High Replacement Rate of Halogen with LEDs Paving Revenue Generation Opportunities for Airfield Ground Lighting Suppliers, States Fact MR forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.
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NEW YORK, April 21, 2021 /PRNewswire/ The global market for airfield ground lighting grew at a promising CAGR of little over 6% until 2020. A study by consulting firm Fact.MR projects the market to grow threefold at an impressive pace of 11% CAGR through 2031. Investments in the expansion of airport infrastructure, rising military expenditure, and rising airport construction projects are primary factors driving the demand of airfield ground lighting.
According to the study, key players are using advanced technologies such as Artificial Intelligence-based airfield ground lighting to improve their future prospects. They also are incorporating the Internet of Thinking (IoT) enabled features in airfield lights that can be grounded on runaways. These technological advancements are propelling the market growth at a robust pace.