Pune, India, July 05, 2023 (GLOBE NEWSWIRE) — The global aircraft electrical system market size is projected to reach USD 27.29 billion by 2027, exhibiting a CAGR of 5.83% during the forecast period. Expanding defense budgets of leading economies of the world will generate unprecedented opportunities for market players, highlights Fortune Business Insights™ in its report, titled “Aircraft Electrical System Market Size, Share, Industry Analysis, and Regional Forecast, 2023-2027”.
Increased threats to national security have prompted numerous countries to escalate their expenditures on armed forces in recent years. According to the Stockholm International Peace Research Institute (SIPRI), global military spending reached USD 1,917 billion in 2019. SIPRI’s data identifies the United States, China, India, Russia, and Saudi Arabia as the largest contributors, accounting for 62% of the total expenditure. Enhanced investment in defense technologies enables nations to strengthen their air force, navy, and military capabilities. Notably, aircraft electrical systems play a crucial role in enhancing aircraft management efficiency and equipping pilots with advanced solutions to counter potential threats.
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List of Key Players Profiled in the Aircraft Electrical System Market Report:
- Ametek (The U.S.)
- Amphenol Corporation (The U.S.)
- Astronics Corporation (The U.S.)
- Avionic Instruments, LLC (The U.S.)
- Bae Systems (The U.K.)
- Carlisle Interconnect Technologies (The U.S.)
- Crane Aerospace & Electronics (The U.S.)
- Eaglepicher Technologies, LLC (The U.S.)
- Esterline Technologies (TRANSDIGM GROUP) (The U.S.)
- GE Aviation (The U.S.)
- Hartzell Engine Technologies (The U.S.)
- Honeywell International Inc. (The U.S.)
- Meggitt (The U.K.)
- Nabtesco Corporation (Japan)
- PBS Aerospace (The U.S.)
- Pioneer Magnetics (The U.S.)
- Radiant Power Corporation (The U.S.)
- Safran (France)
- Thales Group (France)
- United Technologies Corporation (The U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2027 |
| Forecast CAGR | 5.83 % |
| 2027 Value Projection | USD 27.29 Billion |
| Market Size in 2019 | USD 19.95 Billion |
| Historical Data | |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Aircraft Electrical System Market Growth Drivers | Rise in Aircraft Conversion Facilities Infrastructure by Key Players Due to Increased Demand for Conversion Slots to Boost Market Growth |
| Growing Numbers of Adoption Converted Aircraft Over New Freighters to Drive Market Growth |
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Restraining Factor
Subdued Demand for Air Travel amid COVID-19 to Have Severe Repercussions for the Market
The COVID-19 pandemic has led to a severe downturn in the aviation industry as travel bans and fears of speeding up the spread of the virus have kept travellers away from airplanes and airports. According to a September 2023 report by the Airports Council International (ACI) World, air passenger traffic will decline by a staggering 58.4% year-on-year in 2023 because of the coronavirus. Furthermore, the International Civil Aviation Organization (ICAO) estimates that the number of air travellers will fall by 2,893 million in 2023, and by 1,261 million in the first half of 2021. The steep dip in passenger numbers has led to a potential loss of USD 391 billion to airlines in 2023 and will lead to revenue losses between USD 148 billion and 182 billion in the January-June 2021 time period, according to the ICAO. The sudden contraction in air travel will inevitably affect airline companies’ investment plans to upgrade their fleets with modern digital technologies. Consequently, the aircraft electrical system market growth will suffer.
As per the report, the value of the global market was estimated to be USD 19.95 billion in 2019. The report also offers the following:
- Granular analysis of the factors driving the growth of the market;
- Piecemeal diagnosis of the different market segments;
- Unmatched study of the regional prospects and competitive milieu of the market; and
- An exhaustive assessment of the various challenges facing the market.
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Regional Insights
Robust Domestic Airline Network to Fuel the North America Market
North America, with a size of USD 8.41 billion in 2019, is expected to dominate the aircraft electrical system market share during the forecast period. The principal factor propelling the regional market is the existence of a strong and reliable domestic airline network across the US and Canada. In addition, high defense spending by the US government and quick adoption of modern aircraft technologies by the US and Canadian Air Forces will also accelerate the regional market growth.
In Europe, increasing adoption of next-generation power management systems for commercial aircraft by the UK and growing preference for lightweight airplanes in the region are anticipated to boost the market. On the other hand, the market in Asia Pacific will be driven by the escalating demand for air travel in India and China and the rapid expansion of the commercial airline industry in China.
Competitive Landscape
Introduction of Advanced Aircraft Electrical Solutions to Intensify Market Competition
A prominent feature of the market for aircraft electrical systems is the development and introduction of advanced, sophisticated solutions by key players. Through this strategy, companies are strengthening their portfolios and augmenting the prospects of the aviation industry.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aircraft Electrical System Market
- Impact of COVID-19 Pandemic on Global Aircraft Electrical System Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
- Global Aircraft Electrical System Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Platform
- Market Analysis, Insights and Forecast – By Component
- Generators
- Conversion Devices
- Distribution Devices
- Battery Management Systems
- Others
- Market Analysis, Insights and Forecast – By Application
- Power Generation Management
- Flight Control & Operation
- Cabin System
- Configuration Management
- Air Pressurization & Conditioning
TOC Continued…!
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Industry Developments:
- November 2023: Carlisle Interconnect Technologies announced that it will be extending interconnect solutions for a vast array of next-gen air mobility applications. The company is known for its product lineup that ranges from specialty and filtered connections and integrated systems to advanced avionics and high-performance wire and cable.
- August 2023: BAE Systems announced that it will be developing a series of power sources for small electric aircraft. The new power sources will replace the conventional aircraft engines and connect flight controls with energy and power management systems.
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