Aircraft Lightning Protection Market Size

Aircraft Lightning Protection Market Size

Aircraft Lightning Protection Market size valued at USD 3.09 billion in 2019 and will grow at a CAGR of 3.1% from 2020 to 2026. Favorable trends associated with the tourism sector will propel the industry growth.

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Increasing production of aircraft owing to the growing air passenger traffic and requirement to replace aging aircraft fleets will boost the market expansion. In January 2019, JetBlue signed an order to purchase 120 aircraft from Bombardier, Inc. According to the International Air Transport Association (IATA), the number of air passengers will be nearly eight billion by 2036, which is nearly double of the estimated four billion air travelers in 2018. These aforementioned trends will catapult aircraft manufacturing, thereby triggering the product sales in the future.

Rising R&D activities to propose new theories and development of new polymers will spur market penetration in the coming years. Stringent safety norms by several regulatory bodies for the integration of protective materials in aircraft structures and fuel efficiency will support industry value. Regulatory bodies including the Federal Aviation Administration (FAA) and the European Aviation Safety Agency (EASA) are continuously developing aircraft lightning protection norms.

The emergence of new aircraft manufacturers with lightning protection materials, such as carbon laminate composite and fiberglass, has significantly contributed toward aircraft manufacturing facility set-up costs. Lightning protection tests involve the application of high current and voltage generation. These tests are performed in electrical test laboratories by experienced operators. The limited number of facilities in conjunction with expertise requirement are among the few factors that will continue to negatively influence the industry expansion.