New York, United States , Aug. 26, 2024 (GLOBE NEWSWIRE) -- The Global Aircraft Electrical System Market Size to Grow from USD 20.9 Billion in 2023 to USD 46.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.30% during the forecast period.
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The Aircraft Electrical System Market is expanding rapidly, owing to advances in aviation technology and rising need for more efficient and dependable electrical systems in modern aircraft. Electric propulsion, lightweight materials, and improved power management systems are significant innovations driving industry growth. The transition to greener aviation solutions, as well as the integration of electric systems into both commercial and military aircraft, are all contributing to market dynamics. Furthermore, rising air traffic, increased aircraft manufacturing, and the need for modernised fleets are driving demand.
Aircraft Electrical System Market Value Chain Analysis
The Aircraft Electrical System Market value chain consists of numerous crucial phases, beginning with raw material suppliers who provide critical components such as cables, connectors, and semiconductors. Manufacturers then use these materials to make electrical system components like power generators, distribution units, and converters. Original Equipment Manufacturers (OEMs) include these components into aircraft throughout the assembly process. The following stage involves aftermarket services, such as maintenance, repair, and overhaul (MRO) providers, who ensure the electrical systems' durability and reliability. Distributors and suppliers play critical roles in logistics and supply chain management, ensuring that components are delivered on time. Finally, regulatory agencies monitor compliance with aviation standards and safety rules, ensuring that the systems are reliable and efficient in operational contexts.
Browse key industry insights spread across 213 pages with 105 Market data tables and figures & charts from the report on the "Global Aircraft Electrical System Market Size, Share, and COVID-19 Impact Analysis, By Component (Generators, Conversion Devices, Battery Management Systems), By Platform (Commercial Aviation, Military Aviation, Business & General Aviation), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033."
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Insights by Platform
The commercial aviation segment accounted for the largest market share over the forecast period 2023 to 2033. Airlines are investing considerably in modern electrical systems to improve fuel efficiency, save operational costs, and comply with tough environmental rules. This expansion is being driven by innovations such as electric and hybrid-electric propulsion systems, new avionics, and improved power management technology. The transition to More Electric Aircraft (MEA) and the requirement for dependable, efficient systems for upcoming aircraft models are important factors driving market growth. Furthermore, increased aircraft production rates and demand for retrofitting older fleets with updated electrical systems are driving growth in this segment.
Insights by Component
The generators segment accounted for the largest market share over the forecast period 2023 to 2033. Modern aeroplanes increasingly rely on efficient, dependable generators to power complex electrical systems such as avionics, lights, and propulsion. The push for More Electric Aircraft (MEA) and the integration of high-power electrical systems has increased the demand for novel generators that provide better performance, weight savings, and fuel efficiency. Furthermore, the growing trend of retrofitting and upgrading current aircraft fleets with cutting-edge generators adds to market growth. As manufacturers create generators with higher power output and more dependability, this industry is expected to grow further, aided by increased commercial and military aircraft production and modernisation efforts.
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Insights by Region
North America is anticipated to dominate the Aircraft Electrical System Market from 2023 to 2033. The region's large commercial and military aircraft fleets increase demand for modern electrical systems that improve performance, safety, and fuel efficiency. Key drivers include the modernisation of ageing fleets, the use of electric and hybrid-electric propulsion technology, and a greater emphasis on sustainability and emissions reduction. North American aerospace companies and suppliers are at the forefront of developing cutting-edge electrical systems, aided by substantial R&D efforts. Additionally, favourable regulatory conditions and significant government and private sector investment drive industry expansion.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Rapid economic growth, expanding airline fleets, and rising passenger numbers all contribute to a significant need for sophisticated electrical systems in commercial and military aircraft. Countries such as China and India are driving the expansion, with major aircraft manufacturers and suppliers focussing on improving electrical systems for greater economy and performance. The transition to More Electric Aircraft (MEA) and sustainable aviation practices is also influencing market dynamics.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Market Players are Global Aircraft Electrical System Market Include Ametek, Amphenol Corporation, Astronics Corporation, Avionic Instruments LLC, Bae Systems, Crane Aerospace & Electronics, Eaglepicher Technologies LLC, Esterline Technologies, GE Aviation, and Honeywell International Inc. and others.
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Recent Market Developments
- In May 2021, Pyroalliance and Safran Electrical & Power have formed a partnership to develop emergency pyrotechnic electrical shutdown solutions. This research focusses on high-power electric networks for future-generation aircraft.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Electrical System Market, Component Analysis
- Generators
- Conversion Devices
- Battery Management Systems
Aircraft Electrical System Market, Platform Analysis
- Commercial Aviation
- Military Aviation
- Business & General Aviation
Aircraft Electrical System Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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