Aircraft Electrical Systems Market Size is estimated to exhibit a substantial growth rate during 2022-2028. Growing preference for electrical systems over conventional ones due to their light weight and cost-effective benefits will propel the demand for these products in the forthcoming years. These systems are gaining immense popularity driven by their environmental benefits and considerably lesser operational costs. The electric propulsion motors are not only capable of saving fuel expenditure and maintenance costs, but they could also eliminate direct carbon emissions.
Moreover, these products are highly efficient and have a comparatively larger life span than conventional hydraulic and pneumatic systems. This will considerably boost the aircraft electrical systems market forecast in the foreseeable future.
Enhancement of airline networks, lesser carrier costs, and increasing disposable incomes leading rising customer preference for air travel has supported the market growth. Furthermore, emerging demand for aircraft production, rising defense expenditure coupled with the increasing R&D activities by key industry players for better product innovations will boost the aircraft electrical systems market outlook in the years ahead.
Fiber optics cables may achieve lucrative growth due to their reliability and comparatively lightweight than copper cables. They support high bandwidth applications and are immune to Electro-Magnetic Interference, offering signal integrity and security from hackers.
Generators may experience considerable progression with regards to the components segmentation driven by their emerging requirement in fighter jets and rotatory and fixed-wing aircraft. Generators are power source accessories that are generally engine-driven and supply power for inflight operations while maintaining an adequate charge in the battery. Growing demand for more power electronics in the flight will further push the segment expansion.
Power distribution systems are likely to draw significant impetus in the aircraft electrical systems market due to an upsurge in the inflight power requirements. Moreover, these systems are much more efficient, lightweight, concise, and reliable than the conventional ones, further supporting the product demand in the forthcoming years.
Helicopters may contribute significant revenue to the aircraft electrical industry due to their ability to flutter over confined areas and proliferating use in rescue and emergency operations. Furthermore, helicopters are widely used in tourism due to their vertical landing and take-off capabilities.
With respect to the regional outlook, the North America aircraft electrical systems market will register decent growth over the projected timeframe. The growth will be driven by the presence of key industry players and the emerging number of passengers in the region. Proliferating demand for lighter aircraft and improved air networks will foster regional expansion.
Some of the major players of the aircraft electrical systems market include UTC, Honeywell, Astronics, Safran, Thales, and Fokker technologies. These players are adopting growth strategies to expand their product portfolio and strengthen their market position.
Recently for example, Honeywell became the first engine to test (FETT) for the U.S. Army as a part of its CRADA (Cooperative Research and Development Agreement) for next-gen engines of Chinook helicopters.
COVID-19 adversely affected the aircraft electrical market last year. Stringent lockdowns, travel, and transport restrictions leading to non-availability of raw materials disrupted the production and supply chain management across the major enterprises. Considerable decline in the domestic and international passengers hugely impacted the market revenue and thus weakened the industry outlook.
However, with the end of lockdown and travel restrictions, the industry may soon make a recovery and may attain its pre-pandemic progression rate shortly.
Market, By Component
Market, By System
Market, By Aircraft
The above information is provided for the following regions and countries: