LONDON–(BUSINESS WIRE)–The global commercial aircraft electrical systems market is expected to grow at a CAGR of more than 6% from 2017-2021, according to a new market research report by Technavio.
Global commercial aircraft electrical systems market segmentation by aircraft type and geography
Technavio’s report on the global commercial aircraft electrical systems market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by aircraft type, including commercial narrow-body aircraft, commercial wide-body aircraft, and commercial regional jets. As projected in 2016, more than 67% of the market share originated from commercial narrow-body aircraft.
Based on geography, the global commercial aircraft electrical systems market has been segmented into Americas, EMEA, and APAC. As of 2016, around 43% of the market share came from the Americas.
“During the forecast period, the demand for aircraft parts and components will remain the highest from the Americas because of the robust aviation manufacturing infrastructure in the US. The nation operates the highest number aircraft compared to any other country across the globe, and it has a large section of aging fleets that are due for replacement. This elevates the market opportunities for aircraft parts and component suppliers in the region,” says Ramyabrata Chakraborty, a lead analyst at Technavio for aerospace components research.
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Global commercial aircraft electrical systems market: competitive vendor landscape
The commercial aircraft electrical systems market is highly competitive, and vendors compete based on cost, product quality, reliability, and market share. To survive and succeed in such an intensely competitive environment, it is crucial for vendors to provide cost-effective and high-quality commercial aircraft electrical systems with the latest technology and materials. The aerospace industry has witnessed increased competition and cost pressure. There are also other challenges associated with fluctuating fuel costs and increase in raw material prices.
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Other topics covered in the report:
- Growing demand for procurement of newer generation aircraft
- Adoption of MEA concept
- Delay in aircraft delivery
- Thermal challenges associated with increasing electrical architecture in aircraft
- Introduction of electric environmental control system
- Development of electric APU to support more electric architecture
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