The global aviation connectors market is projected to reach a value of USD 5.52 Billion by 2022 from USD 4.13 Billion in 2016, growing at a CAGR of 4.97% during the forecast period from 2016 to 2022.
Among applications, the avionics is predicted to be the largest market over the forecast period as well as grow at the highest CAGR. This growth can be majorly contributed to the increase in aircraft orders and deliveries across the world. Along with this, the growing need for modern avionics systems, which is a result of rising concerns over flight safety and reducing operational & maintenance costs, is also boosting the growth of this market.
On the basis of shape, the circular connectors segment is projected to grow at the highest CAGR, owing to the rising demand for connectors from computers, communications, and consumer electronics applications in the aviation sector and need for advanced features, convenience, and connectivity products.
Based on type, the fiber optic segment held the largest market share in 2016, mainly due to the increased procurement of fiber optics for meeting the demands for high-speed data transmission and rising usage of new telecommunication technologies.
How is the market progressing, geographically?
The North American market for aviation connectors held the largest market share in 2015, owing to the increasing number of aircraft deliveries and modernization of aircrafts. However, the market in Asia-Pacific is projected to grow at the highest CAGR over the forecast period. This growth can be primarily contributed to the increasing air passenger traffic across the globe and major players that are setting up their manufacturing base for aircrafts in this region. Moreover, countries such as Japan and Russia have been re-entering the aircraft manufacturing business by launching commercial regional aircraft in the past two years. Therefore, the commercial application in this market is expected to witness steady growth over the forecast period. Emerging regional economies and modernization of aircraft programs are other factors that are expected to boost the growth of aviation connectors market in this region.
What are the factors driving and restraining the market growth?
The growth of the global market for aviation connectors is being majorly influenced by the following factors:
- Increase in the number of aircraft orders and deliveries across the globe
- Rising need for modern avionics systems
- Growing flight safety concerns
- Decreasing operational and maintenance costs
- Adoption of electric architecture and technology
In addition, increasing applications of aviation connectors in an aircraft is expected to further create an array of growth opportunities for this market.
On the flip side, current backlog of aircraft deliveries is expected to hamper the growth of this market to a certain extent. Moreover, obtaining quality accreditations is a key challenge being encountered by the leading players under this market.
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Leading players and growth strategies adopted>/b>
TE Connectivity (U.S.), Amphenol Corporation (U.S.), Carlisle Group (U.S.), and Bel Fuse Inc. (U.S.), among others are the major players operating in the global market for aviation connectors. These companies have been implementing new product launches, and partnerships, agreements and collaborations as their key strategies in order to enhance their position in the global market.