PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1069266
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1069266
According to Stratistics MRC, the Global Aircraft Cable Market is accounted for $4.19 billion in 2021 and is expected to reach $7.67 billion by 2028 growing at a CAGR of 9.0% during the forecast period. Aircraft cable is a type of cable, which mainly finds application in the aircraft industry. The high strength and versatile aircraft cable can also be used for various pushing and pulling applications that includes sheaves, pulleys, and winches among others. These cables are strong and flexible cables manufactured by stranding together the wires of raw materials, such as galvanized steel, polyimide, or stainless steel. Aircraft cables had been historically used for managing aircraft controls-it is still its most common use-and for securing the aircraft during take-off and landing.
Market Dynamics:
Driver:
Electrification and digitalization of aircraft systems
A networked ecosystem of apps, services, and documents defining the future flight deck is becoming more accessible to pilots. Data and power cables are required to connect these digital systems in every aircraft section. Digitalization improves operational efficiency and eases pilot functions. Work operations in the cockpit have been completely computerized due to digitalization. Alternative energy is required because of higher fuel costs and carbon emissions. Thus, electrifying aircraft provides more efficient, silent, and sustainable flight. It also reduces fuel consumption and operating costs for aircraft operators. Electric aircraft systems need cables for faster, more flexible and efficient transmission. Strategic digital advancements deliver a range of intuitive airline software and services. It provides immediate and future benefits to airlines for flight operations by assisting the responsibilities involved at each stage, thereby improving overall operations.
Restraint:
Aircraft backlogs
The growth of the aircraft cable market is restricted because of the backlogging of aircraft. The aircraft backlog hampers the demand for aircraft cables. Aircraft backlog occurs when the orders of aircraft manufacturing have not been fulfilled or run the risk of their potential cancellation or postponement in their date of delivery. The cases of accidents of aircraft that impact the sale of new aircraft, heavy competition among the aircraft producers, and the time required to build a new aircraft result in heavy backlogs in many cases. Thus, the huge number of aircraft backlogs may result in an opportunity loss for the companies in the aircraft manufacturing to manufacture new aircraft, thus, reducing the demand for aircraft cables.
Opportunity:
Rising demand for electric aircrafts
Electrically driven systems are an effective substitute for mechanically driven engine accessories, pumps, and generators. The demand for electric technology is expected to contribute to the cables market for military and aerospace. Incorporating more electric technology reduces fuel consumption and provides a reliable power source for aircraft. Aircraft systems have had revolutionary design and power distribution changes over the last few decades. Companies such as Boeing (US), Airbus (France), and Bombardier (Canada) are working on developing electrical systems to replace the traditional systems for optimized aircraft performance and limited maintenance costs. For instance, the Airbus Flight lab helicopter has started flight tests with a backup engine system that would function as an emergency electrical power system in case of failure of the turbine.
Threat:
Growing penetration of cable-less technologies
Recent advancements in technologies have been reflected in terms of significant changes in the dynamics of aerospace industry as it has replaced some avionics systems. The aerospace industry has been witnessing burgeoning growth across the world with improving statistics about aircraft deliveries and passengers travelling by air. The emergence of wireless or cable-less technologies has transformed several industries and the aerospace industry is no exception, which has made a negative impact on demand for aircraft cables. Aerospace manufacturers cutting down the use of aircraft cables to shift to wireless technologies, in order to improve operational efficiencies, can make a negative impact on growth of the aircraft cables market in the upcoming years.
The business/commercial aircrafts segment is expected to be the largest during the forecast period
The business/commercial aircrafts segment is estimated to have a lucrative growth. Aircraft cables are used in commercial aircraft. In commercial aircraft, flexible lightweight cables are used in flight control system and lighting applications. Cables used in aircraft are high frequency data transmission cables for transmitting radio signals and check air traffic for navigation and landing. Furthermore, in passenger area, data bus cables are used for in-flight entertainment applications. Moreover, in the past few years, a significant rise in the number of air passengers has been observed due low airline ticket prices and time saved on travel. Thus, demand to manufacture new commercial aircraft across the globe and adoption of new cable harness to upgrade aircraft are a few major factors that are expected to drive the aircraft cable market during the forecast period.
The galvanized steel segment is expected to have the highest CAGR during the forecast period
The galvanized steel segment is anticipated to witness the fastest CAGR growth during the forecast period. Galvanized aircraft cable is one of the most common and versatile cable ropes because of its flexibility and durability. GAC is often used for winches, zip lines, cable railings and more. Moreover, a galvanized aircraft cable is superior in providing corrosion resistance, but will offer quite the same level of protection that a stainless steel aircraft cable will offer. Galvanized aircraft cable strength, however, is slightly higher than stainless steel aircraft cable.
Region with highest share:
Europe is projected to hold the largest market share during the forecast period. Large fleet of commercial aircraft along with defense aircraft has led towards the growth of aircraft cable business in the region. With the advent of EAN (European Aviation Network), which is a system built for the purpose of in-flight communication by Inmarsat, the European market is expected to bolster for the coming years. In addition, the region is a land of opportunities for satellite companies competing for the prominent position in the market. This is mainly because the EAN's collaboration with airline companies is anticipated to generate additional revenue by enabling them to offer better quality Wi-Fi services. Also, innovative aircraft solutions getting developed is the major factor driving the Europe aircraft cable market.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to rising air passenger traffic in emerging economies, such as China and India. Hence, rising air passenger traffic is boosting the demand for new aircraft in the region. According to Boeing, 16,930 aircraft were delivered in Asia-Pacific. Improving economies and rapidly growing aerospace industry in Asia Pacific region is expected to play a pivotal role in development of the aircraft cables market. Manufacturers in the Asia Pacific aircraft cables market are aiming to capture lucrative sales opportunities by improving the quality features of aircraft cables in the coming future.
Key players in the market
Some of the key players profiled in the Aircraft Cable Market include Aerospace Wire & Cable, AMETEK, Inc, Amphenol, Arrow Electronics, Inc, Frequencia Ltd, GORE, Groupe Latecoere, Harbour Industries, Interconnect Cable Technologies Corp, Leviton Manufacturing Co., Inc, Radiall, Collins Aerospace, Specialty Wire & Cord Sets, Inc, TE Connectivity, and Tyler Madison, Inc.
Key Developments:
In December 2019, Groupe Latecoere, signed a definitive agreement to acquire Bombardier's electrical wiring interconnection system for an undisclosed amount.Through the acquisition Latecoere aimed to emerge as a leading player in the global consolidation movement in the aeronautics sector.
In July 2021, TE Connectivity launched its Rochester Greaseless Cable Technology, which provides more efficient field operation for downhole logging applications. This solution replaces steel cables in cased hole operations. It provides a lower coefficient of friction over traditional wireline cables, which uses a specially formulated cable jacket material.
In November 2021, Collins aerospace, announced the acquisition of Dutch Thermoplastic Components (DTC), a leader in the development and fabrication of structural thermoplastic composite parts. With this acquisition, collins will expand the use of advanced thermoplastics to make aircraft lighter and more fuel-efficient.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.