Aircraft Electrical Systems Market Report
Aircraft Electrical Systems Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026 See less
Aircraft Electrical Systems Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2021-2026
Aircraft Electrical Systems Market is Segmented by System Type (Electrical Generation Systems, Electrical Distribution Systems, Electrical Conversion Systems, and Electrical Storage Systems), by Aircraft Type (Commercial Aircraft, Regional Aircraft, General Aviation, Helicopter, Military Aircraft, and UAV), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Aircraft Electrical Systems Market is Segmented by System Type (Electrical Generation Systems, Electrical Distribution Systems, Electrical Conversion Systems, and Electrical Storage Systems), by Aircraft Type (Commercial Aircraft, Regional Aircraft, General Aviation, Helicopter, Military Aircraft, and UAV), and by Region...
The increasing need for electric aircraft with the growing usage of power electronics is one of the major drivers for electrical systems in the aircraft industry. The aviation industry has rapidly been adopting advanced technologies to meet the power demands with increased electrical loads. In addition, there is also a need for reducing carbon emissions and improving the fuel economy, which can be achieved to a great extent by developing electrical aircraft.
The grounding of the B737Max ended the 16-year growth cycle of the commercial aerospace industry. The industry was on the verge of recovery from the grounding of B737Max, the sudden burst of the pandemic exacerbated the industry challenges and sent to the decade back. As a result of that, the aircraft electrical systems market witnessed a colossal decline of over 20%+ in 2020, quite aligned with the decline in other crucial systems used in an aircraft. The market has already started showing some signs of recovery from 2021 onwards with the recovery, particularly in the narrow-body aircraft segment. In the long run, it is anticipated that the aircraft electrical systems market is likely to rebound at a promising CAGR of 8.1% during 2021-2026 to reach a value of US$ 3.9 Billion by 2026.
Based on the system type, the aircraft electrical systems market is classified as power generation systems, power distribution systems, power conversion systems, and power storage systems. Among different electrical systems, power generation system is expected to remain the largest and the fastest-growing segment of the market during the forecast period, owing to the reason that they are the primary source of electrical power in an aircraft. In addition to that, the development of high-thrust aircraft engines, an increase in the demand for greater efficiency, and the development of highly integrated electrical power generation systems are expected to drive the growth during the forecast period.
Based on the aircraft type, the market is segmented as commercial aircraft, regional aircraft, general aviation, helicopter, military aircraft, and UAV. Commercial aircraft is expected to remain the dominant as well as the fastest-growing segment of the market during the forecast period. Commercial aircraft registered an enormous decline in the year 2020 factored by struggling industry paired with the pandemic’s impact. Now, it is anticipated that the aircraft type will mark excellent growth in order to heal up the lossed endured during 2020, leading to extraordinary growth in the near future. Upcoming aircraft programs, such as C919 and MC-21, are likely to give an additional impetus to the demand for electrical systems in the coming years.
In terms of regions, North America is expected to remain the largest market for aircraft electrical systems during the forecast period. This region is home to a large number of aircraft industry stakeholders. Most of the major players are either headquartered in the region or have a manufacturing base in the region to serve the huge demand.
Europe, on the other hand, is the second-largest market after North America. The region is the home of Airbus stakeholders. Airbus has already revealed their plans for rapidly increasing the production rates of their key aircraft programs in the near future, asserting the entire’s region recovery trajectory in the near future.
Asia-Pacific remains the hotspot of the aerospace industry about all the systems/components. All the leading OEMs and tier players have already moved into some of the preferred locations, especially in China, India, and Japan, for manufacturing/assembly of parts/systems/aircraft. Furthermore, huge efforts exerted by Chinese, Indian, and Japanese conglomerates about the development of aircraft indigenously further blossom the demand for electrical systems in the coming years.
The competitive landscape of electrical systems varies from system to system. Also, it is being noticed that all the major players are not into all types of electrical systems, changing the competitive landscape from system to system. Overall, it is a convoluted process to manufacture electrical systems and requires huge expertize to supply systems for the aerospace industry. The following are the key players in the aircraft electrical systems market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft electrical systems market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The aircraft electrical systems market is segmented into the following categories:
Aircraft Electrical Systems, by System Type
Aircraft Electrical Systems, by Aircraft Type
Aircraft Electrical Systems, by Region
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The aircraft electrical systems market is estimated to grow at a healthy CAGR of 8.1% in the coming five years to reach a value of US$ 3.95 billion in 2026.
Safran Group, Collins Aerospace (Raytheon Technologies Corporation), Honeywell International Inc., GE Aviation, AMETEK.Inc., Thales Group, Skurka Aerospace, Inc, Crane Aerospace & Electronics, Astronics Corporation, and Meggit PLC are some of the key players in the aircraft electrical systems market.
North America is estimated to remain dominant in the aircraft electrical systems market in the coming years.
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