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Aircraft Cables Market Report 2024 - Aircraft Cables Market Size, Share And Trends
Aircraft Cables Market
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According to The Business Research Company's, The aircraft cables market size has grown strongly in recent years. It will grow from $4.39 billion in 2023 to $4.74 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to aircraft production and fleet expansion, technological advancements, regulatory compliance, regulatory compliance, aging aircraft, maintenance and repairs.
The aircraft cables market size is expected to see strong growth in the next few years. It will grow to $6.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to aircraft modernization, electrification of aircraft, lightweight and advanced materials, connectivity and data transmission, sustainable aviation. Major trends in the forecast period include lightweight materials, high-performance materials, fiber optic cables, safety and reliability, wireless communication integration, shielding and emi/rfi protection.
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Market Drivers and Trends:
The increasing demand for the production of new aircraft across the world promotes the growth of the aircraft cable market. Aircraft cables are used to establish an aircraft's electrical system and to transmit signals into electrical power in commercial aircraft, military aircraft, civil helicopters, and military helicopters. Thus, the increase in demand for aircraft holds a positive effect on the demand for the production of aircraft wires. For instance, in March 2021, according to the International Air Transport Association (IATA), a Canada-based trade association of the world's airlines, the total number of travelers in 2021 was 47% higher as compared to previous years and is anticipated to rise to 83% in 2022, 94% in 2023, 103% in 2024, and 111% in 2025. According to the forecast by Airbus in 2022, demand for passenger traffic is estimated to grow at 3.6% over the next 20 years, following demand for 39.490 new passenger and freighter aircraft over the period. The increased production of new aircraft will result in an increased demand for aircraft cables market.
The companies involved in the aircraft cable market are investing in producing cables to meet the need for high-performance data applications required in aircraft systems. Such high-performance data applications are used in cabin management systems, ethernet backbones, computers, servers, and low-skew video. Following the trend, in January 2021, Carlisle Interconnect Technologies US-based designers and manufacturers of high-performance wire and cable introduced UTiPHASETM microwave cable assembly, which is capable of delivering outstanding electrical phase stability versus temperature without compromising microwave performance. They are ideal in defense, space, and testing applications.
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Major Key Players of the Market:
TE Connectivity, Amphenol Corporation, AMETEK Inc., Loos and Co. Inc., Radiall SA, Pic Wire and Cable, W.L. Gore and Associates Inc., A.E.Petsche, Arrow Electronics Inc., Collins Aerospace, Harbour Industries LLC, Leviton Manufacturing Co. Inc., Specialty Wire and Cord Sets Inc., Interconnect Cable Technologies Corp., Aerospace Wire and Cable Inc., Lexco Cable Manufacturing, WireMasters Inc., Carl Stahl Sava Industries Inc., Glenair Inc., PPG Industries Inc., Crane Aerospace & Electronics, AeroControlex Group Inc., Aero-Electric Connector Inc., Amphenol Corporation, B/E Aerospace Inc., Carlisle Companies Inc., Dassault Aviation SA, Ducommun Incorporated, Esterline Technologies Corporation, GKN Aerospace, Honeywell International Inc., ITT Inc., L3Harris Technologies Inc., Meggitt plc, Moog Inc., Parker Hannifin Corporation, RTX Corporation, Safran SA, Senior plc, Spirit AeroSystems Holdings Inc., Triumph Group Inc.
Aircraft Cables Market 2024 Key Insights:
• The aircraft cables market size is expected to see strong growth in the next few years. It will grow to $6.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Soaring Demand For New Aircraft Drives Growth In The Aircraft Cable Market
• Advancements In Aircraft Cable Technology To Meet High-Performance Data Requirements
• North America was the largest region in the aircraft cables market in 2023
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