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The global aircraft electrical system market size is projected to reach USD 27.29 billion by 2027 owing to the increasing reliance on power conversion devices in airplanes, shares Fortune Business Insights™ in its report, titled “Aircraft Electrical System Market Size, Share & Covid-19 Impact Analysis, By Platform (Fixed-Wing and Rotary Wing), By Component (Generators, Conversion Devices, Distribution Devices, Battery Management Systems, and Others), By Application (Power Generation Management, Flight Control & Operation, Cabin System, Configuration Management, and Air Pressurization & Conditioning), By Technology (Conventional, Electric, and Others), By End User (OEM and Aftermarket) and Regional Forecast, 2020-2027”. The report states that the global market value in 2019 stood at USD 19.95 billion and the market is anticipated to register a CAGR of 5.83% from 2020 to 2027.
The COVID-19 pandemic has diminished the aircraft electrical system market growth prospects for 2020 and 2021 as travel bans, lockdowns, and economic downturn have severely contracted the demand for air travel. The aviation industry is undergoing unprecedented upheavals, with aerospace companies grappling with dramatic revenue losses due to delayed or canceled aircraft orders.
GE Aviation Joins Forces with Team Tempest to Advance Avionics Technologies
In July 2020, GE Aviation announced that it will be joining Team Tempest, a project by the UK Ministry of Defence, Rolls-Royce, MBDA UK, Leonardo UK, and BAE Systems. GE Aviation will now be part of this unique venture and will collaborate with other participants to develop future air combat concepts and associated technologies as well as work on the architectures and infrastructures required for avionics systems and electrical power for airplanes. The joining of GE is a significant step for the Team Tempest project as GE, being a pioneer in avionics technologies, brings additional expertise, experience, and intellectual property to the table.
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Procurement of Fighter Jets by Developing Economies to Stimulate Market Growth
The leading developing economies of the world, such as India, Brazil, and Vietnam, have been aggressively expanding their fighter jet fleets to equip their air forces with the latest aviation technologies. For example, in July 2020, India completed the much-awaited deal with France to procure five new Rafale fighter jets, as tensions with China escalated. The purchase and induction of these advanced jets was aimed at modernizing the Indian Air Force’s obsolete, Soviet-era fleet of fighter jets. Similarly, in October 2020, Brazil confirmed its order with Saab, the Swedish aerospace behemoth, to procure its Gripen E fighter jets, choosing them over Dassault’s Rafale jets and Boeing’s F-18 Super Hornets. Like India, Brazil also intends to upgrade its air fleet with Saab’s fighter jets, which will be complemented by the induction of Brazil’s indigenously-built Embraer C-390 Millennium military transport jets. Thus, the strong intention displayed by emerging economies to modernize their air combat capabilities is creating huge opportunities for players in the market for aircraft electrical systems.
Key Players to Engage in Exciting Business Partnerships
Top players in this market are showing an increasing inclination to participate in joint ventures and enter into novel partnerships and collaborations. Such business partnerships are enabling companies to mutually benefit from each other’s technologies and market reach and further solidify market position. Moreover, companies are also exploring avenues to penetrate under-tapped markets across Asia, Africa, and South America to capitalize the growing demand for aircraft technologies in these regions, underpinned by steady economic development.
List of Key Players Covered in the Aircraft Electrical System Market Report:
Further Report Findings:
Table of Segmentation
Value (USD billion)