Aircraft wire and cable market worth $926.4 million by 2022

Aircraft wire and cable market worth $926.4 million by 2022

According to the new market research report “Aircraft Wire and Cable Market by Type (Harness, Wire, Cable), Application (Power Transfer, Data Transfer, Flight Control System, Avionics, Lighting), Fit (Linefit, Retrofit), Aircraft Type (Civil, Military), and Region – Global Forecast to 2022”, published by MarketsandMarkets™, the market is projected to grow from USD 695.2 million in 2017 to USD 926.4 million by 2022, at a CAGR of 5.91% between 2017 and 2022. Increased number of orders for new aircraft across the globe, modernization of existing aircraft, and rise in demand for more electric aircraft and the glass cockpit concept are the major factors driving the aircraft wire and cable market.

Based on type, the aircraft wire segment is projected to grow at the highest CAGR during the forecast period.
Based on type, the aircraft wire segment of the aircraft wire and cable market is projected to grow at the highest CAGR during the forecast period. The growth of the aircraft wire segment can be attributed to the increasing demand for new aircraft, thus, increasing the demand for aircraft wires and cables.

Based on application, the lighting segment is projected to grow at the highest CAGR during the forecast period
Based on application, the lighting segment of the aircraft wire and cable market is estimated to grow at the highest rate during the forecast period. The growth of this segment can be attributed to the replacement/retrofitting of wires and cables used for cabin lighting, and interior and exterior lighting of an aircraft. Wires and cables are used to transfer the energy required to power up high-intensity lights, lamps, beacons, etc.

The linefit segment is expected to grow at a higher CAGR during the forecast period.
The linefit segment of the aircraft wire and cable market is projected to grow at a higher CAGR as compared to the retrofit segment during the forecast period. The higher growth rate of the linefit segment can be attributed to the increase in aircraft orders as well as deliveries, economic growth across regions, and a rise in the air passenger traffic.

Based on aircraft type, the civil aircraft segment is estimated to grow at a higher CAGR during the forecast period
Based on aircraft type, the civil aircraft segment is projected to grow at a higher CAGR as compared to the military aircraft segment during the forecast period. The civil aircraft segment has witnessed significant growth in the past few years due to the increasing air traffic and the rise in the disposable income of the middle-class population across the globe. According to the Boeing Global Market Outlook, 2017, 29,350 single-aisle airplane orders are expected to be delivered by 2036 worldwide. Moreover, there has been an increase in the procurement of Low-Cost Carriers (LCCs) globally.

The Asia Pacific of the aircraft wire and cable market is expected to witness the highest growth during the forecast period.

The aircraft wire and cable market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period. The aviation industry is growing at a significant rate due to increasing air passenger traffic and improving economic conditions of the region. The growth in air passenger traffic has resulted in an increased demand for new lightweight and fuel-efficient aircraft from the region. In addition, emerging aircraft manufacturers in China, Japan, and India are expected to fuel the demand for aircraft wires and cables during the forecast period.

Major companies profiled in the aircraft wire and cable market report are TE Connectivity (Switzerland), Amphenol (US), Rockwell Collins (US), AMETEK (US), Radiall (France), Carlisle Companies (US), Pic Wire & Cable (US), W.L. Gore & Associates (US), A.E.Petsche (US), and Leviton (US), among others.

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