The global market for aircraft electrical systems is projected to have considerable CAGR of around 5.5% during the forecast period. The market growth mainly driven by the  growing demand of electrical systems in aircraft coupled with growth in the aviation industry. There is significant adoption of electrical systems for military and commercial aircraft systems and growth in research and rising investments for electrical aircraft systems that further propels the market growth. The electrical aircraft systems provides the energy efficiency aircraft systems that reduces emissions in the environment.  Despite these benefits , aircraft electrical systems have some drawbacks include the requirement of power electronics to handle the increasing loads, and excess of heat created by losses within the electrical power chain. Therefore these drawbacks of aircraft electrical systems further projected to hamper the market growth. 

Segmental Outlook  

The global aircraft electrical systems market is segmented based on Component type and platform. Based on the component type, the market is further classified into generators, distribution devices, conversion devices, and battery management systems. Among component type, the generator segment is projected to grow significantly owing to the rising demand of power generation management in aircraft electrical systems. On the basis of industry the market is further segregated into general aviation, commercial aviation, and military aviation. 

Global Aircraft Electrical Systems Market Share by Platform, 2019(%)

Global Aircraft Electrical Systems Market to be driven by Commercial Aviation

Among platform, the commercial segment held a considerable share in the market owing to increasing demand networks and electric solution in commercial aviation coupled with significant growth in the commercial aircraft industry. As per  the World Bank, there were approximately 3.23 billion passengers traveled via air which further raised to 4.23 Billion passengers in 2018, thus such an increase in the number of passengers traveling via air supports the growth of the aviation industry. Moreover, the aircraft companies are installing various networking systems in commercial aircraft. For instance, in September 2019, Gogo Inc. announced that it has surpassed 1,500 total commercial aircraft installed and activated with satellite in-flight connectivity. As of September 1, 2019, the company had 1,262 aircraft installed and activated with 2Ku technology, 252 aircraft installed and activated with Ku technology.  Therefore these advancement in the networking solution of the commercial aircraft further expected to grow the demand of aircraft electrical systems and contribute to the segmental growth.

Regional Outlook 

Geographically, the global aircraft electrical systems market is further classified into North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific is projected to hold a significant market growth in the global aircraft electrical systems market during the forecast period. Major economies which are anticipated to contribute to Asia-Pacific aircraft electrical systems market include China, India Japan and others. The major factors contributing to the growth of the market in the region include the rising demand of electrical systems in aircraft coupled with the growing aviation  industry in the region.  Additionally, as per the World Bank, the number of passengers in the countries such as India, Vietnam, China are also growing rapidly at a growth rate of 104%, 100% and 57% respectively, which directly fuels the growth of the aviation industry and in turn spurs the market growth during the forecast period.

Global Aircraft Electrical Systems Market   Growth, by Region 2020-2026

North America to hold a considerable growth in the global aircraft electrical systems market

Geographically, North America have significant share in the global aircraft electrical systems market.  The advancement of technological infrastructure of aviation industry in major economies of North America such as the US and Canada coupled with significant adoption of electrical systems in military aviation are further making a considerable contribution towards the market in the region. As per the General Aviation Manufacturers Association (GAMA), the general aviation flies for over 24 million hours annually, of which nearly two-thirds are for business purposes. Such an increase in air travel by business class is offering growth to the aviation industry in the US that further support the advancement in the electrical systems of aircraft in the region.  

Market Players Outlook

The key players in the aircraft electrical systems market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Honeywell International Inc., General Electric Co., Safran S.A., Thales Group, Raytheon Technologies Corp., and others. These market players adopt various strategies such as product launch, partnerships, collaborations, mergers, and acquisitions to sustain a strong position in the market. 

The Report Covers

•  Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global aircraft electrical systems market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.