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According to the new research report titled “Aircraft Wire & Cable Market Forecast to 2028 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 1,153.64 million by 2028, registering a CAGR of 6.8% from 2021 to 2028.
Aircraft wires and cables are used for numerous aircraft applications, such as lighting, flight control system, power transfer, data transfer, and avionics. The stranded cables used are versatile and have a greater degree of flexibility. The wires and cables used in aircraft are produced in diverse configurations with variable lays, materials, and diameters to suit different applications. Over the years, the aircraft fleet has significantly increased and has resulted in the mounting installation of electrical and electronic equipment. Further, the growth in the safety of the aircraft is expected to propel the demand for aircraft wires and cables. The rapid expansion of the aviation sector globally and the growing adoption of advanced technologies for the smooth functioning of aircraft supplement the growth of the market significantly. Besides, the presence of robust aircraft manufacturers, such as Boeing and Airbus, and growing disposable incomes in developing countries and are among the factors driving the demand for these aircraft wires and cables.
The growing defense expenditure across significant economies, such as the US, China, India, Russia, and Saudi Arabia, is expected to drive the aircraft wires and cables market in the coming years. As per the data published in April 2020 by Stockholm International Peace Research Institute (SIPRI), the global military spending surged to US$ 1,917 billion in 2019, which represents an increase of 3.6% over that in 2018. Increasing technological developments, growing investments in research and development (R&D) by aircraft original equipment manufacturers (OEMs), and rising demand for air transportation are propelling the growth of the aerospace & defense sector, which is subsequently driving the aircraft wire & cable market growth.
The COVID-19 crisis affects the industries worldwide, and the global economy adversely affected in 2020 and likely in 2021. The pandemic has disturbed aircraft wire & cable businesses and suppliers around the globe. Market players experienced disruptions to their operations, and it’s likely to have consequences till mid-2021. Until the outbreak of COVID – 19, the aerospace industry was experiencing substantial growth in terms of production and services, despite huge backlogs from the aircraft manufacturers; the global aviation industry witnessed a significant rise in the number of passenger counts, an increase in aircraft procurement (both commercial and military), as well as rise growth in MRO activities.
Key Findings of Study:
The global aircraft wire & cable market market is fragmented into five major regions—North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and South America (SAM). The global aircraft wire & cable market encompasses a substantial number of market players operating in the market resulting in a fragmented global market. However, the market does include a selected number of prominent market players such as TE Connectivity, W.L. Gore and Associates Inc., Nexans SA, Carlisle Interconnect Technologies, Collis Aerospace, A.E. Petsche Company, and Amphenol Aerospace operating in the market with the considerable customer base and strong market positioning. Currently, the global market is predominantly dominated by the developed regions such as North America and Europe region.
Nevertheless, significant strategic initiatives by several industry players are observed in the market; for instance, in 2020, Harbour Industries LLC declared that it has approved manufacturer for a number of low-loss coax and high-speed data cables used on Lockheed Martin’s F-35 Lighting II 5th generation fighter aircraft. Moreover, in August 2020, In 2019, Carlisle Companies Incorporated acquired 100% of the shares of Draka Fileca SAS from Prysmian SpA.
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