Aircraft Electrical Systems Market worth 24.79 Billion USD by 2022

The aircraft electrical systems market is projected to grow from USD 17.04 Billion in 2016 to USD 24.79 Billion by 2022, at a CAGR of 6.45% from 2016 to 2022 during the forecast period.

(EMAILWIRE.COM, September 27, 2018 ) The report "Aircraft Electrical Systems Market by Technology (Power Generation, Conversion, Distribution, Energy Storage), Component (IDG, VFG, APU, TRU, GCU, Power Electronics, Power Distribution Systems), Application, Platform, & Region - Global Forecast to 2022", The aircraft electrical systems market is projected to reach USD 24.79 Billion by 2022, at a CAGR of 6.45% during the forecast period.

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Rise in aircraft deliveries owing to the increasing air passenger traffic across the globe and the shift towards more electrical architecture and technology are some of the factors driving the aircraft electrical systems market.

Based on technology, the power generation segment is estimated to account for the largest share of the aircraft electrical systems market in 2016. Power generation has been playing a crucial role in aircraft electrical systems, as it helps generate electric power from the main engine to supply constant frequency AC electrical power to the aircraft during flight.

Based on application, the aircraft utility management segment is projected to grow at the highest CAGR during the forecast period. This segment has been witnessing significant growth over the past few years, supported by the increasing air travel, growth of the regional economies, and increasing competition between airliners to provide the best possible comfort to customers on board.

Major factors expected to drive the growth of the North American aircraft electrical systems market include increasing passenger traffic, demand for new aircraft, and retrofit of traditional electrical systems, among others. The number of single aisle airplanes has increased in North America due to the replacement of older, less fuel efficient jets with new single aisle aircraft which are based on the More Electric Architecture (MEA) technology. The aircraft electrical systems market in the North American region is estimated to be driven by the increasing demand for medium-sized airplanes during the forecast period.

United Technologies Corporation (U.S.), Thales Group (France), Zodiac Aerospace (France), Safran S.A. (France), and Honeywell International, Inc. (U.S.) are the key players in the aircraft electrical systems market.