With increasing number of air passengers every year, the aircraft lightning protection market
garnered remunerations of around USD 2.5 billion in 2017, owing to the
rise in total aircrafts being operated across the world. Although the
last plane crash attributed to lighting was recorded long time back,
most of the aircrafts are anticipated to endure at least one to two
lightning strikes every year that can affect electronic systems onboard
and their functioning.

The aircraft lightning protection industry
has enabled the integration of appropriate measures and protection
materials to counter any damaging effects. Severe delays and costly
service disruptions can be caused by lightning strikes if not equipped
with protection systems, as most of the aircrafts are made of
low-electricity conducting composite materials. As composite materials
provide a lighter and stronger alternative to deliver a reduction in
overall aircraft weight and improved fuel efficiency, the aircraft
lightning protection market will witness remarkable growth in the coming
years.

Higher consumer spending by the
middle-class population has resulted from the rapid economic development
worldwide, affecting the travel and tourism industry as a whole.
Demonstrating the enormous potential for the aircraft lightning
protection market, commercial airlines had carried approx. 4 billion
passengers on scheduled flights in 2017. The International Air Transport
Association (IATA) has predicted that by 2035, the air traffic figures
could go up to 7.2 billion passengers, almost doubling from the present
levels. According to IATA, a sizable chunk of this traffic will
originate from the Asia-Pacific (APAC) region where China is pegged to
dethrone U.S. as the biggest aviation market by 2024, and India is
slated to capture the third place by overtaking the UK by 2025.

Understandably, with a large portion of
the region susceptible to harsh weather conditions, especially warmer
areas that experience more lightning instances, the APAC aircraft
lightning protection market may benefit from the demand for additional
aircrafts. Global standards for passenger safety are also being strictly
followed by airlines in the emerging nations of the region, where there
has been a steady heave in disposable income over the years. The
aircraft lightning protection industry has been greatly propelled in
APAC region due to the fact that Asia boasts nine of the world’s ten
most popular flight destinations. Boeing, as part of its own forecast
spanning a twenty-year period, has projected that the demand for
aircrafts will reach 39,000 globally and of these, 15,000 could be
attributed to the Asian markets.

There has been a significant upsurge in
domestic air travel in APAC countries and apart from developed economies
like Australia and New Zealand, China and India have seen a tremendous
boost in regional flights. Referring to previous reports, China itself
had added more than 110 domestic routes between 2015 and 2016 with the
total number of airports, domestic and international, growing to 1,224
by 2016. As such, the APAC aircraft lightning protection market, which
is expected to register a 6% CAGR from 2018 to 2024, will be a critical
component of the regional aviation industry. Heightened competition
amongst established and new airline companies have led to cheaper air
fares and more efficient services, further reinforcing the domestic air
travel segment.

The aircraft lightning protection market
will be given an immense thrust from retrofitting projects, where older
airplanes would be upgraded with enhanced protection, detection and
warning systems to ensure overall safety of passengers. Aircrafts also
need to be maintained periodically and often require replacement of
parts or modification of system components. A major contribution towards
the aircraft lightning protection industry earnings could be realized
from retrofits done during MRO (maintenance, repair and overhaul)
services offered by OEMs as well as aftermarket servicing companies such
as Lufthansa Technik, AAR Corp., among others. Recent predictions had
indicated that through the next decade, about USD 114.7 billion would be
spent on MRO services due to the swift increase in the jet fleet around
the globe.

Lightening protection as well as detection
and warning systems are often required to be retrofitted during
servicing of aircrafts and the obligatory presence of MRO service
centers has guaranteed timely inspection of aircraft components. APAC
has been coming up as a home to MRO centers of key aircraft
manufacturers, such as Airbus, which has been expanding its MRO base in
Asia with new partners like Triumph Aviation Services Asia. If similar
trends continue for other manufacturers across the world, extensive
availability and efficiency of MRO services offered will significantly
bolster aircraft lightning protection market globally, which is
anticipated to record a CAGR of 5% during the 2018-2024 timeline.

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