Press release
Aircraft Switches Market Report 2024: Trends, Analysis, Forecast And Outlook
Aircraft Switches Market
Aircraft Switches Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2.89 billion In 2028 At A CAGR Of 4.3% :
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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Aircraft Switches Market Major Segments
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
Key Driver - Surging Aircraft Demand Fuels Growth In Switches Market
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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Prominent Trend - Key Focus On Innovative Solutions By Major Players In Aircraft Switches Industry
Product innovation is a key trend gaining popularity in the aircraft switches market. Major companies operating in the aircraft switches market are focused on developing innovative products to strengthen their position and gain a competitive advantage. For instance, in April 2021, EnOcean GmbH, a Germany-based wireless services provider launched a new kinetic switch module for radio-based toggle switches named PTM 202. It is a battery-free product and obtains energy by the press of a button. The electro-dynamic generator ECO 200 propels the PTM 202 module by pushing either of the two sides of its top section to the far end position.
Aircraft Switches 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.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the aircraft switches market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global aircraft switches market during the forecast period. The regions covered in the aircraft switches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aircraft Switches Market Report Structure
3. Aircraft Switches Market Trends And Strategies
4. Aircraft Switches Market - Macro Economic Scenario
5. Aircraft Switches Market Size And Growth
…..
27. Aircraft Switches Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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