Global aircraft electrical system market Size to record 6.8% CAGR through 2027
The research report on ‘global aircraft electrical system market’ comprises of detailed analysis regarding the drivers, opportunities as well as limitations & restraints impacting the remuneration of this business sphere. It also highlights the historic and estimated growth rate over the forecast period (2020-2027).
Selbyville, Delaware, Aug. 27, 2020 (GLOBE NEWSWIRE) -- According to reliable estimates, worldwide aircraft electrical system market generated revenues worth USD 18112.36 million in the year 2019 and to reach USD 30658.09 Million by 2027 to grow with a CAGR of 6.8% between 2020 and 2027. The growth is primarily attributed to increasing aircraft production by leading manufacturers across the globe.
The report evaluates the various industry segmentations and their respective contributions to the overall market outlook. Besides this, the research document offers substantial information regarding the regional scope as well as the competitive scenario of the market, which further allows for enlightened decision making during investment assessment.
Citing an instance, according to Statista, major aircraft manufacturers as well as suppliers including General Electric Aviation, United Technologies Corp., Lockheed Martin Corp., Airbus Group SE, and Boeing Co. among others generated revenues worth USD 27 million, USD 30.9 million, USD 50 million, USD 63.9 million and USD 90 million respectively in the year 2017. Thus, booming aviation sector is stimulating the overall industry outlook.
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For those uninitiated, an electrical system plays a vital role in aircraft designs and primarily uses power generate through alternators or turbines. Aircraft systems can be powered through an APU (auxiliary power unit, RAT (Ram Air Turbine), or a hydraulic motor. Electrical systems are employed in aircraft systems with an intention to reduce the weight of transformers, generators, as well as motors.
Advancements in technology pertaining to aircraft electrical systems is also aiding the market expansion. However, strict regulatory scenario and rising concerns regarding power density & efficiency of aircraft electrical systems may act as restraining factors to the overall market growth.
*Summarizing the market segmentations*
Global aircraft electrical system industry is divided on the basis of technology terrain, application scope, component type and platform type. Speaking of technology, the market is further split into power conversion, power distribution, power generation, and energy storage devices.
Moving on to application scope, the industry is bifurcated into flight controls & operations, power generation management, configuration management, and aircraft utility management. Whereas based on component type, global aircraft electrical system industry is classified into integrated drive generator, power distribution systems, transformer rectifier unit, power electronics, general control unit, and variable frequency generator. By platform type, the market is segmented into rotary wings and fixed wings.
*Elaborating the regional spectrum*
Estimates claim that North America currently accounts for a substantial market share and is expected to register continuous growth during the analysis timeframe. Factors such as increasing air traffic and rising adoption of lightweight aircrafts are augmenting the regional demand for aircraft electrical systems.
Meanwhile, Asia-Pacific aircraft electrical systems is anticipated to showcase robust CAGR through 2027. Surge in manufacturing and supply processes in aviation sector along with technological breakthroughs are creating lucrative growth opportunities for industry participants, thereby facilitating the business scenario in Asia-Pacific.
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*Global Aircraft Electrical System Market by Technology Type (Revenue, USD Million, 2017-2027)*
· Power Conversion
· Power Distribution
· Power Generation
· Energy Storage Devices
*Global Aircraft Electrical System Market by Application Scope (Revenue, USD Million, 2017-2027)*
· Flight Controls & Operation
· Power Generation Management
· Configuration Management
· Aircraft Utility Management
*Global Aircraft Electrical System Market by Component Type (Revenue, USD Million, 2017-2027)*
· Integrated Drive Generator
· Power Distribution Systems
· Transformer Rectifier Unit
· Power Electronics
· Generator Control Unit
· Variable Frequency Generator
*Global Aircraft Electrical System Market by Platform Type (Revenue, USD Million, 2017-2027)*
· Rotary Wings
· Fixed Wings
*Global Aircraft Electrical System Market Regional Analysis (Revenue, USD Million, 2017-2027)*
North America
· Canada
· U.S.
Europe
· Italy
· Spain
· France
· Germany
· U.K.
