Military Lighting Market value 5.2 Million by 2023 at a CAGR of 4.89%
Posted by Sandeep Roy on January 29th, 2021
According to the latest market research report the "Military Lighting Market by Application (Ground, Marine, and Airborne), Technology (LED, and Non-LED), Solution (Hardware, Software, and Services), and Region (North America, Europe, Asia Pacific, Middle East, Rest of the World) - Global Forecast to 2023", The military lighting market is projected to grow from an estimated USD 484.5 million in 2018 to USD 615.2 million by 2023, at a CAGR of 4.89% from 2018 to 2023.
The need to integrate cost-effective technology and integrate LED lighting with modernized military systems have propelled key players to undergo advancements in military lighting technology. Military lighting manufacturers are focused on the development of military lighting for the airborne, ground, and marine platforms.
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The need to use cost-effective and energy efficient lights is expected to drive the market for military lighting. Also, advancements in LED technology are expected to help the military to absorb LEDs more conveniently into their systems.
Based on platform, the airborne platform is projected to lead the military lighting market during the forecast period
Based on the platform, the airport lighting segment is expected to account for a major market share in the military lighting market during the forecast period, while the combat helmet lighting segment is expected to grow at the highest rate. The efforts of governments for the use of LED lights in military airports are expected to drive the market for military airport lighting. Also, various government programs for the modernization of militaries is expected to lead to the growth of the combat helmet lighting market at a high pace.
Based on technology, the LED segment of the military lighting market is projected to witness higher growth during the forecast period
Based on technology, the LED segment is expected to lead the military lighting market. Growing awareness about the various benefits of LED lights over traditional incandescent and fluorescent lights is leading to the higher adoption of LED lights in military services.
Based on solution, the services segment of the military lighting market is projected to witness the higher growth during the forecast period
Since most military platforms are expected to be required to retrofit LED lights in their systems, a significant demand for retrofitting services is expected in the industry. Also, since the life time of LED lights is around 5 years, continuous maintenance services for these lights will be required.
The Asia Pacific region is expected to lead the military lighting market during the forecast period from 2018 to 2023
North America is expected to remain the largest region due to high focus on energy savings and advancement in lighting technology. The APAC region is expected to lead the military lighting market during the forecast period. APAC is expected to be a major military lighting market. Rising military upgrades, modernization of military systems, and purchase of military jets and ships are expected to upsurge demand in the military lighting market in the APAC during the forecast period.
Key Market Players
Major companies profiled in the military lighting market report are Oxley Developments Company Ltd (UK), Astronics (US), Orion Energy Systems, Inc. (US), and Carmanah Technologies Corporation (Canada).
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About the AuthorSandeep Roy
Joined: August 7th, 2019
Articles Posted: 252
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