Global Aircraft Electrical Systems Market foreseen to garner a CAGR of about 7%
The global Aircraft Electrical Systems Market was worth USD 19.3 billion in 2020, and it is estimated that it will reach a valuation of USD 37.2 billion by 2025 at a CAGR of 6.8% during the envisioned period.
Electrical systems are the most essential components of any aircraft design. The electrical system is one of the most crucial elements in any aircraft design. It is an independent network of components that generate, use, distribute and store electrical energy. The complexity and capabilities of electrical systems vary greatly, from single-engine aircraft to modern multi-engine aircraft. However, both engines share the same electrical system components. The capacity and complexity of electrical systems vary from a single-engine aircraft to a multi-engine aircraft.
In April 2020, UTC and Raytheon Company merged, resulting in a new company called Raytheon Technologies.
Market Drivers and Restrains:
With the increasing adoption of electric aircraft systems rather than utilizing advancements in high-density electric aircraft battery solutions, aircraft hydraulics are some of the key drivers driving the growth of the aircraft electrical systems market. planes. Previously, hydraulics was used to perform many functions such as landing gear, actuation, and movement of brakes and flaps. In larger systems, hydraulics was also used for flight control, thrust reversers, spoilers, and many other functions. The main driver of the aircraft electrical systems market is the adoption of more electrical aircraft systems in aircraft rather than using hydraulic systems. Additionally, the introduction of low-cost electrical systems, such as electrical converters, inventors, and fiber optic cables, is expected to increase the demand for aircraft electrical systems during the forecast period.
Also, the growing demand for unmanned vehicles is expected to further drive the global aircraft electrical systems market. Manufacturers are investing heavily in technology discovery by opening new factories to increasingly upgrade aircraft electrical systems. Technological advances in power electronic systems and the need to develop fuel cells to reduce emissions will provide opportunities for manufacturers of aircraft electrical systems. However, there are some limitations such as faulty loads or source switches that can interrupt the entire system due to distribution and wiring, some of the factors that can negatively affect the aircraft electrical systems market. Rise in thermal management in aircraft electrical systems failure is expected to hamper the business growth.
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Report is segmented as:
The Aircraft Electrical Systems market is segmented by type of distribution, application, component, and end user. The market is divided into conversion, storage, creation and distribution by product. Depending on the type of distribution, the market is divided into modernization and line adjustment. Applications of electrical power in aircraft include configuration management, power generation, utility management, and flight control. The defense and commercial aviation industries are the main end-users of these systems. The defense sector is in turn divided into airplanes and helicopters. Commercial aviation includes passenger and cargo aircraft.
By region, the Asia Pacific aircraft electrical systems market is expected to grow during the forecast period. Increased spending in the aerospace and defense sector and the expansion of aviation networks in emerging countries such as India and China have driven demand for aircraft electrical systems. North America is a major market leader for these systems due to the presence of manufacturers of aircraft electrical systems. Additionally, major aircraft manufacturers are moving from aircraft to more electric aircraft systems instead of using hydraulic systems.
Impact of COVID 19 on Aircraft Electrical System Market
The COVID-19 pandemic has brought significant economic problems and challenges facing the aviation industry. Since the outbreak began, the civil aviation industry has been one of the worst affected sectors worldwide. Additionally, legal and trade restrictions, such as sealed borders, increase the shortage of necessary parts. This disruption in the supply chain is expected to affect OEM assembly around the world.
Key market players:
Major players in the aircraft electrical systems market include Esterline Control Systems, Flame Enterprises Incorporated, Thales Group, Zenith Aircraft, UTC Aerospace Systems, and Astronics Corporation.
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Scope of the report:
The report offers a comprehensive examination of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in influencing the market dynamics and trends discussed in detail at the product level. Further, the performance of the market at the regional and country-level had assessed and the prospects with huge growth potential identified and debated.
The key players in the industry are profiled giving insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategically activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry had provided. The report also provides a broad outlook of the current market along with recommendations from industry experts on the opportunities for investment activity.
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