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(MoneyNewsWire.Net, March 12, 2018 ) The aircraft electrical systems market is projected to grow from USD 17.04 Billion in 2016 to USD 24.79 Billion by 2022, at a CAGR of 6.45 % during the forecast period. Increasing demand for more electric aircraft, fuel-efficient aircraft, and unmanned aerial vehicles are the key factors driving the market. The markets in India, China, and Japan are expected to witness significant growth during the forecast period.
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The aircraft electrical systems market has been segmented on the basis of technology, application, platform, component, and region. Based on technology, the market has been segmented into power generation, power conversion, power distribution, and energy storage device. The energy storage device segment is projected to grow at the highest CAGR from 2016 to 2022. The expected growth in this segment is attributed to the drop in prices of the lithium-ion battery technology and the rise in the development of aircraft with more electrical systems.
Based on application, the aircraft electrical systems market has been classified into aircraft utility management, configuration management, flight control & operations, power generation management, and others. The aircraft utility management segment is expected to account for the largest market share during the forecast period. Aircraft utility management is derived by the demand for today’s comfort standards in aircraft, such as passenger comfort and air pressurization, which require high power to function. Increasing air travel, growing regional economies, and increasing competition between airliners to provide the best possible comfort to customers on board, are some of the factors driving the aircraft utility management segment market.
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Based on region, North America is projected to lead the global aircraft electrical systems market from 2016 to 2022, owing to the presence of component integrators, Original Equipment Manufacturers (OEMs), and subcomponent manufacturers in this region. The expanding regional connectivity with wide body aircraft, and the growing investments in Medium-Altitude Long-Endurance (MALE) and High-Altitude Long Endurance (HALE)), Unmanned Aerial Vehicles (UAVs) are driving the North American aircraft electrical systems market.
Existing backlog in delivery of more electric architecture aircraft is expected to restrain the growth of the aircraft electrical systems market. The key players in this market are, UTC Aerospace Systems (U.S.), Thales Group (France), Honeywell International, Inc. (U.S.), Safran Electronics & Defense (France), Astronics Corporation (U.S.), Zodiac Aerospace (France), and GE Aviation (U.S.), among others.
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