Aircraft Wire and Cable Market worth $1.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 14, 2022 /PRNewswire/ -- According to the new research report the "Aircraft Wire and Cable Market by Type (Wire, Harness, Cable), Application (Power Transfer, Data Transfer, Flight Control System, Avionics, Lighting), Aircraft Type, Conductor Material, Insulation Type, End User and Region - Forecast to 2026", published by MarketsandMarkets™, the global market for aircraft wire and cable is estimated to be USD 1.5 billion in 2021 and is projected to reach USD 1.9 billion by 2026, at a CAGR of 5.7% during the forecast period. The growth of this market is mainly driven by the digitalization and electrification of aircraft systems, increase in aircraft renewals and aircraft deliveries and growing technological developments.
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The Aircraft Wire and Cable Market includes major players Amphenol Corporation (US), Carlisle Interconnect Technologies (US), Collins Aerospace (US), TE Connectivity (Switzerland), and Nexans SA. (France). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and Latin America. COVID-19 has impacted their businesses as well.
The COVID-19 pandemic has impacted the end-use industries adversely, resulting in a sudden dip in 2020 aircraft orders and deliveries. This is expected to negatively impact the aircraft market in the short term, with slow recovery expected in Q1 of 2021.
Multiple application of aircraft harness is expected to fuel the growth of the Aircraft Wire and Cable Market during the forecast period.
The harness segment is estimated to lead the market during the forecast period, with a share of 47% in 2021. Wire harness is an assembly of electrical cables or wires which transmits signals or electrical power throughout an aircraft. In the aerospace industry, aircraft contains miles of wiring harnesses. Applications in aerospace industry include engine, fuselage, wing, landing gear, avionics, and a host of other functions. Aircraft wire harness also includes composite, Ethernet, data bus, RF coaxial and specialty cable assemblies such as MS3154.
The UAV segment is projected to witness the highest CAGR during the forecast period.
Based on aircraft type, the UAV segment is projected to be the highest CAGR rate for the Aircraft Wire and Cable Market during the forecast period. Unmanned aircraft systems (UAS) or drones, these smaller aircraft help ground troops cover more territory more safely. The increased surveillance and reconnaissance capabilities of these small UAS depend on payloads that may include multiple cameras and sensors for a variety of frequencies, such as infrared, thermal, and visible light, as well as sophisticated embedded computing and storage devices. Since flight time depends on how much weight the aircraft carries, these increased payloads can make keeping weight down a challenge. As a result of efforts to optimize swap, trends in connectors and cabling include lighter weight materials, quick disconnects, multiple ports and multi-functions, and compact cabling.
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The avionics segment is projected to witness the highest CAGR during the forecast period.
Based on the application, the avionics segment is projected to grow at the highest CAGR rate for the Aircraft Wire and Cable Market during the forecast period. As the aircrafts have changed their avionic systems to digital the aircraft wire and cable companies need to provide new avionics systems for the aerospace industry.
The copper alloy segment is projected to witness the highest CAGR during the forecast period
Based on the conductor material, the copper alloy segment is projected to grow at the highest CAGR rate for the Aircraft Wire and Cable Market during the forecast period. Copper wires are widely used in aerospace industry because of its electrical properties. In aircraft, copper is used primarily in the electrical system for bus bars, bonding, and as lockwire. Copper is the electrical conductor in many categories of electrical wiring. Copper wire in aircraft is used for power generation, power transmission, power distribution for telecommunications, electronics circuitry, and countless types of electrical equipment.
The thermoplastic segment is projected to witness the highest CAGR during the forecast period
Based on insulation type, the thermoplastic segment is projected to grow at the highest CAGR rate for the Aircraft Wire and Cable Market during the forecast period. A new class of thermoplastic composites has strength and modulus (stiffness) values comparable to metals and thermosets. The technology involves continuous glass fibers or carbon fibers embedded in a thermoplastic polymer matrix, usually consisting of polyetheretherketone (PEEK) or Ultem PEI (polyetherimide). The composites are made from high-performance, thermally stable plastics, hence can be used at elevated temperatures.
The OEM segment is projected to witness the highest CAGR during the forecast period
Based on end user, the OEM segment is projected to grow at the highest CAGR rate for the Aircraft Wire and Cable Market during the forecast period. OEMs are responsible for the integration of wire and cables onto aircraft systems during the assembly stage. After reduction in the market in 2020, the aircraft industry is recovering gradually with an increase in air passenger traffic, which is driving the aircraft wire and cable sector.
The North American market is projected to contribute the largest share from 2021 to 2026
Aircraft Wire and Cable Market in North America is projected to hold the highest market share during the forecast period. North America accounted for the largest share of 35.5% of the Aircraft Wire and Cable Market and is expected to grow at a CAGR of 5.8% during the forecast period. The presence of major wire and cable manufacturers like Amphenol Corporations and CarlisleIT is one of the major reasons for the growth. The presence of aircraft manufacturers like Boeing and Lockheed Martin which are the major military players in the world is also one of the reasons for the growth of the market in this region.
The Aircraft Wire and Cable Market is dominated by a few globally established players such as Amphenol Corporation (US), Carlisle Interconnect Technologies (US), Collins Aerospace (US), TE Connectivity (Switzerland), and Nexans SA. (France).
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