Aircraft Electrical System Market Players Change the View of the Global Face of Industry by 2027

In 2019, the global aircraft electrical system market was valued at $19.95 billion. It is expected to grow to $45.24 billion by 2032, with an annual growth rate of 6.50%. North America was the leading region in this market, holding a 42.15% share in 2019.

Informational Source:

https://www.fortunebusinessinsights.com/aircraft-electrical-system-market-104822

Major Key Companies Covered in Aircraft Electrical System Market are:

• Ametek (The U.S.)

• Amphenol Corporation (The U.S.)

• Astronics Corporation (The U.S.)

• Avionic Instruments, LLC (The U.S.)

• Bae Systems (The U.K.)

• Carlisle Interconnect Technologies (The U.S.)

• Crane Aerospace & Electronics (The U.S.)

• Eaglepicher Technologies, LLC (The U.S.)

• Esterline Technologies (TRANSDIGM GROUP) (The U.S.)

• GE Aviation (The U.S.)

• Hartzell Engine Technologies (The U.S.)

• Honeywell International Inc. (The U.S.)

• Meggitt (The U.K.)

• Nabtesco Corporation (Japan)

• PBS Aerospace (The U.S.)

• Pioneer Magnetics (The U.S.)

• Radiant Power Corporation (The U.S.)

• Safran (France)

• Thales Group (France)

• United Technologies Corporation (The U.S.)

Overview of the Aircraft Electrical System Market

The aircraft electrical system market is a vital component of the aviation industry, encompassing the design, manufacture, and maintenance of electrical systems used in both commercial and military aircraft. These systems are critical for ensuring the safe and efficient operation of aircraft, supporting everything from navigation and communication to engine control and passenger comfort.

Market Size and Growth

As of 2019, the global aircraft electrical system market was valued at approximately $19.95 billion. This market is projected to grow at a compound annual growth rate (CAGR) of 6.50%, reaching an estimated $45.24 billion by 2032. The significant growth is driven by several factors, including the increasing demand for new aircraft, advancements in electrical system technologies, and the ongoing trend towards more electric aircraft (MEA).

Regional Analysis

North America

North America dominated the aircraft electrical system market in 2019, with a market share of 42.15%. The region's dominance is attributed to the presence of major aircraft manufacturers, such as Boeing and Lockheed Martin, and a robust aviation infrastructure. Additionally, significant investments in modernizing existing aircraft fleets and developing next-generation aircraft contribute to the region's leading position.

Europe

Europe is another key market for aircraft electrical systems, driven by the presence of major aircraft manufacturers like Airbus and a strong emphasis on innovation and sustainability in aviation. The European Union's stringent regulations on aircraft emissions and noise levels also push manufacturers to adopt advanced electrical systems.

Asia-Pacific

The Asia-Pacific region is expected to witness the highest growth rate during the forecast period. Rapid economic growth, increasing air passenger traffic, and expanding airline fleets in countries like China and India fuel the demand for new aircraft and, consequently, aircraft electrical systems. The region's burgeoning aerospace industry and government initiatives to boost domestic aircraft production further contribute to market growth.

Key Market Drivers

1. Increasing Demand for New Aircraft: The rise in global air travel, particularly in emerging economies, has led to a surge in orders for new aircraft. Airlines are expanding their fleets to meet growing passenger demand, thereby driving the demand for advanced electrical systems.

2. Advancements in Electrical System Technologies: Continuous technological advancements in electrical systems enhance the efficiency, reliability, and safety of aircraft operations. Innovations such as high-voltage DC power systems, advanced power electronics, and more efficient power generation and distribution systems are gaining traction.

3. Trend Towards More Electric Aircraft (MEA): The aviation industry is increasingly shifting towards more electric aircraft, which rely more on electrical power rather than traditional hydraulic and pneumatic systems. This trend is driven by the need for improved fuel efficiency, reduced emissions, and lower maintenance costs.

4. Retrofitting and Modernization of Existing Aircraft: Airlines and military operators are investing in the retrofitting and modernization of existing aircraft to enhance performance and extend service life. Upgrading electrical systems is a key aspect of these modernization efforts.

Key Market Segments

By System

1. Power Generation: This segment includes generators and alternators that produce electrical power for the aircraft. The increasing adoption of high-voltage DC power systems is a notable trend in this segment.

