Pune, INDIA, JUNE, 23, 2022 /MarketWatch/– According to the new research report titled “Aerospace & Defense Power Connector Market to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the aerospace & defense power connector market is expected to reach US$ 1.73 billion by 2027, registering a CAGR of 5.3% during the forecast period 2020–2027.
The aerospace industry is flourishing at an exponential rate over the years with a large number of productions and deliveries. The aircraft manufacturers and component manufacturers are witnessing significant pressure from the commercial aviation sector as well as military forces to deliver greater numbers of aircraft. This is compelling the aircraft part manufacturers to supply high volumes of smaller and larger components. The power connectors play a critical role in ensuring optimum functionality of aircraft, which is boosting the demand for power connectors in the aerospace industry.
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The top companies operating in the field of Aerospace & Defense Power Connector Market include: AMETEK. Inc., Amphenol Corporation, Arrow Electronics Inc., Collins Aerospace (Raytheon Technologies Corporation), Eaton Corporation plc, Fischer Connectors SA, ITT Corporation, Molex LLC, Radiall, TE Connectivity, and among others.
Aerospace & Defense Power Connector Market Segments:
The has been segmented on the basis of current rating, connector shape, application, and geography. Based on current rating, the Aerospace & Defense Power Connector Market has been segmented into 5Amps to 40Amps, >40Amps to 80Amps, >80Amps to 150Amps, >150Amps to 300Amps, >300Amps to 600Amps, >600 to 900Amps. 5Amps to 40Amps segment represented the largest share of the overall market throughout the forecast period. Based on the connector shape, the Aerospace & Defense Power Connector Market has been segmented into rectangular and circular. Based on the application, the Aerospace & Defense Power Connector Market is segmented into aerospace, military ground vehicles, body-worn equipment, and naval ships. The aerospace segment is further bifurcated into the engine control system, avionics, cabin equipment, and others. Geographically, the Aerospace & Defense Power Connector Market is segmented into five major regions— North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America (SAM).
The existence of several power connector manufacturers offering their products with the varied current rating to aircraft OEMs and component OEMs is catalyzing the growth of power connector market for the aerospace industry. In addition, advancements in aerospace technologies, including avionics, electrical systems, and cabin systems, among others, are compelling the power connector market players to innovate newer designs, which is a key factor that is expected to fuel the power connector market during the forecast period. The US, Canada, France, Russia, the UK, and China are a few of the countries that house leading aircraft and aircraft component manufacturers, thus generating high demand for power connectors.
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APAC to Account for Highest CAGR in Aerospace & Defense Power Connector Market during Forecast Period
China, India, Japan, Australia, South Korea, and the Rest of APAC are among the major contributors to the aerospace & defense power connector market in APAC. This region boasts of some of the largest aircraft fleet countries, such as China, Japan, and India. Huge middle-class population and a strong growth in the middle-class spending, coupled with a wide range of income levels, are a few of the factors that boost the aviation industry in the region. This rise in the passenger traffic generates demands for larger commercial aircraft fleets to be operational, in turn, creating demands for forged aircraft parts and components. Additionally, according to Boeing’s Current aerospace & defense power connector market Outlook, the region is expected to receive ~17,390 deliveries from 2019 to 2038. The total fleet is expected to increase to ~19,420 aircraft by 2038, with a service market value reaching ~US$ 3.5 billion. Thus, the growing demand for commercial aircraft in the region is creating lucrative opportunities for the growth of power connector manufacturers.
The overall economy of the region is performing well due to numerous technological and infrastructural developments. The region has strong aerospace and military, and semiconductor sectors in countries such as India, China, and South Korea. The rapid economic development in the region is estimated to boost the aerospace & defense power connector market for the aerospace and defense application segment during the forecast period. For instance, rising passenger traffic and growth in low-cost carriers is anticipated to result in demand for ~2,300 aircraft over the next two decades, which is expected to be worth ~US$ 320 billion in India. India is evolving as one of the main countries in space exploration. The country launched a civilian moon mission, called Chandrayaan-2 last year; it is also focusing on working on a manned space mission, called Gaganyaan. According to the Indian government, the country is expected to continue to increase its defense spending. Through a defense budget of ~US$ 44.6 billion for 2019–2020, up 9.3%. Over the next five years, the country is also planning to spend ~US$130 billion to strengthen combat capabilities and modernize armed forces. Likewise, Japan and China are also focusing on strengthening their competencies in military equipment and aircraft manufacturing capacity during the forecast period. Thus, all these initiative are further expected to drive the demand for power connectors in the region over the forecast period.
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Key findings of study:
Avionics electronic systems used in both commercial and military comprise communication systems, navigation systems, flight management systems, flight control systems, surveillance systems, and various other systems equipped within aircraft to perform individual functions. Advanced technology is a key enabler of commercial and military avionics suites, which benefit through the combination of affordable cost and the ability to deal with swiftly changing technology and growing system requirements.
As the demand for aircraft continues to rise, the attraction toward advanced avionics surges. Advanced avionics perform several functions and replace the pilot and navigator in most of the procedures; they are designed to increase the safety and efficacy of the aircraft, which allows better situational awareness. The rising popularity of advanced avionics systems is increasing the need for power connectors for ensuring precision, durability, and reliability in harsh environments. To meet the abovementioned requirements, most of the companies are designing high-performance and miniaturized power connectors for avionics systems. The increasing production rate of new aircraft is creating greater demand for advanced avionics systems, which further creates business opportunities for power connector manufacturers to provide durable power connectors for avionics system.
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