January 07, 2021
According to the business intelligence report titled ‘Global Aircraft Electrical System Market Size study with COVID-19 impact, by Technology (Power generation, Power distribution, Energy storage devices and Power conversion), by Application (Aircraft Utility management, Configuration management, Power generation management and Flight controls & operation), Components (Variable Frequency Generator, Generator Control Unit, Power Electronics, Transformer Rectifier Unit, Power Distribution Systems and Integrated Drive Generator), by Platform (Fixed wings and Rotary wings) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global aircraft electrical system market was worth USD 18112.36 million in the year 2019 and is estimated to exhibit a CAGR of 6.80% during 2020-2027.
The report cites that increasing production volume of aircrafts coupled with rising adoption of electrical elements for minimizing the weight of transformers, generators, and motors are augmenting the growth of worldwide aircraft electrical system market.
For the record, electrical systems are vital and integral component in the aircraft designs. They are generally powered by an engine, but can also utilize a RAT (Ram Air Turbine), APU (auxiliary power unit), or a hydraulic motor.
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Further, rising investments in the aerospace sector by industry players, technological advancements, and introduction of innovative products & solutions are positively swaying the global aircraft electrical system market dynamics. On the contrary, stringent regulatory norms and growing concerns regarding efficiency & power density are major restraining factors on the growth path.
Based on technology, the overall industry is bifurcated into power conversion, energy storage devices, power distribution, and power generation. The application spectrum of the market comprises of flight controls & operations, configuration management, power generation management, and aircraft utility management.
With regards to component, global aircraft electrical system industry is segmented into integrated drive generator, transformer rectifier unit, power distribution systems, power electronics, generator control unit, and variable frequency generator.
From a regional frame of reference, North America accounts for a majority of the worldwide aircraft electrical system market share presently and will continue to showcase similar trend in the ensuing years, on account of escalating demand for lightweight aircrafts and rising air traffic.
On the other hand, Asia-Pacific aircraft electrical system market is projected to register the highest CAGR over 2020-2027, owing to rapid expansion of the supply chain of the aviation sector along with technological advancements.
Major players that formulate the competitive dashboard of global aircraft electrical system industry are GE Aviation, Safran S.A., Astronics Corporation, Crane Aerospace & Electronics Inc., United Technologies Corporation, Zodiac Aerospace, Honeywell International Inc., Thales Group, Hartzell Engine Technologies, and Elbit Systems Ltd. among others.