New York, US, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Aircraft Electrical Systems Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Aircraft Electrical Systems Market Information by System, Component, Application, Platform, and Region - Forecast till 2027”, the market is estimated to grow at 6.4% CAGR from 2020-2027.
Market Scope
The market’s growth scope is promising, backed by several encouraging factors including the burgeoning aircraft fleet size and the resultant rise in the requirement for a variety of systems and services. The key objective is to ensure that aircraft are fuel-efficient while emissions are reduced. The market prospects are further bolstered by the soaring focus on aviation upgrade in several parts of the world.
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Competitive Landscape
The well-established vendors profiled in the MRFR report are:
- AMETEK, Inc. (US)
- Esterline Technologies (US)
- GE Aviation (US)
- Astronics Corporation (US)
- Honeywell International Inc. (US)
- Thales Group (France)
- Raytheon Technologies Corporation (US)
- Amphenol Corporation (US)
- Safran (France)
- Meggitt (UK)
With the aim to bolster worldwide reach, vendors are focused on launching new and far more innovative systems, and products in the market. They also employ numerous competitive strategies, including acquisitions, partnerships, and collaborations. For instance, in August 2021, Eve Urban Air Mobility Solutions’ subsidiary Fahari Aviation formed a Memorandum of Understanding/MoU with Kenya Airways for establishing a foundation of procedures and concepts to effectively scale aircraft’s electrical vertical landing and take-off, also called EVA (Electrical Vertical Aircraft). This partnership will entail Fahari Aviation backing the fully electric aircraft as well as the product innovative process to facilitate the integration of UAM with the overall operations of Kenya Airways.
Primary Growth Boosters
In a traditional aircraft, the non-propulsive systems are powered by a combination of hydraulic, pneumatic, electric, and mechanical power sources. But these systems come along with certain disadvantages, including low efficiency in conjunction with reduced fuel to energy conversion rate and high risks of corrosive fluid leakage, as well as fire. On the contrary, electrical systems make use of electricity for powering majority of the non-propulsive systems present in the aircraft that not only enhances the performance but consumes lesser power.
Electric power technology is increasingly replacing hydraulic power as it helps lighten the total aircraft weight, which ultimately elevates the fuel efficiency. Aircraft manufacturers are entirely focused on augmenting fuel efficiency by replacing around 12% of the hydraulically controlled systems with advanced electric systems. As a result, the escalating focus on optimizing the aircraft performance by the manufacturers could be a major growth booster for the aircraft electrical systems market.
The series of cutting-edge electric and electronic technologies emerging in the aviation sector presents attractive opportunities to the manufacturers. Aircraft manufacturers are exploring novel methods of power generation as well as distribution at several stages of the value chain. Distributed architectures, power electronics, and complex embedded digital systems are some of the top technologies that could be the future of the aviation industry. Besides, the surging deployment of switching power devices and programmable solid-state devices in place of conventional electromechanical circuit breaker technology could offer advantages to aircraft, in terms of fault isolation, load management, better flexibility, and diagnostic health monitoring to accommodate system upgrades as well as modifications.
Browse In-depth Market Research Report (174 Pages) on Aircraft Electrical Systems: https://www.marketresearchfuture.com/reports/aircraft-electrical-systems-market-10564
Market Restraints
With rising focus on reducing the size of the energy conversion systems, aircraft electrical system manufacturers are facing challenges with respect to energy efficiency and density. Reducing the size involves the use of expensive heat dissipation methods. This leads to significant costs of the aircraft electrical system, which can act against the global market in the future.
COVID-19 Analysis
There is no doubt that the COVID-19 outbreak has wreaked havoc on several industries, burdening them with financial challenges. However, the collective effort given by government bodies across countries and industries to accelerate the recovery rate of global economy could mean better prospects for the aircraft electrical system industry in the years ahead.
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Market Segmentation
The aircraft electrical systems industry, in terms of system, has been considered for power distribution, power generation, energy storage, and power conversion. With majority of the manufacturers in the global market striving to design and develop high-quality and lightweight energy storage systems, the segment is bound to note significant growth in the future.
Major components covered in the report are distribution devices, generators, battery management systems, and conversion devices. In the lead is the battery management systems segment, as the demand for ruggedized uninterruptible power systems continues to mount rapidly worldwide.
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Regional Status
Europe, Asia Pacific, North America, the Middle East & Africa, and Latin America are the key markets considered the report.
North America is a highly attractive market for aircraft electrical systems, in view of the mounting need for more aircraft and the significant air passenger traffic. In the next two decades, there is going to be need for more than 11,000 aircraft in the region. The US is the market leader in the region, thanks to the renowned vendors focusing and spending substantially on the expansion of their services and facilities. Another encouraging aspect can be the rising number of joint ventures between the local firms and aircraft manufacturers aimed at optimizing the operational efficiency of aircraft electrical systems.
The APAC market will note the highest growth in the years ahead, on account of the surging number of air travellers in China, India, Indonesia, Vietnam, Taiwan, Japan, and more. This scenario has compelled airlines to focus on bolstering their fleet sizes to accommodate the escalating demand. Over the years, the region’s total aircraft fleet size has soared by close to 10%. Meanwhile, the average age of existing aircraft fleet could jump from around 9 years in 2020 to about 10 years by 2027-end. The demand for electrical systems is further bolstered by the surge in aircraft maintenance activities along with part replacements.
About Market Research Future
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
