The commercial airport lighting market will register a CAGR of nearly 8% by 2023
NEW YORK, May 15, 2019 /PRNewswire/ -- About this market
Construction of new airports and modernization of existing airport infrastructure will be key factor driving the growth of the global commercial airport lighting market. Many countries are investing in new and improved infrastructure to manage the growing air traffic and maintain high level of service. Countries are focusing on renovating their airport infrastructure to modernize it. Analysts have predicted that the commercial airport lighting market will register a CAGR of nearly 8% by 2023.
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Market Overview
Growth in travel and tourism industry
The global commercial airport lighting market is witnessing the growth in travel and tourism industry. Owing to the increasing willingness of travelers to spend on recreational activities and rising frequency of promotional activities that attract large number of tourists annually. Further, governments across the world are taking initiatives to boost the travel and tourism industry.
High cost of LED lights
The high cost of LED poses a challenge in the market since the global commercial airport lighting market is driven by LED, OLED, and solar LED lighting. Owing to their benefits, many airports are likely to upgrade to LED lighting to save energy as well as to adopt environment friendly lighting systems in the airport
For the detailed list of factors that will drive and challenge the growth of the commercial airport lighting market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies. Factors such as the construction of new airports and modernization of existing airport coupled with growth in travel and tourism industry, will provide considerable growth opportunities to commercial airport lighting manufactures. Astronics Corporation, atg airports limited., Carmanah Technologies Corp., Eaton, and Signify Holding are some of the major companies covered in this report.
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