Market Overview
The global aircraft electrical systems marketis projected to register a CAGR of 6.4% between 2020 and 2027.An aircraft electrical system primarily comprises power generators, power distribution devices, power conversion devices, and battery management systems. These systems together are used to generate, transmit, distribute, use, and store electrical energy.
An increase in demand for new aircraft worldwide and therise in demand for electric aircraft for commercial aviation are expected to drive the growth of the global aircraft electrical systems market.Over the last few years, there has been a significant increase in air passenger trafficworldwide. Air passenger traffic was on the rise up until the emergence of the COVID-19 pandemic.As per the International Civil Aviation Organization (ICAO), the air passenger traffic growth rate across scheduled flights was calculated to be around 3.6%, rising to 4.5 billion in 2019. In its annual commercial market outlook (CMO), the Boeing Company estimated the demand for new jet planes in India for commercial air travel to be around 2,200 over the next two decades. According to the Boeing Company, this strong demand can be attributed to the robust aviation growth and rapidly growing middle-income class. In addition, the air passenger traffic growth is not likely to be affected much by the short-term challenges and is forecasted to be higher than the global average and get almost double as compared to pre-pandemic levels by 2030.By 2039, the company expects a four-fold increase in the commercial fleet of airlines operating in the country, which can be ascribed to rising demand for domestic, regional, and long-haul travel. Thus, the growth of the global aircraft electrical systems market is expected to be driven by rising air passenger traffic during the forecast period.
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Competitive Landscape
- Safran (France)
- AMETEK, Inc. (US)
- Esterline Technologies (US)
- GE Aviation (US)
- Astronics Corporation (US)
- Honeywell International Inc. (US)
- Thales Group (France)
- Raytheon Technologies Corporation (US)
- Meggitt (UK)
Market Segmentation
The Commercial Segment is Expected to Witness Higher Growth in the Market: The commercial segment is expected to register a robust growth rate and register a higher CAGR during the review period. In the large Asian economies, the rising middle class, coupled with their rising disposable income, hasbeen responsible for the increasing air passenger traffic.The air passenger traffic growthhas helped the well-runcarriers operate successfully in these economies. Asia-Pacific alone is forecasted to account for more than 40% of demand for new aircraft deliveries during the forecast timeline. Even on the global level, China leads in terms of demand generation for new aircraft deliveries, ascribed to the robust growth of its aviation sector.An increase in demand for new aircraftfor commercial purposeswill directly propel the growth of the aircraft electrical systems market in the commercial platform segment.
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Regional Analysis
Energy Storage Segment Expected to Witness Notable Growth:The established players in the global aircraft electrical systems market have been making investmentstowards the design and development of lightweight and high-quality energy storage systems. There has been an increase in collaborative projects between aircraft manufacturers and aircraft electrical systems providers to enhance the operational efficiency of energy storage systems, thereby optimizing the operational performance of hybrid electric and fully electricaircraft. As a result, the demand for the aircraft electrical systems market in the energy storage segment is projected to grow at a significant rate during the forecast timeline.
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