DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Aircraft Electrical Systems Market by Technology, Component, Application, Platform, & Region - Global Forecast to 2022" report to their offering.
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 % during the forecast period.
Increasing demand for more electric aircraft, fuel-efficient aircraft, and unmanned aerial vehicles are the key factors driving the market. The markets in India, China, and Japan are expected to witness significant growth during the forecast period.
The aircraft electrical systems market has been segmented on the basis of technology, application, platform, component, and region. Based on technology, the market has been segmented into power generation, power conversion, power distribution, and energy storage device. The energy storage device segment is projected to grow at the highest CAGR from 2016 to 2022.
The expected growth in this segment is attributed to the drop in prices of the lithium-ion battery technology and the rise in the development of aircraft with more electrical systems.
The key players in this market are, UTC Aerospace Systems (U.S.), Thales Group (France), Honeywell International, Inc. (U.S.), Safran Electronics & Defense (France), Astronics Corporation (U.S.), Zodiac Aerospace (France), and GE Aviation (U.S.), among others.
Market Dynamics
Drivers
- Growth in Aircraft Deliveries
- Shift Toward More Electric Architecture and Technology
- Increasing Demand for UAVs
Restraints
- Existing Backlogs in Aircraft Deliveries
Opportunities
- Development of Fuel Cell Systems to Reduce Carbon Emissions
- Technological Advancements in Power Electronics Systems
Challenges
- Aircraft Electrical System Failure
- Rise in Thermal Management Costs of Electrical Systems
Companies Mentioned
- Astronics Corporation
- Crane Aerospace and Electronics
- Elbit Systems Ltd.
- Ge Aviation
- Hartzell Engine Technologies, LLC
- Honeywell International, Inc.
- Safran S.A.
- Thales Group
- United Technologies Corporation
- Zodiac Aerospace
For more information about this report visit http://www.researchandmarkets.com/research/6qws44/aircraft
