December 15, 2022 08:33 ET | Source: The Insight Partners The Insight Partners
New York, Dec. 15, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, Aircraft Wire and Cable Market Size, Share, Trends and Growth Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Cable, Wire, and Harness), Aircraft Type (Commercial and Military), Fit Type (Line Fit and Retrofit), Application (Power Transfer, Data Transfer, Flight Control System, Avionics, and Lighting) and Geography”, the global aircraft wire and cable market demand is influenced by growing development of innovative aircraft solutions and rising MRO activities in developing economies. China Fiber
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Global Aircraft Wire and Cable Market - Report Scope:
Global Aircraft Wire and Cable Market - Product Initiatives:
2019: Carlisle Companies Incorporated acquired 100% of the shares of Draka Fileca SAS from Prysmian SpA.
2019: W. L. Gore & Associates, Inc. announced the new GORE Fiber Optic Cables, 1.8 mm Simplex with high impact-resistance for extreme defense aircraft environments. This version is proven to exceed new stringent JN1177 and EN4641-301 industry standards for more durability while maintaining high-bandwidth data and video transmission on 10-Gb avionics networks.
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COVID-19 Impact on Global Aircraft Wire and 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.
The global aviation industry is growing at an unprecedented rate, recording substantial number of production volumes of military and commercial aircraft fleet. In the past few years, the commercial aircraft fleet has seen tremendous growth due to the influx of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Commercial aviation industry is predicted to upsurge in the near future due to the rising air travel passengers and aircraft procurement. Air passenger traffic in North America, Europe, and APAC: has been surging with time, which is compelling the demand for commercial aircraft.
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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 USD 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.
In 2020, orders and deliveries of aircraft experienced a downfall due to global pandemic, which led to halt in the deliveries. Due to the surging production volumes to bridge the gap between demand and supply of aircraft, the OEMs are procuring large volumes of aircraft wires and cables. At present, the demand for wide body and narrow body aircraft fleet is high. However, the inclination toward long-range, narrow body type is increasing as the most of commercial aviation companies are focusing on increasing fleet size along with lowering operational costs. The tremendous rise in the procurement of aircraft wires and cables by aircraft giants such as Boeing and Airbus is a crucial factor driving the market for the same.
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The global aircraft wire and 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.
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