Global Aircraft Electrical System Market is valued approximately USD 18112.36 Million in 2019 and is anticipated to grow with a healthy growth rate of more than 6.80 over the forecast period 2020-2027. An electrical system is an integral and vital component of all however the most simplistic of plane designs. All plane electrical structures have additives with the capacity to generate power. Relying upon the plane, turbines or alternators are used to supply electricity. These are engines pushed but can also be powered by way of an auxiliary power unit (APU), a hydraulic motor or a Ram Air Turbine (RAT). Electrical parameters are chosen with the intention of minimizing the weight of motors, generators, and transformers and thus, higher frequency power systems are generally employed. Thus, the global rise in manufacturing of aircrafts by key market players from across the globe is driving the growth of market over the forecast years. For instance: as per Statista, in 2017, top aircraft manufacturers and suppliers such as Boeing Co., Airbus Group SE, Lockheed martin corp., United technologies corp. and General Electric aviation etc. has revenue of over USD 94 Million, USD 63.9 Million, USD 50 Million, USD 30.9 Million and USD 27 Million and is grown to USD 101 Million, USD 75.10 Million, USD 53.8 Million, USD 36.03 Million and USD 30.6 Million, respectively. In addition, technological advancement in aircraft electrical systems is the factor driving the growth of market over the forecast years. However, stringent regulatory norms and power density & efficiency concerns associated with aircraft electrical are the factors hampering the market growth.
The regional analysis of global Aircraft Electrical System Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rise in air traffic and demand for light weight aircraft. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as growth in manufacturing and supply of aviation and technological advancement in it would create lucrative growth prospects for the Aircraft Electrical System Market across Asia-Pacific region.
Major market player included in this report are:
Hartzell Engine Technologies, LLC
United Technologies Corporation
Crane Aerospace and Electronics
Honeywell International, Inc.
Elbit Systems Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Technology offerings of key players. The detailed segments and sub-segment of the market are explained below:
Energy storage devices
Aircraft Utility management
Power generation management
Flight controls & operation
Variable Frequency Generator
Generator Control Unit
Transformer Rectifier Unit
Power Distribution Systems
Integrated Drive Generator
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2017, 2018
Base year - 2019
Forecast period - 2020 to 2027
Target Audience of the Global Aircraft Electrical System Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers