Global commercial aircraft electrical systems market outlook
Manufacturers in the aviation industry are focusing on the development of new generation aircraft that exhibit low levels of fuel consumption, noise, and carbon emission. With the increasing number of passengers, air traffic has significantly increased in the last few years, which induces the need for the introduction of new generation aircraft. Technavio’s aircraft electrical systems market research report identifies the growing demand for the procurement of newer generation aircraft as one of the primary factors that will fuel the growth of the market in the coming years. Since aircrafts demand the need for several wiring systems, power generation, and storage devices, the increasing demand for new generation aircraft, will subsequently drive the growth of the commercial aircraft electrical systems market. The aircraft electrical systems market report has estimated that this market will grow steadily at a CAGR of more than 6% by 2021.
The introduction of electric environmental control system is one of the key trends that will contribute towards the commercial aircraft electrical systems market growth. The aviation industry is facing major challenges especially in terms of the increasing emission levels and the need for fuel economy. As a result, the industry is focusing on developing electric systems to replace the pneumatic and mechanical systems. The electric-powered environmental control system (ECS) is one of the major systems under consideration, which will help the airline service providers save costs in terms of fuel consumption and maintenance.
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The commercial aircraft systems market is highly competitive and has the presence of several established players. The vendors mainly compete on factors such as cost, product quality, reliability, and market share and to sustain the competition the players in the aircraft electrical power systems market focus on providing cost-effective and high-quality commercial aircraft electrical systems.
The leading vendors in the market are-
The other prominent vendors in the market are Astronics, Crane Aerospace & Electronics, Fokker Technologies, and GE Aviation.
Segmentation by aircraft type and analysis of the commercial aircraft electrical systems market
During 2016, the narrow-body aircraft segment accounted for the major share of the aircraft electrical power systems market. The growth of the narrow-body aircraft segment attributes to several factors such as the increase in air travel due to business and tourism, cheaper tickets for LCCs, and the high standard of living. Moreover, the rising focus towards the growing LCC model that improves operational efficiency and enhances the overall profitability also fuels the demand for narrow-body aircraft.
Segmentation by geography and analysis of the commercial aircraft electrical systems market
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the commercial aircraft electrical systems market throughout the forecast period. Owing to the strong aviation base in North America, especially in the US, the aerospace industry in the Americas is mature. North America is a significant contributor to the production of aircrafts across the world and the Americas will witness major demand for electrical power systems from this region.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global commercial aircraft electrical systems market?
What are the key market trends impacting the growth of the global commercial aircraft electrical systems market?
What are the challenges to global commercial aircraft electrical systems market growth?
Who are the key vendors in the market?
What are the market opportunities and threats faced by the vendors in the global commercial aircraft electrical systems market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global commercial aircraft electrical systems market?
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