Aircraft Electrical Systems Market Trend Growth Revenue, 2020 | Key Player Review, Business Prospect, & Forecast till 2030

 Market Forecast


Aircraft electrical systems market is projected to register a CAGR of 6.4% between 2020 and 2027.An aircraft electrical system primarily comprises power generators, power distribution devices, power conversion devices, and battery management systems. These systems together are used to generate, transmit, distribute, use, and store electrical energy.

 

An increase in demand for new aircraft worldwide and the rise in demand for electric aircraft for commercial aviation are expected to drive the growth of the global aircraft electrical systems market. Over the last few years, there has been a significant increase in air passenger traffic world wide.

 

Air passenger traffic was on the rise up until the emergence of the COVID-19 pandemic. As per the International Civil Aviation Organization (ICAO), the air passenger traffic growth rate across scheduled flights was calculated to be around 3.6%, rising to 4.5 billion in 2019. In its annual commercial market outlook (CMO), the Boeing Company estimated the demand for new jet planes in India for commercial air travel to be around 2,200 over the next two decades.

 

According to the Boeing Company, this strong demand can be attributed to the robust aviation growth and rapidly growing middle-income class. In addition, the air passenger traffic growth is not likely to be affected much by the short-term challenges and is forecasted to be higher than the global average and get almost double as compared to pre-pandemic levels by 2030.By 2039, the company expects a four-fold increase in the commercial fleet of airlines operating in the country, which can be ascribed to rising demand for domestic, regional, and long-haul travel. Thus, the growth of the global aircraft electrical systems market is expected to be driven by rising air passenger traffic during the forecast period.


Market USP


Increasing demand for new aircraft to keep up with the rising air passenger traffic


Segmental Analysis


By System


The Power Generation Segment is Expected to Witness Significant Growth: The power generation segment is expected to grow considerably during the forecast period,2020 to 2027. The growth can be attributed to the increasing focus on hybrid power generation systems .The demand for advanced high capacity low-weight generators that can directly power large loads, including landing gears, tilt-tails, swing tails, lighting, space-heating, utility loads, is on the rise. Thus, increasing focus on hybrid power generation systems will drive the growth of the power generation system segment in the aircraft electrical systems market during the forecast period.



The Demand for Power Distribution Solutions is Expected to Increase: This is due to the rapidly evolving more electric aircraft (MEA) concept driven by technological advancements. The electrification of aircraft promotes the rise in applications of advanced onboard power and energy management techniques. When coupled with integrated controller logic technology, an electrical power distribution system can control the power flow within the electrical power distribution system efficiently. Besides optimization of the performance of the electrical power distribution system, improvement in its safety is also being focused upon by the manufacturers. Thus, the demand for power distribution solutions is anticipated to register considerable growth during the forecast period.

A Considerable Growth is Expected to be Witnessed by the Power Conversion Segment: 

 

This is due to the rising industrial standards for highly efficient cleaner power conversion systems with low overall system weight. Increasing demand for such innovative power conversion systems is expected to significantly contribute to the growth of the power conversion system segment in the global market during the review period.



Energy Storage Segment Expected to Witness Notable Growth:

The established players in the global aircraft electrical systems market have been making investments towards the design and development of lightweight and high-quality energy storage systems. There has been an increase in collaborative projects between aircraft manufacturers and aircraft electrical systems providers to enhance the operational efficiency of energy storage systems, thereby optimizing the operational performance of hybrid electric and fully electric aircraft. As a result, the demand for the aircraft electrical systems market in the energy storage segment is projected to grow at a significant rate during the forecast timeline.

By Platform


The Commercial Segment is Expected to Witness Higher Growth in the Market: The commercial segment is expected to register a robust growth rate and register a higher CAGR during the review period. In the large Asian economies, the rising middle class, coupled with their rising disposable income, has been responsible for the increasing air passenger traffic. The air passenger traffic growth has helped the well-run carriers operate successfully in these economies. Asia-Pacific alone is forecasted to account for more than 40% of demand for new aircraft deliveries during the forecast timeline. Even on the global level, China leads in terms of demand generation for new aircraft deliveries, ascribed to the robust growth of its aviation sector.An increase in demand for new aircraft for commercial purposes will directly propel the growth of the aircraft electrical systems market in the commercial platform segment.


The Military Segment is Expected to Register Considerable Growth: In 2020, of the two segments, the military segment accounted for a smaller but significant market share. This is due to the robust capital expenditure from governments across the world towards the development and acquisition of advanced military aircraft. Despite the COVID-19 pandemic shock to the aviation industry growth, the defense revenues and budgets are expected to remain stable for defense contractors in 2021. This is due to the fact that amidst the rising geopolitical tensions, military programs remain critical to national defense. The global defense expenditure is forecasted to grow almost 2.8% in 2021, going past the USD 2 trillion milestone. Also, there has been an increase in collaborative research and development towards optimizing aircraft electrical systems between the aircraft electrical systems providers and the military across several established economies, contributing significantly to the growth of the military segment.


Key Players Operating in the Global Aircraft Electrical Systems Market:

  • Safran (France)
  • AMETEK, Inc. (US)
  • Esterline Technologies (US)
  • GE Aviation (US)
  • Astronics Corporation (US)
  • Honeywell International Inc. (US)
  • Thales Group (France)
  • Raytheon Technologies Corporation (US)
  • Meggitt (UK)
  • Amphenol Corporation (US)
Access full reports @  https://www.marketresearchfuture.com/reports/aircraft-electrical-systems-market-10564

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