2. Power Distribution: Power distribution systems manage the flow of electrical power from generators to various aircraft systems. Advanced power distribution systems offer improved efficiency and reliability.

3. Power Conversion: Power conversion systems, including inverters and converters, ensure that electrical power is supplied in the correct form and voltage levels required by different aircraft systems.

4. Energy Storage: Energy storage systems, such as batteries, provide backup power and support electrical loads during specific phases of flight. Advancements in battery technology, particularly in lithium-ion batteries, are driving growth in this segment.

By Component

1. Generators and Alternators: Essential for power generation, these components are witnessing advancements in efficiency and reliability.

2. Batteries: With the growing adoption of electric and hybrid-electric aircraft, the demand for advanced batteries is on the rise.

3. Power Distribution Units: These units manage the distribution of electrical power to various aircraft systems, ensuring optimal performance and safety.

4. Wiring and Cables: Wiring and cables form the backbone of the electrical system, connecting various components and systems.

5. Lighting: Aircraft lighting systems, including interior and exterior lighting, are crucial for safety and passenger comfort. The shift towards LED lighting is a significant trend in this segment.

Key Players

The aircraft electrical system market is highly competitive, with several key players driving innovation and growth. Some of the prominent companies in the market include:

1. Honeywell International Inc.: A leading aerospace technology company, Honeywell provides advanced electrical systems and components for various aircraft applications.

2. Thales Group: Thales offers a wide range of electrical systems and solutions, including power generation, distribution, and conversion systems.

3. Safran S.A.: Safran is a major player in the aerospace industry, providing innovative electrical systems and components for both commercial and military aircraft.

4. Collins Aerospace: A subsidiary of Raytheon Technologies, Collins Aerospace offers comprehensive electrical system solutions, including power generation, distribution, and conversion systems.

5. General Electric Aviation: GE Aviation provides advanced electrical systems and components, leveraging its expertise in power generation and distribution technologies.

Recent Developments

1. Electric and Hybrid-Electric Propulsion: The development of electric and hybrid-electric propulsion systems is a major trend in the aviation industry. These systems offer significant improvements in fuel efficiency, emissions reduction, and noise levels.

2. High-Voltage DC Power Systems: The adoption of high-voltage DC power systems is increasing, driven by the need for more efficient power generation and distribution. These systems offer benefits such as reduced weight and improved reliability.

3. Advanced Power Electronics: Innovations in power electronics, including advanced inverters and converters, enhance the efficiency and performance of aircraft electrical systems.

4. Enhanced Energy Storage Solutions: The development of advanced energy storage solutions, particularly in lithium-ion battery technology, supports the growing demand for electric and hybrid-electric aircraft.

Challenges and Opportunities

Challenges

1. High Development and Certification Costs: Developing and certifying new aircraft electrical systems involves significant costs and rigorous testing, posing a challenge for manufacturers.

2. Technical Complexity: Aircraft electrical systems are highly complex, requiring advanced engineering and integration capabilities. Ensuring the reliability and safety of these systems is a critical challenge.

3. Regulatory Compliance: Meeting stringent regulatory requirements and standards set by aviation authorities, such as the FAA and EASA, is essential for market players.

Opportunities

1. Emerging Markets: The growth of the aviation industry in emerging markets, particularly in Asia-Pacific and Latin America, presents significant opportunities for market expansion.

2. Sustainability Initiatives: The increasing focus on sustainability and environmental impact reduction drives the adoption of more electric aircraft and advanced electrical systems.

3. Digitalization and IoT: The integration of digital technologies and the Internet of Things (IoT) in aircraft electrical systems offers opportunities for improved monitoring, diagnostics, and maintenance.

Future Outlook

The aircraft electrical system market is poised for substantial growth, driven by the increasing demand for new aircraft, advancements in electrical system technologies, and the trend towards more electric aircraft. As the aviation industry continues to evolve, the adoption of electric and hybrid-electric propulsion systems, high-voltage DC power systems, and advanced energy storage solutions will shape the future of aircraft electrical systems. Market players must navigate challenges related to development costs, technical complexity, and regulatory compliance while capitalizing on emerging market opportunities and sustainability initiatives.Aircraft Electrical System Market