The Aircraft Electrical Systems Market is segmented by System Type (Electrical Generation Systems, Electrical Distribution Systems, Electrical Conversion Systems, and Electrical Storage Systems), Aircraft Type (Commercial Aircraft, Regional Aircraft, General Aviation, Helicopter, Military Aircraft, and UAV), and Region (North America, Europe, Asia-Pacific, and the Rest of the World).
The aircraft electrical systems market is classified as electrical generation systems, electrical distribution systems, electrical conversion systems, and electrical storage systems. Among different electrical systems, the electrical distribution system accounted for a revenue share of more than 37% in 2020, owing to the reason that they are the primary source of electrical power in an aircraft.
In addition to that, the development of high-thrust aircraft engines, an increase in the demand for greater efficiency, and the development of highly integrated electrical power generation systems are expected to drive the growth during the forecast period.
The market is segmented as commercial aircraft, regional aircraft, general aviation, helicopter, military aircraft, and UAV. The commercial aircraft segment occupied a major market share of more than 50% in 2020. Commercial aircraft registered an enormous decline in the year 2020 factored by struggling industry paired with the pandemic’s impact.
Now, it is anticipated that the aircraft type will mark excellent growth in order to heal up the lossed endured during 2020, leading to extraordinary growth in the near future. Upcoming aircraft programs, such as C919 and MC-21, are likely to give an additional impetus to the demand for electrical systems in the coming years.
The grounding of the B737Max ended the 16-year growth cycle of the commercial aerospace industry. The industry was on the verge of recovery from the grounding of B737Max, the sudden burst of the pandemic exacerbated the industry challenges and sent to the decade back. As a result of that, the aircraft electrical systems market witnessed a colossal decline of over 20%+ in 2020, quite aligned with the decline in other crucial systems used in an aircraft. The market has already started showing some signs of recovery from 2021 onwards with the recovery, particularly in the narrow-body aircraft segment.
Critical Questions Answered in the Report
- What are the key trends in the market?
- How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
- What is the impact of COVID-19 on the market?
- What are the key strategies adopted by the major vendors to lead in the market?
- What is the market share of the top vendors?
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