Heliport Lighting Market to increase by USD 30.13 million from 2023 to 2028; Varied use of heliports to drive the growth - Technavio
NEW YORK, Dec. 7, 2023 /PRNewswire/ -- The heliport lighting market size is expected to grow by USD 30.13 million from 2023 to 2028. However, the growth momentum of the market will be progressing at a CAGR of 5.91% during the forecast period. The market is segmented by Technology (LED lighting and Traditional lighting), Application (Civil and Military), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
Varied use of heliports is notably driving the market growth. Strategically placed heliports facilitate effectual disaster management. Heliports play a crucial role in providing rapid support to security and disaster management forces during emergencies such as fire, earthquakes, floods, and industrial accidents. They help prevent loss of life and property by facilitating quick and efficient deployment of personnel and equipment. In disaster-stricken areas, heliports serve as a base for rescue operations, medical support, and supply of food and water to the affected population. They also aid in suppressing forest fires by enabling effective rotorcraft activities, and can be used to supply the necessary water reserve, as carrying water by helicopter from a distance is not always feasible.
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Market Dynamics: Trends & Challenges
The development of electric vertical takeoff and landing aircraft is an emerging trend shaping the market growth. Electric vertical takeoff and landing (eVTOL) aircraft is still a notion experiencing fast development and witnessing massive investments. eVTOL aircraft is aimed at providing on-demand transportation and minimizing long commutes owing to heavy traffic and urbanization in populated areas.
High initial cost and maintenance of heliport lighting are significant challenges hindering the market growth. The global heliport lighting market is facing challenges owing to the high initial cost and maintenance requirements associated with heliport lighting systems. Such factors have an adverse influence on the adoption and growth of the market, making it more difficult for heliport operators to invest in cutting-edge lighting solutions.
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The Global Helicopter Tourism Market size is estimated to grow by USD 282.41 million accelerating at a CAGR of 4.5% between 2022 and 2027.
The business jet market size is estimated to grow at a CAGR of 4.25% between 2022 and 2027. The market size is forecast to increase by USD 6.32 billion.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Technology
Market Segmentation by Application
Market Segmentation by Geography
Drivers, Challenges, & Trends
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