Navigation Lighting Market size is set to grow by USD 6.73 million from 2024-2028

The global navigation lighting market size is estimated to grow by USD 6.73 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 5.22%  during the forecast period.

According to ACI World, global air passenger numbers will grow by 53.5% in 2022, reaching about 7 billion, with the figure expected to double in 15 years due to increased travel in the APAC region. Major airlines are expanding fleet capacities to meet this demand.

United Airlines, for instance, ordered 110 aircraft from Boeing and Airbus in October 2023, including 50 Boeing 787 Dreamliners and 60 Airbus A321neos. Boeing received 561 orders for 737s and 213 for twin-aisle planes by December 2022. This rise in new aircraft purchases is driving the growth of the global navigation lighting market.

Modern aircraft are the result of extensive R&D, with each technological advancement in components being crucial. The development process involves prolonged testing and documentation, ensuring systems are fit for integration. Aircraft manufacturing is exhaustive and time-consuming, requiring precise assembly of numerous parts.
Delays in production can extend delivery dates, potentially leading to order cancellations. As air travel recovers post-pandemic, airlines have increased pressure on manufacturers to speed up production. Delays can limit airline capacity and cause significant financial losses for aircraft manufacturers and component suppliers, including those in the global navigation lights market.