The global aircraft switches market demand is projected to grow from USD 2.01 billion in 2021 to USD 2.60 billion by 2028. In today’s technologically advanced world, the popularity of personalized seatback screens is surging rapidly. It is set to propel the demand for unique in-flight entertainment & connectivity (IFEC) featuring real-time connectivity and data usage. Panasonic Avionics Corporation, for instance, bagged a new contract in July 2020 from Air Liban S.A., the national airline of Lebanon. It would enable the former to provide IFEC solutions for the latter’s 15 Airbus A321 aircraft.” The report further states that the market stood at USD 1.87 billion in 2020. It is expected to showcase a CAGR of 3.71% in the forecast period between 2021-2028. Fortune Business Insights™ published this information in a report, titled, “Aircraft Switches Market, 2021-2028
Drivers & Restraints-
Increasing Demand for Aircraft from Flight Schools & High Passenger Traffic to Boost Growth
The introduction of next-generation aircraft equipped with integrated digital interfaces is anticipated to reduce the pilot’s workload and improve reliability. At the same time, the procurement of new aircraft has increased at a fast pace on account of the rising number of air commuters across the globe. According to the International Air Transport Association (IATA), by 2037, there will be approximately 8.2 billion air passengers worldwide. Various airlines are striving to expand their fleets. Also, the high demand for aircraft for a wide range of applications, such as personal planes and flight schools would augment the aircraft switches market growth in the upcoming years. However, airlines are rapidly adopting touchscreens to improve the pilot’s and passengers’ travel experience. It may obstruct growth.
Segments-
Commercial AircraftSegment to Lead Stoked by Surging Number of Deliveries Globally
The market is categorized into cabin, cockpit, landing gear, engine, and others by application. Based on type, it is bifurcated into manual and automatic. Below is a brief note on the platform criterion:
- By Platform: The market is fragmented into commercial aircraft, military aircraft, general aviation aircraft, business aircraft, electric aircraft, unmanned aerial vehicles (UAV), and helicopters. Amongst these, the commercial aircraft segment is anticipated to remain at the forefront in the near future. It held 50% in terms of the aircraft switches market share in 2020. The increasing number of aircraft deliveries is expected to bolster its growth. In October 2020, for instance, SKY Express ordered four Airbus A320neo aircraft.
Regional Insights-
Rising Government Investment Plans to Accelerate Growth in Europe
Geographically, North America procured USD 0.53 billion in 2020 in terms of revenue. The rising number of renowned aerospace manufacturers, namely, Raytheon Technologies Corporation, Lockheed Martin Corporation, GE Aviation, and the Boeing Company would drive regional growth.
Europe is expected to showcase considerable growth because of the rising investments by developed countries, such as France and the U.K. in the creation of pollution-free aircraft. In June 2020, for instance, the government of France announced that it is set to support the country’s aviation industry by providing a package of USD 16.85 billion. It would include investments in small firms for the launch of carbon-neutral planes by the end of 2035.
Source:
https://www.fortunebusinessinsights.com/aircraft-switches-market-105291
