Pune, March 29, 2022 (GLOBE NEWSWIRE) -- The global aircraft switches market size is projected to grow from USD 2.01 billion in 2021 to USD 2.60 billion by 2028. In today’s technologically advanced world, the popularity of personalized seatback screens is surging rapidly. It is set to propel the demand for unique in-flight entertainment & connectivity (IFEC) featuring real-time connectivity and data usage. Fortune Business Insights™ published this information in a report, titled, “Aircraft Switches Market, 2021-2028.” The report further states that the market stood at USD 1.87 billion in 2020. It is expected to showcase a CAGR of 3.71% in the forecast period between 2021-2028.
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Huge Order Backlogs Fueled by Reduction of Workforce amid COVID-19 to Hinder Growth
The COVID-19 pandemic has reduced the demand for air travel because of legislative restrictions on travel and trade. Besides, it has terminated various new aircraft orders and created delays in the delivery process. As companies reduced their workforce capacities, it surged order backlogs tremendously and resulted in the declining demand for aircraft switches. We are providing in-depth research reports to help you make the right business decision.
Fortune Business Insights™ lists out the renowned manufacturers of aircraft switches operating in the global market. They are as follows:
- TE Connectivity (The U.S.)
- Eaton Corporation (The U.S.)
- Safran (France)
- Hydra-Electric Company (The U.S.)
- ITT Inc. (The U.S.)
- Curtiss-Wright Corporation (The U.S.)
- Meggitt PLC (The U.K.)
- Unison LLC (The U.S.)
- Honeywell International Inc. (The U.S.)
- Collins Aerospace (The U.S.)
- Applied Avionics Inc. (The U.S.)
Report Coverage-
The report involved four notable activities in projecting the current market size. Thorough secondary research was conducted to gather data about the peer market. Our next step included primary research to validate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the size of this industry.
Drivers & Restraints-
Increasing Demand for Aircraft from Flight Schools & High Passenger Traffic to Boost Growth
The introduction of next-generation aircraft equipped with integrated digital interfaces is anticipated to reduce the pilot’s workload and improve reliability. At the same time, the procurement of new aircraft has increased at a fast pace on account of the rising number of air commuters across the globe. According to the International Air Transport Association (IATA), by 2037, there will be approximately 8.2 billion air passengers worldwide.
Various airlines are striving to expand their fleets. Also, the high demand for aircraft for a wide range of applications, such as personal planes and flight schools would augment the aircraft switches market growth in the upcoming years. However, airlines are rapidly adopting touchscreens to improve the pilot’s and passengers’ travel experience. It may obstruct growth.
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Segments-
Commercial Aircraft Segment to Lead Stoked by Surging Number of Deliveries Globally
The market is categorized into cabin, cockpit, landing gear, engine, and others by application. Based on type, it is bifurcated into manual and automatic. Below is a brief note on the platform criterion
By Platform: The market is fragmented into commercial aircraft, military aircraft, general aviation aircraft, business aircraft, electric aircraft, unmanned aerial vehicles (UAV), and helicopters. Amongst these, the commercial aircraft segment is anticipated to remain at the forefront in the near future. It held 20.50% in terms of the aircraft switches market share in 2020. The increasing number of aircraft deliveries is expected to bolster its growth. In October 2020, for instance, SKY Express ordered four Airbus A320neo aircraft.
Regional Insights-
Rising Government Investment Plans to Accelerate Growth in Europe
Geographically, North America procured USD 0.53 billion in 2020 in terms of revenue. The rising number of renowned aerospace manufacturers, namely, Raytheon Technologies Corporation, Lockheed Martin Corporation, GE Aviation, and the Boeing Company would drive regional growth.
Europe is expected to showcase considerable growth because of the rising investments by developed countries, such as France and the U.K. in the creation of pollution-free aircraft. In June 2020, for instance, the government of France announced that it is set to support the country’s aviation industry by providing a package of USD 16.85 billion. It would include investments in small firms for the launch of carbon-neutral planes by the end of 2035.
Competitive Landscape-
Key Players Aim to Provide Low-cost Systems for Strengthening Their Market Positions
Most of the prominent producers of aircraft switches are striving to launch state-of-the-art technologies for refining an aircraft system’s user interface. Some of the others are focusing on enhancing their product lines to deliver cost-effective solutions to their customers.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aircraft Switches Market
- Impact of COVID-19 Pandemic on Global Aircraft Switches Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Global Aircraft Switches Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Manual
- Automatic
- Market Analysis, Insights and Forecast – By Platform
- Commercial Aircraft
- Military Aircraft
- General Aviation Aircraft
- Business Aircraft
- Electric Aircraft
- Unmanned Aerial Vehicles
- Helicopters
- Market Analysis, Insights and Forecast – By Application
- Cabin
- Cockpit
- Landing Gear
- Engine
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the world
TOC Continued…!
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