October 25, 2019 by Market-NewsFlash
The aircraft wires and cables market is estimated to register a CAGR of nearly 5.87% during the forecast period.
Aircraft Wires and Cables Market
The growth of the global aircraft wires and cables market can be attributed to the rising demand for glass cockpit systems. Furthermore, increasing upgradation of existing aircraft and rising demand for new aircraft are propelling the growth of the market.
Factors such as increasing air passenger traffic and stringent government regulations regarding aircraft wires and cables are driving the market growth. However, current backlogs in aircraft deliveries are expected to hinder the growth of the market.
The global aircraft wires and cables market has been segmented on the basis of type, fit, aircraft, application, and region.
Based on type, the global market has been divided into aircraft wire, aircraft cable, and aircraft harness. The aircraft harness segment is expected to account for the largest share of the market during the forecast period. However, the aircraft wire segment is expected to witness the highest growth rate during the forecast period of 2019 to 2025. As the wires are insulated, flexible, and high temperature resistant, they prevent electrical failures and fires. Therefore, the segment is expected to witness the highest growth rate during the forecast period.
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Aircraft Wires and Cables Market
Based on application, the market has been segregated into lighting, flight control system, power transfer, data transfer, avionics, and others. The flight control system segment dominated the market in 2018. However, the lighting segment is estimated to expand at the highest CAGR during the forecast period. Increasing investments made by airline operators in aircraft modernization to install advanced cabin interior lighting are expected to fuel the growth of the segment. For instance, in 2018, Alaska Airlines was awarded a contract by STG Aerospace to deploy photoluminescent emergency floor path marking system on its aircraft fleet. The lighting system enabled the airlines to enhance its aircraft cabin appearance and offer safety to its passengers and crew. Hence, the segment is anticipated to expand at the highest CAGR during the forecast period.
In terms of region, the global aircraft wires and cables market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for a dominant share of the global market in 2018. However, the market in Asia-Pacific is projected to expand at the highest CAGR during the forecast period. Growing air passenger traffic in countries such as China and India is driving the market growth in the region.
Key players operating in the global aircraft wires and cables market are Amphenol Corporation (US), AMETEK, Inc. (US), Arrow Electronics, Inc. (US), Carlisle Companies Inc. (US), Leviton Manufacturing Co., Inc. (US), The Angelus Corporation (US), Radiall (France), Collins Aerospace (US), TE Connectivity (Switzerland), W.L.Gore & Associates, Inc. (US), NEXANS (France).
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