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What’s driving the Aircraft Electrical Systems Market trends? | Key Players are Honeywell, UTC, Astronics, Fokker technologies, Safran, and Thales
Aircraft Electrical Systems Market
The aircraft electrical systems market based on aircraft can be classified into commercial aircraft, military, regional jets, and helicopters. The growth in the helicopters can be credited to the capability of performing diversified range of operations including vertical take-off & landing, along with the ability to hover over smaller areas. Moreover, the increasing usage of these aircrafts for tourism, emergency and rescue missions further accelerates the segment share over the study timeframe.
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Aircraft Electrical Systems Market is anticipated to achieve lucrative growth in the coming years led by Increasing aircraft production across the globe owing to proliferation of low-cost carriers and improved airline networks. Supporting government initiatives along with rising adoption of open skies agreements are further boosting the industry share. Expanding tourism sector along with rising disposable income are providing a positive outlook for the industry expansion.
North America aircraft electrical systems market is anticipated to grow at a significant rate owing to the presence of major aircraft manufacturers such as Boeing, Lockheed Martin, and Airbus among others. The region also witnesses the presence of multiple airports along with vast air passenger traffic. Additionally, the region also spends significantly on military and defense sectors, thereby positively influencing the industry share over the projected timeframe.
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Aircraft manufactures are continuously focusing on manufacturing light weight aircrafts to improve operational efficiency along with complying to the stringent regulatory norms. Moreover, the proliferation of lower weight wiring along with rising preference for high density batteries are positively influencing the aircraft electrical systems market share. Additionally, increasing electrical components in aircrafts along with increasing adoption of more electric aircrafts are felicitating the requirement for suitable power management systems, thereby expanding the industry size.
Based on components, the aircraft electrical systems market is classified into generators and auxiliary power unit. Advanced turbo generators combine simple-cycle magnetic bearing cooling turbine technology and electrical power generation. The system can provide liquid cooling and electrical power to implement advanced radar systems in military aircrafts, thereby positively influencing the industry.
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Aircraft electrical systems market players are continuously investing in R&D for developing advanced aircraft electrical systems for improving efficiency and reduce loads in the batteries. Manufacturers are continuously developing the Transformer Rectifier Unit (TRU) technology, that enables for multiple voltage systems using a combination of DC & AC buses, thereby supporting in overall electrical systems efficiency.
The aircraft electrical systems market based on distribution channel can be classified as line fit and retrofit. The growth in the retrofit segment can be credited to the stringent regulations and policies mandating the replacement and maintenance of aircraft components after a certain flight cycle to maintain airworthiness. Moreover, the replacements required in cases on wear and tear owing to continuous operations further expands the segment size.
Few players operating in the aircraft electrical systems market share include Honeywell, UTC, Astronics, Fokker technologies, Safran, and Thales. Strategic investments for advanced product development are among the prominent strategies adopted by industry players to expand their market share. For instance, in 2018, UTC Aerospace announced an investment of around USD 3 billion for development of more-electric initiative, that aims to replace hydraulic and pneumatic systems in aircrafts with electrical components, thereby providing a positive outlook for the industry expansion.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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