Stratview Research announces the launch of a new market research report on Aircraft Electrical Systems Market 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), Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026.
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 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 low-hanging fruits available in the market as well as formulate growth strategies.
Aircraft Electrical Systems Market: Highlights
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 electric 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, but the sudden burst of the pandemic exacerbated the industry challenges. 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.
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Based on the system type, 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, 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 to heal up the loss 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.
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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 many 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 its plans for rapidly increasing the production rates of their key aircraft programs in the near future, asserting the entire region’s recovery trajectory in the near future.
Asia-Pacific remains the hotspot of the aerospace industry for all the systems/components. All the leading OEMs and tier players have already moved to 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 regarding the development of aircraft indigenously will further drive 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 depending on the system type. Overall, it is a convoluted process to manufacture electrical systems and requires huge expertise to supply systems for the aerospace industry. Following are the key players in the aircraft electrical systems market.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on 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:
This report studies the global aircraft electrical systems market and has segmented the market in three ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the three ways in which the market is segmented:
Aircraft Electrical Systems, by System Type
Aircraft Electrical Systems, by Aircraft Type
Aircraft Electrical Systems, by Region