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(USGovernment-News.Com, August 17, 2018 ) 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.
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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.
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