New York, USA, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global aircraft circuit breakers market is envisioned to generate a revenue of $387.1 million and grow at a CAGR of 4.0% during the forecast timeframe from 2022 to 2031.
As per our analysts, with the increasing use of aircraft circuit breakers in the industrial and commercial sectors due to their numerous benefits such as ease of installation and maintenance, high performance, and durability, the aircraft circuit breakers market is expected to observe remarkable growth during the forecast period. Moreover, the rise in electrical load requirements and complex power generation platforms have increased the demand for circuit breakers in the aircraft sector, which is expected to create wide growth opportunities over the estimated timeframe. However, the increasing competition from the unorganized sector may hamper the growth of the market throughout the analysis timeframe.
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Segments of the Aircraft Circuit Breakers Market
The report has divided the market into segments based on type, system type, voltage, application, and region.
By Type: Thermal Aircraft Circuit Breakers to be Most Productive
The thermal aircraft circuit breakers sub-segment is expected to hold the largest share of the market during the forecast period. The increasing use of thermal aircraft circuit breakers to protect circuits from overcurrent is expected to foster the growth of the market sub-segment during the analysis timeframe.
By System Type: AC Sub-Segment to be Most Profitable
The AC sub-segment is predicted to hold the maximum share of the market over the estimated timeframe. This is mainly because of the increasing use of AC circuit breakers compared to DC circuit breakers, as they effectively handle the changes in voltage. In addition, the growing demand for AC circuit breakers to prevent the wiring system from overheating is expected to upsurge the growth of the market sub-segment during the analysis period.
By Voltage: Medium Voltage Sub-Segment to be Most Lucrative
The medium voltage sub-segment is expected to hold the largest share of the market over the forecast period. The use of medium voltage circuit breakers for the maintenance of breakers which includes changing, closing and opening of breakers is expected to fortify the growth of the market sub-segment during the estimated timeframe.
By Application: Commercial Aircraft Sub-Segment to be Most Beneficial
The commercial aircraft sub-segment is expected to hold the greatest share of the market during the analysis timeframe. This is mainly due to the increasing demand for commercial aircraft from developed and developing countries for a better and faster mode of transport. Furthermore, aircraft manufacturing companies focus on enhancing their manufacturing capacity which is predicted to propel the growth of the market sub-segment over the forecast period.
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North America Region to Hold a Significant Market Share
The North America region of the aircraft circuit breakers market is expected to hold the highest share of the market throughout the estimated period. This is mainly due to the strong presence of aircraft manufacturers in this region. Moreover, the aerospace manufacturing firms in this region are developing goods and technologies that support atmospheric and space flight for both commercial and defense uses which is expected to drive the regional growth of the market during the forecast period.
Covid-19 Impact on the Aircraft Circuit Breakers Market
The outbreak of the Covid-19 pandemic has had a negative impact on the aircraft circuit breakers market. This is mainly due to the reduced demand for passengers traveling by air due to the spontaneous spread of the deadly virus. Moreover, the disruption in the supply chain due to the various precautionary lockdowns and other restrictions imposed by government authorities all across the globe has declined the growth of the market during the pandemic. However, various government authorities begin to lift lockdowns and take various innovative initiatives which helped the market to recover at a greater speed during the crisis.
Key Players of the Market
The major players of the aircraft circuit breakers market include
- Lockheed Martin Corporation
- Mitsubishi Aircraft Corporation
- Raytheon Technologies Corporation
- Commercial Aircraft Corporation of China Ltd.
- Textron Inc.
- Embraer SA
- Dassault Aviation
- Airbus SE
- General Dynamics Corporation
- Boeing Company
These players are broadly working on the development of new business strategies, such as mergers and acquisitions, partnerships and collaborations, and product development to sustain a leading position in the global industry- Inquire here to grab full report
For instance, in February 2021, Boeing Company, an American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, and satellites, announced its collaboration with Air Works, India's largest aviation technical staff and provides comprehensive maintenance and upgrade services for fixed and rotary wing aircraft. With the collaborations, Boeing Company aimed to grow its capabilities in India by delivering faster turnaround and exceptional operation capable aircraft.
Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, product development, and the latest strategic development.
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