According to MarkNtel Advisors’ research report, the Global Aircraft Electrical System Market is expected to grow at a CAGR of 7.90% during 2021-26. The market growth attributes to the increasing advancements in the airline network, coupled with rapidly increasing air traffic due to the rising number of air travelers.
In addition, the burgeoning adoption of Unmanned Aerial Vehicles (UAVs) & drones for both civil & military purposes also drives the market through 2026. Besides, substantial investments by leading players in various R&D programs and the transformation of conventional electrical systems to electrically driven systems are other crucial aspects likely to augment the overall market growth in the coming years.
Generators to Dominate the Market with the Largest Share, Demand for Conversion Devices to Witness Fastest Growth Through 2026
Generators, powered by the aircraft engine, are the primary power source of the aircraft. Hence, among all components, their requirement is expected to be maximum in the coming years. On the other hand, the demand for Conversion Devices is likely to grow at the fastest rate over the coming years due to their critically increasing use in aircraft to provide top-graded DC & AC power sources.
North America to Rule the Global Aircraft Electrical System Market During 2021-26
Massive investments by leading players & governments in various R&D activities and the rising demand for fuel-efficient & low-maintenance aircraft in North America are the prime aspects projected to drive the regional market. Moreover, the soaring expenditure in the defense sector to enhance the domestic airline network, coupled with the burgeoning number of passengers traveling across the US & Canada, are expected to increase the air traffic and, in turn, fuel the overall market growth across North America in the coming years.
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Aircraft Electrical System Market are Ametek, Safran, Astronics Corporation, Amphenol Corporation, Esterline Technologies, Honeywell, Meggitt, Thales Group, United Technologies Corporation, GE Aviation.
Key Questions Answered in the Study