Global aircraft circuit breakers market is expected to grow by 2031 mainly due to the rising demand for reliable & efficient power supply in aircraft. The commercial aircraft sub-segment is expected to flourish hugely. The North America market is likely to grow massively
NEW YORK, Feb. 24, 2023 /PRNewswire/ — Global Aircraft Circuit Breakers Market Forecast Analysis
As per the report published by Research Dive, the global aircraft circuit breakers market is expected to register a revenue of $387.1 million by 2031 with at a CAGR of 4.0% during the forecast period 2022-2031.
Segments of the Aircraft Circuit Breakers Market
The report has divided the aircraft circuit breakers market into the following segments:
Type: magnetic aircraft circuit breaker, thermal aircraft circuit breaker, others
System Type: AC, DC
Voltage: High Voltage, Medium Voltage, Low Voltage
Application: Commercial Aircraft, Military Aircraft, UAV, and others
Region: North America, Europe, Asia-Pacific, and LAMEA
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Segment |
Sub-Segment (Highest CAGR/Revenue during 2022-2031) |
|
Type |
Thermal Aircraft Circuit Breaker – Dominant market share in 2021 |
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Thermal circuit breakers are automatic electrical switches that protect against circuit overcurrent. They operate simply, using a bimetallic strip and an electromagnet as switching mechanisms to protect circuits from overcurrent. These advantages offered by thermal circuit breakers are expected to help the growth of the sub-segment in the forecast period. |
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|
System Type |
AC – Dominant market share in 2021 |
|
When an excessive current is detected, AC circuit automatically disconnects from the main power supply to prevent the wiring system from overheating. As a result, AC circuit breakers are greatly utilized for long-distance power transmission. This factor is likely to boost the sub-segment market share in the upcoming years. |
|
|
Voltage |
Medium Voltage – Dominant market share in 2021 |
|
Medium voltage breakers are designed to be electrically actuated by a closing solenoid or a technique that makes use of stored energy. Growing applications of medium voltage breakers is expected to help the growth of the sub-segment in the forecast period. |
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Application |
Commercial Aircraft – Dominant market share in 2021 |
|
In order to meet the need for a better and faster form of transportation, both developed and emerging nations are seeing a growth in the demand for commercial aircraft. This factor is predicted to boost the sub-segment in the 2022-2030 timeframe. |
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Region |
North America – To be most dominant by 2031 |
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Several aircraft manufacturers are based in the North America due to the availability of outstanding technological capabilities and robust supply chain in the region. This factor is predicted to propel the market in this region. |
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Dynamics of the Global Aircraft Circuit Breakers Market
The rise in the usage of aircraft circuit breakers in the commercial and industrial sectors is expected to become the primary growth driver of the aircraft circuit breakers market. Additionally, rising demand for renewable energy sources in the aircraft industry to reduce electric power usage is likely to boost the market growth. However, the aircraft’s circuit breakers require frequent maintenance and have a high installation cost, which might become a restraint in the growth of the market.
The increasing need for advanced power management systems is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the use of software-configurable circuit breakers, which aid in the development of intelligent power management systems is expected to propel the aircraft circuit breakers market forward in the coming period.
COVID-19 Impact on the Global Aircraft Circuit Breakers Market
The COVID-19 outbreak and containment attempts have significantly decreased the need for passenger air travel (and freight, to a lesser extent), thus compromising the existence of many enterprises in the air transport sector as well as the rest of the aviation industry and threatening countless jobs. This negatively impacted the market growth. Circuit breaker producers and the aviation sector must work together cross-disciplinarily to address the current sustainability challenge in the aviation value chain in order to support the aircraft circuit breakers market’s post-pandemic expansion.
Key Players of the Global Aircraft Circuit Breakers Market
The major players of the market include
- Airbus SE
- Boeing Company
- Commercial Aircraft Corporation of China Ltd
- Embraer SA
- Raytheon Technologies Corporation
- Textron Inc.
- Dassault Aviation
- Mitsubishi Aircraft Corporation Lockheed Martin Corporation
- General Dynamics Corporation
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
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For instance, in October 2021, Schneider Electric, a foremost player expert in automation and energy management sector, launched the next generation of the PowerPacT circuit breaker series at the NECA Nashville.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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