Aircraft manufacturers from across the globe are taking that extra step to provide efficient service in terms of the crafts and internal and external structure. The rapid growth of global airline sector was hampered by the great recession and economic crisis of 2008. However, the industry has started to recover from the crisis and is rapidly moving ahead. Aircraft manufacturers and airline companies are now looking for better business opportunities to expand their business across the developing parts of the world. All the sectors of the industry including the aircraft electrical market are growing at a healthy compound annual growth rate. This gives clear picture about the growing innovations, number of new entrants and business opportunities in the market.
Global Aircraft Electrical and Environmental Systems Market Synopsis
Aircraft environment and electrical segment is the inseparable component of the global airlines sector. Along with the great expansion happening in global market, the requirement for number of crafts as also increased dramatically. Increasing demand for aircrafts calls for increased demand for fuel. Hiking prices of fuel is a huge hurdle for the industry, which is currently at such a tricky mode. In such scenario, developing environment friendly and fuel efficient services has become the need of the hour. This fact is driving the global aircraft electrical market at greater heights. Operations with reduced fuel amount directly means lowering expenses.
Electrical system stands for a great alternative for the conventional and costly pneumatic and hydraulic systems. All the primary functions of the energy efficient and electrical aircrafts are powered by electricity. These systems are environment friendly and they boost reliability and reduce maintenance costs. Global aircraft electrical market is segmented based on the types of crafts, products and other external factors like the stakeholders and demand across various geographical regions.
- Type: Narrow body, wide body and very large body aircrafts
- Stakeholders: Airlines, aircraft manufactures, MRO, electrical and environmental system manufactures and sub component manufactures
- Products: Auxiliary Power Unit (APU), environmental control systems, generators, motors, supplementary ancillary systems, power conversion, power distribution
- Geography: United States of America, China, Europe and global market
Based on the recent market research reports, global commercial aircraft electrical market is expected to grow at a CAGR of over 6% from 2013 to 2018. At this rate, the industry is expected to become worth $7.13 billion by 2018. In 2012, the market was worth $5.20 billion. According to the same reports, maintaining skilled workforce, sustaining the growing competition, following the industry norms and consolidating ground breaking techniques are the major challenges for the industry. Maintaining and growing the existing profit sources is also yet another challenge that the aircraft electrical and environmental systems market is facing in present day.
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