffic and aviation infrastructure modernization is expected to drive industry growth in the runway lighting market,” - Says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
Scope OF Report:
| Attributes | Details | |
| Estimated Market Size in 2024 | US$ 722.1 million | |
| Projected Market Valuation in 2034 | US$ 1,187.4 million | |
| CAGR Share from 2024 to 2034 | 4.7% | |
| Forecast Period | 2024 to 2034 | |
| Historical Data Available for | 2019 to 2023 | |
| Market Analysis | Value in US$ billion | |
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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More Valuable Insights Available
Future Market Insights offers an unbiased global runway lighting market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand runway lighting market opportunities are segmented based on Product Type (LED Lighting, Incandescent Lighting, Halogen Lighting), End-use (Commercial Airport, Military Airport, Private Airport), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East and Africa)
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Key Segments of Runway Lighting Market Survey
By Product Type:
- LED Lighting
- Incandescent Lighting
- Halogen Lighting
By End Use:
- Commercial Airport
- Military Airporta
- Private Airport
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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