Market Overview:
Aircraft switches market size is projected to grow USD 3 Billion at a CAGR 4% by 2022-2030.
Increasing demand for electronics in aircraft systems and in-flight entertainment & connectivity (IFEC) is expected to drive the growth of the market. Furthermore, stringent aviation regulations regarding aircraft safety is also encouraging aircraft OEMs to invest in advanced aircraft switches.
However, issues related to complex maintenance procedures and the growing adoption of touch screens in aircraft might hamper the aircraft switches market growth. Moreover, due to the ongoing COVID-19 pandemic, the market is expected to witness a slack period. However, initiatives undertaken by the governments of various countries such as the US, China, Brazil, India, and others to reduce the losses from the aerospace and defense industry is expected to boost the market growth in the future.
COVID-19 Impact on the Aircraft switches market.
Businesses across the globe have been facing challenges posed by the COVID-19 pandemic. The aviation sector has met with a similar fate, in line with a substantial reduction in passenger traffic. Airlines are dealing with travel bans following the lockdown, market volatility and economic uncertainty. The aftermath of the novel coronavirus as well as the lockdown has been brutal for the segments of the aviation industry, which includes the aircraft switches market size, especially since the manufacturing activities have been brought to a halt by the lack of workforce. In view of the escalating SARS-CoV-2 cases worldwide, market firms are placing their bets on advanced technologies such as robotics and automation.
The aircraft switches market size can observe a relatively better growth in the near future, with the growth in commercial passengers across developing regions and the continuous adoption of machine learning, AI and drone technology. These technologies are helping aircraft switches manufacturers to streamline maintenance processes, and also bring down the dependence on human labor.
Market Scope
MRFR (Market Research Future) expects the aircraft switches market size 2020 to capture an attractive valuation of USD 2,680 Million by 2026. MRFR also suggests that the market size can expand at a rate of 3.12 % between 2019 and 2026 (appraisal period). We will provide COVID-19 impact analysis with the report, combined with an in-depth analysis following the coronavirus disease outbreak.
Key Boosters and Challenges
Aircraft switches were earlier used only in cockpits but with the surge in innovations, their application ranges have expanded significantly over the past few years. Increasing digitalization of aircrafts has prompted major changes in customizing, deploying and designing the switch technology. This has meant high adoption of LCDs, which have replaced conventional push button and rotary switches. The latest designs make extensive use of the touchscreen model, which is intuitive but given its digital property, is considered to be less reliable. The challenge faced by manufacturers is to win the trust of consumers in terms of new technologies that are more compact and diverse.
Consumers have become extremely tech-savvy, increasingly adopting digital options while travelling. Growing preference for touchscreens to interact with the airline staff, use on-flight facilities and consume content can be profitable avenues for the firms in the aircraft switches industry. These are projected to be the basic features of turboprop and business flights. Rising adoption of electronic sensors given their ability to provide accurate and precise reading of engine operations, malfunctions, while centralizing various functions could be a lucrative opportunity for market leaders in subsequent years. Increased use of switches in space and unmanned Aerial vehicle (UAV) applications will also ensure lucrative growth in the coming years.
Emerging trends such as Uberdrive have bolstered the demand for urban air taxis and have raised consumer interest in driving planes amidst highly intuitive and efficient flight control, which can be a key growth booster in the aircraft switches market size. Moreover, rising use of aircrafts at flight schools, air taxis’ use in urban locations, and the mounting preference for personal planes could also give rise to excellent opportunities in the global market. Continuous launch of new and advanced aircrafts with superior quality features by manufacturers is another factor that can be crucial for the market growth.
Key Players:
Key companies profiled in the global aircraft switches market size include Safran (France), Curtiss-Wright Corporation (US), Esterline Technologies (US), Meggitt PLC. (UK), Raytheon Technologies Corporation (US), Eaton Corporation (Ireland), AMETEK Inc. (US), TE Connectivity (Switzerland), Honeywell International Inc. (US), Thales Group (France)
Market Segmentation:
OEM and aftermarket are the primary market end-users, out of which the lead was taken by the aftermarket segment in 2019. But, the OEM segment is set to demonstrate better growth over the review period.
Applications of aircraft switches are avionics, aircraft systems, cockpit, engine and APU and cabin. Cockpit can be the highest achiever, in terms of CAGR, as switches are commonly used in aircraft cockpits for essential pilot functions. Cabin has been the top segment since 2019, on account of the heightened demand in the aftermarket for cabin switches.
Platform-wise, the key segments are rotary and fixed wing. Fixed wing segment landed at the top in 2019, due to the surging passenger traffic along with the soaring demand for new aircraft. Rotary wing segment can advance at a higher rate from 2020 to 2026 in view of the increasing use of helicopters for military and commercial applications.
Automatic and manual are the two main types of aircraft switches in the global market. Manual switches were the leading segment in 2019, thanks to the mounting number of aircraft deliveries. Various types of manual switches in demand are toggle, push, selector and rocker. Automatic switches are witnessing strong demand and can garner a better expansion rate owing to the rising adoption of switches for electronic and network automation.
Regional Analysis:
According to regional studies and aircraft switches market industry trends for aircraft switches, the Asia Pacific aeroplane switches market was expected to have the largest revenue share in 2020. It is expected that the pattern will continue throughout the gauge period. This is a result of expanding public safety funding schemes in countries like China and India, as well as expanding aerospace. Additionally, the district's rapid development and increasing traffic are expected to spur interest in aeroplane switches. The North American aeroplane switches market is anticipated to amass a significant income share throughout the estimated time frame, according to the aircraft switches market size forecast report.
This is credited to expanding interest for business airplanes, rising airplane orders and supplies in military and guard areas, and innovative progressions in airplane switches.
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