· Rest of Europe
Asia-Pacific
· South Korea
· Australia
· Japan
· India
· China
· Rest of Asia-Pacific
Latin America
· Mexico
· Brazil
Rest of the World
*Global Aircraft Electrical System Market Competitive Hierarchy (Revenue, USD Million, 2017-2027)*
· Elbit Systems Ltd.
· Honeywell International Inc.
· GE Aviation
· Safran S.A.
· Astronics Corporation
· Crane Aerospace & Electronics Inc.
· United Technologies Corporation
· Zodiac Aerospace
· Thales Group
· Hartzell Engine Technologies LLC
*Table of Content:*
*Chapter 1. Executive Summary *
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
*Chapter 2. Global Aircraft Electrical Systems Market Definition and Scope *
2.1. Objective of the Study
2.2. Market Definition & Scope
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
*Chapter 3. Global Aircraft Electrical Systems Market Dynamics *
3.1. Aircraft Electrical Systems Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
*Chapter 4. Global Aircraft Electrical Systems Market Industry Analysis*
4.1. Porter’s five Force Model
4.2. PEST Analysis
4.3. Investment Adoption Model
*Chapter 5. Global Aircraft Electrical Systems Market, by Technology *
5.1. Market Snapshot
5.2. Global Aircraft Electrical Systems Market by Technology, Performance - Potential Analysis
5.3. Global Aircraft Electrical Systems Market Estimates & Forecasts by Technology 2017-2027 (USD Million)
5.4. Aircraft Electrical Systems Market, Sub Segment Analysis
5.4.1. Power generation
5.4.2. Power distribution
5.4.3. Energy storage devices
5.4.4. Power conversion
*Chapter 6. Global Aircraft Electrical Systems Market, by Application*
6.1. Market Snapshot
6.2. Global Aircraft Electrical Systems Market by Application, Performance - Potential Analysis
6.3. Global Aircraft Electrical Systems Market Estimates & Forecasts by Application 2017-2027 (USD Million)
6.4. Aircraft Electrical Systems Market, Sub Segment Analysis
6.4.1. Aircraft Utility management
6.4.2. Configuration management
6.4.3. Power generation management
6.4.4. Flight controls & operation
*Chapter 7. Global Aircraft Electrical Systems Market, by Components *
7.1. Market Snapshot
7.2. Global Aircraft Electrical Systems Market by Components, Performance - Potential Analysis
7.3. Global Aircraft Electrical Systems Market Estimates & Forecasts by Components 2017-2027 (USD Million)
7.4. Aircraft Electrical Systems Market, Sub Segment Analysis
7.4.1. Variable Frequency Generator
7.4.2. Generator Control Unit
7.4.3. Power Electronics
7.4.4. Transformer Rectifier Unit
7.4.5. Power Distribution Systems
7.4.6. Integrated Drive Generator
*Chapter 8. Global Aircraft Electrical Systems Market, by Platform*
8.1. Market Snapshot
8.2. Global Aircraft Electrical Systems Market by Platform, Performance - Potential Analysis
8.3. Global Aircraft Electrical Systems Market Estimates & Forecasts by Platform 2017-2027 (USD Million)
8.4. Aircraft Electrical Systems Market, Sub Segment Analysis
8.4.1. Fixed wings
8.4.2. Rotary wings
*Chapter 9. Global Aircraft Electrical Systems Market, Regional Analysis*
*Related Report: *
*More Electric Aircraft Market Size, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025*
More Electric Aircraft Market size estimated to exhibit around 15% CAGR from 2019 to 2025, as per new research report. Increasing air transportation service along with benefits offered by more electric aircrafts including less noise, enhancing operating efficiency, reliability, are resulting in increasing market share over the forecast time period. According to the International Air Transport Association (IATA), in October 2018, the passenger air transport will account for 8.2 billion by the year 2037. In addition, the replacement of conventional aircraft components including hydraulic, pneumatic, and mechanical with electrical systems results in less maintenance cost, thereby driving the industry growth. Rising importance of higher weight to fuel ratio in aircraft along with development of advanced flight control systems will support the more electric aircraft market growth.
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