Military Lighting Market projected to reach $615.2 million by 2023

This report provides an analysis of the military lighting market for the forecast period from 2018 to 2023. It discusses industry and technology trends that are currently prevailing in the military lighting market. It analyzes the factors that drive and restrain the growth of the military lighting market as well as the challenges faced by it. 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.  Various measures undertaken by governments across the globe for the adoption of more energy efficient lights in their military platforms and the technological advancements in LED technology are expected to drive the military lighting market during the forecast period.

Download PDF Brochure: 

https://www.marketsandmarkets.com/pdfdownload.asp?id=220722552

Browse 166 market data Tables and 41 Figures spread through 183 Pages and in-depth TOC on “Military Lighting Market”

https://www.marketsandmarkets.com/Market-Reports/military-lighting-market-220722552.html

Early buyers will receive 10% customization on this report.

Among platforms, the airborne segment of the military lighting market is projected to grow at the highest CAGR during the forecast period. While the marine segment is expected to grow at a constant pace, the ground segment is expected to account for the major share of the market across the globe.

Among solutions, the services segment is expected to grow at the highest rate as major fitting, retrofitting and maintenance services are expected to be required for the adoption of LED technology.

The growing awareness about the advantages of the use of LED lights over Non-LED lights, the market adoption rate, are expected to lead to growth at a high CAGR. Most militaries services are retrofitting incandescent and fluorescent lights with LED lights which will cause the market for Non-LED lights to either grow at a very slow rate or show negative growth rate.

The North America region is projected to lead the military lighting market during the forecast period. Rising military upgrades, such as the retrofitting of LED lights in the marine segment and military airports, and the adoption of LED lights for airborne and other applications are expected to lead to North America accounting for the largest market share during the forecast period.

The Asia Pacific military lighting market is projected to grow at the highest CAGR from 2018 to 2023. Modernization programs are increasing in the Asia Pacific aviation, ground, and marine military platforms, which is leading to the adoption of advanced aircraft military lighting systems. These factors are anticipated to further propel the demand for military lighting in the APAC region. Moreover, major defense powers in this region, such as China and India are investing substantial amounts in the manufacture and procurement of advanced military aircraft and marine military platforms, which is expected to further accentuate market growth.

Inquiry before Buy:

https://www.marketsandmarkets.com/Enquiry_Before_Buying.asp?id=220722552

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Company: MarketsandMarkets

Contact: Mr.ShellySingh

Phone: 1-888-600-6441

You May Also Like