iCrowdNewswire Jan 13, 2021 11:56 AM ET
Global Military Lighting Market is projected to be valued at USD 674.52 Million by 2026, registering a CAGR of 4.71% from 2020 to 2026.
The compatibility of LED lights with military operations has significantly contributed to the expansion of the military lighting market. Furthermore, the increasing defense expenditures of countries such as the US, China, and India are also expected to drive the growth of the market. Additionally, the enhanced safety and quality features offered by LED lights are also expected to drive the growth of the market.
However, issues related to the long lifespans of LED lights, high initial costs, and stringent government regulations might hamper the growth of the market.
The increasing adoption of LED lights by the armed forces owing to the high efficiency offered is expected to drive the growth of the market.
Growth Opportunities in the Market
The Airborne Segment Is Expected to Register the Highest CAGR during the Forecasted Period: The airborne segment of the military lighting market is expected to record the highest CAGR during the forecast period owing to the growing demand for military aircraft and UAVs from several countries. In addition to this, various modernization programs by developed countries like the US, include night-vision-compatibility in the lighting systems of their military aircraft, which is also expected to drive this market.
The LED Segment Is Expected to Register the Higher CAGR during the Forecasted Period: The LED segment is expected to record the higher CAGR during the forecast period, owing to benefits offered by LED technology such as energy efficiency, decrement in overall operational and maintenance costs, durability, the ability to function in extreme weather conditions, and eco-friendly operation. Such benefits offered by LED technology are expected to drive the growth of the segment.
The Services Segment Is Expected to register the Highest CAGR during the Forecasted Period: The Services segment is expected to register the highest CAGR during the forecast period, owing to the increasing demand for retrofitting services. Additionally, LED lights require maintenance services during their long lifespans, which are expected to drive the growth of the segment.
- Astronics Corporation (US)
- Cobham PLC (UK)
- Honeywell International, Inc. (US)
- Luminator Technology Group (US)
- Oxley Developments Company Ltd. (UK)
- Raytheon Technologies Corporation (US)
- Soderberg Manufacturing Company, Inc. (US)
- STG Aerospace (UK)
- Safran (France)
- Other Prominent Players
- Orion Energy Systems, Inc. (US)
- Carmanah Technologies Corporation (Canada)
- Glamox (Norway)
- OSRAM GmbH (Germany)
- Revolution Lighting Technologies, Inc. (US)
- Acuity Brands Lighting, Inc. (US)
- ATG Airports Limited (UK)
- Avlite Systems (Australia)
- ADB Safegate (Belgium)
- C. Doane Company (US)
- Access Report Details @ https://www.marketresearchfuture.com/reports/military-lighting-market-10157
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