An aircraft electrical system Market is a vital component of any aircraft, serving a range of important functions that keep the plane safe and operational. The system is responsible for supplying electrical power to a wide range of aircraft components, including lights, avionics, communications systems, and more.The global aircraft electrical system market size is projected to reach USD 27.29 billion by 2027, exhibiting a CAGR of 5.83% during the forecast period. Expanding defense budgets of leading economies of the world will generate unprecedented opportunities for market players, highlights Fortune Business Insights™ in its report, titled “Aircraft Electrical System Market Size, Share Industry Analysis, By Platform (Fixed-Wing and Rotary Wing) and Regional Forecast, 2020-2027”.
Informational Source:
https://www.fortunebusinessinsights.com/aircraft-electrical-system-market-104822
The electrical system on an aircraft typically includes generators or alternators, batteries, and a complex network of wiring and connectors. Generators or alternators produce electrical power that is distributed throughout the aircraft, while batteries provide backup power in case of a failure.
As per the report, the value of the global market was estimated to be USD 19.95 billion in 2019. The report also offers the following:
- Granular analysis of the factors driving the growth of the market;
- Piecemeal diagnosis of the different market segments;
- Unmatched study of the regional prospects and competitive milieu of the market; and
- Exhaustive assessment of the various challenges facing the market.
List of Key Companies Profiled in the Aircraft Electrical System Market Report:
- United Technologies Corporation (The U.S.)
- Safran (France)
- Pioneer Magnetics (The U.S.)
- Nabtesco Corporation (Japan)
- Honeywell International Inc. (The U.S.)
- GE Aviation (The U.S.)
- Eaglepicher Technologies, LLC (The U.S.)
- Carlisle Interconnect Technologies (The U.S.)
- Avionic Instruments, LLC (The U.S.)
- Amphenol Corporation (The U.S.)
- Thales Group (France)
Aircraft electrical systems are designed to be highly reliable, with redundant components and fail-safe mechanisms to ensure that critical systems remain operational even if one component fails. In addition, advanced monitoring and diagnostic systems are often used to help detect potential issues before they become serious problems.
Modern aircraft electrical systems also incorporate sophisticated avionics and control systems that allow pilots to monitor and manage the performance of the electrical system in real-time. This helps ensure that the plane remains safe and reliable throughout the entire flight. Overall, the aircraft electrical system is an essential part of any aircraft, providing the power and control needed to keep the plane operational and ensure the safety of everyone on board.
Regional Insights
Robust Domestic Airline Network to Fuel the North America Market
North America, with a size of USD 8.41 billion in 2019, is expected to dominate the aircraft electrical system market share during the forecast period. The principal factor propelling the regional market is the existence of a strong and reliable domestic airline network across the US and Canada. In addition, high defense spending by the US government and quick adoption of modern aircraft technologies by the US and Canadian Air Forces will also accelerate the regional market growth.
In Europe, increasing adoption of next-generation power management systems for commercial aircraft by the UK and growing preference for lightweight airplanes in the region are anticipated to boost the market. On the other hand, the market in Asia Pacific will be driven by the escalating demand for air travel in India and China and the rapid expansion of the commercial airline industry in China.
Competitive Landscape
Introduction of Advanced Aircraft Electrical Solutions to Intensify Market Competition
A prominent feature of the market for aircraft electrical systems is the development and introduction of advanced, sophisticated solutions by key players. Through this strategy, companies are strengthening their portfolios and augmenting the prospects of the aviation industry.
Industry Developments:
- November 2020: Carlisle Interconnect Technologies announced that it will be extending interconnect solutions for a vast array of next-gen air mobility applications. The company is known for its product lineup that ranges from specialty and filtered connections and integrated systems to advanced avionics and high-performance wire and cable.
- August 2020: BAE Systems announced that it will be developing a series of power sources for small electric aircraft. The new power sources will replace the conventional aircraft engines and connect flight controls with energy and power management systems.
