Press release
Aircraft Switches Market Size, Insights, Outlook, Overview And Market Research Report 2024-2033
Aircraft Switches Market
The Business Research Company presents an extensive market research report on the Aircraft Switches Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The aircraft switches market size has grown steadily in recent years. It will grow from $2.34 billion in 2023 to $2.44 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to increasing air travel, regulatory compliance, aircraft fleet expansion, focus on fuel efficiency.
The aircraft switches market size is expected to see steady growth in the next few years. It will grow to $2.89 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to next-generation aircraft, increased connectivity demands, growing urbanization, renewable energy integration, global security concerns. Major trends in the forecast period include technological advancements, increasing demand for lightweight components, automation and smart cockpit systems, rising focus on passenger experience, stringent safety and regulatory standards.
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Key Market Players:
Major companies operating in the aircraft switches market report are Raytheon Technologies Corporation, Honeywell International Inc., Collins Aerospace, Safran Group, Eaton Corporation, Thales Group, L3Harris Technologies Inc., TE Connectivity, Ametek Inc., Transdigm Group Inc., Sensata Technologies Inc., GKN Aerospace Services Limited, Crane Co., Wright Corporation, Woodward Inc., Meggitt PLC, Esterline Technologies Corporation, Marquardt Group, Triumph Group Inc., Stoneridge Inc., Carling Technologies Inc., ITT Inc., Astronics Corporation, The NORDAM Group LLC, Apex Industries Inc., Dukes Aerospace Inc., C&K Components Inc., Hydra-Electric Company, Barantec Inc., Electro-Mech Components Inc., Meggit Avionics, Smiths Group plc, Cobham plc, Grayhill Inc.
Market Drivers:
Increasing demand for aircraft is expected to drive the growth of the aircraft switches market. Aircraft refers to any vehicle that is designed to fly, either by using a static lift or dynamic lift of an airfoil or by direct downward thrust from its engines. In aircraft, switches are used to control and monitor various aircraft systems. Most switches are located on the cockpit dashboard and include toggle switches, push-button switches, rocker switches, and others. For instance, Airbus, a France-based aviation and aerospace component manufacturer received about 99 aircraft orders in February 2023 and delivered about 66 aircraft to 42 clients. In addition, it is anticipated that there will be a requirement for 2,440 freighter planes in the coming two decades, out of which approximately 900 will be newly constructed. Furthermore, Airbus forecasts demand for 39,490 new passenger and freighter aircraft by 2041. Therefore, the increasing demand for aircraft is driving the aircraft switches market.
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The aircraft switches market covered in this report is segmented -
1) By Type: Manual, Automatic
2) By Platform: Fixed Wing, Rotary Wing
3) By Application: Aircraft Systems, Cockpit, Engine And APU, Avionics, Cabin, Other Applications
4) By End-User: Original Equipment Manufacturer (OEM), Aftermarket
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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