Aircraft Electrical Systems Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 25.80 Billion |
| Market Size (2029) | USD 35.52 Billion |
| CAGR (2024 - 2029) | 6.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Aircraft Electrical Systems Market Analysis
The Aircraft Electrical Systems Market size is estimated at USD 25.80 billion in 2024, and is expected to reach USD 35.52 billion by 2029, growing at a CAGR of 6.60% during the forecast period (2024-2029).
The aircraft's electrical system is pivotal, powering essential systems, avionics, and onboard equipment. Comprising power generation, distribution, conversion, and storage, this system has transformed with the advent of more electric aircraft designs. With a surge in demand for new aircraft and defense systems, the aerospace and defense sectors are increasingly turning to advanced electrical solutions. OEMs are now prioritizing top-tier electrical systems to meet stringent international regulations.
Furthermore, the shift toward more electrified architecture promises enhanced fuel efficiency, reduced maintenance costs, and heightened reliability thanks to modern power electronics. This transition also means fewer hydraulic and pneumatic components in engine installations. Short-range electric aircraft are poised to gain viability in the near future. The market's momentum is further fueled by expanding commercial aviation networks, rising air passengers, a booming tourism industry, and ongoing innovations in fuel-efficient aircraft.
However, stringent safety regulations nudge manufacturers toward advanced, globally compliant electrical systems. Compliance is not merely a checkbox for aviation safety but a prerequisite for aircraft certification, ensuring only the best systems are integrated. This emphasis on compliance is not just regulatory but a key driver propelling market growth as manufacturers realign their offerings. While challenges, including regulatory hurdles, might pose obstacles, the market's growth trajectory remains positive.
Aircraft Electrical Systems Market Trends
The Commercial Aviation Segment is Expected to Exhibit Highest Growth During the Forecast Period
The commercial aviation segment is poised for significant growth, directly impacting the demand for aircraft electrical systems. Key drivers include a surge in aircraft deliveries, escalating air passenger numbers, and the integration of cutting-edge technologies in commercial aviation. IATA reported a 36.9% increase in global passenger kilometers in 2023 over 2022, with global air traffic rebounding to 94.1% of pre-pandemic levels. This surge in air travel is paralleled by a notable uptick in aircraft orders and deliveries, propelling the advancement of flight recorder devices. In 2023, Boeing and Airbus delivered 735 and 528 commercial jets, respectively, up from 676 and 480 in 2022.
A flurry of new aircraft orders is anticipated, further bolstering the demand for integrated systems, notably electrical systems. For instance, in July 2023, Indigo inked a substantial deal with Airbus for 500 A320neo aircraft deliveries between 2030 and 2035. Furthermore, the commercial aviation industry is increasingly exploring electric propulsion technology. These systems promise reduced greenhouse gas emissions and noise pollution compared to conventional jet engines. Electric motors, batteries, and advanced power management systems are being fine-tuned to support this shift in commercial aircraft propulsion
While fully electric aircraft are on the horizon, the industry is currently eyeing hybrid-electric systems as a transitional phase. In a notable move, Evfly contracted AutoFlight for 205 Prosperity I and Prosperity Cargo aircraft in March 2023. AutoFlight, in February 2023, achieved a milestone with its Gen4 eVTOL electric aircraft, completing a record-breaking 250 km flight on a single charge. The Gen4 aircraft boasts cutting-edge avionics, including third-party systems like Foreflight for independent distance verification. These advancements are set to underpin market demand in the coming years.
North America to Dominate Market Share During the Forecast Period
North America's market dominance is set to persist, buoyed by its robust aviation industry, the largest fleet of commercial and military aircraft in the United States, and a surge in aircraft modernization programs by airlines. The commercial aviation industry, having rebounded from the pandemic's impact, is poised for steady growth, with resuming aircraft orders and deliveries fueling demand for electrical systems. Notably, in 2023, key airports like Hartsfield–Jackson Atlanta and Dallas-Fort Worth collectively saw a 12% rise in traffic, hitting 475 million passengers, up from 425 million in 2022. This uptick in air travel had translated into increased aircraft orders and deliveries. For instance, by December 2023, The Boeing Company supplied 256 commercial aircraft to US airlines, marking a 5% increase from the previous year's 244 deliveries. Given that these aircraft heavily rely on diverse electrical systems, the market is expected to flourish.
Turning to the military segment, escalating defense budgets and a heightened procurement of new military aircraft are the primary market drivers. In January 2023, the US Air Force Life Cycle Management Center inked a USD 900 million, eight-year deal with five firms, focusing on wiring harnesses and kit assemblies for its F-16 combat jet fleet.
Moreover, the emergence of electric aircraft is set to reshape the market landscape, given their heightened reliance on electrical systems compared to traditional models. The United States is at the forefront of this shift, exemplified by the Air Force Materiel Command's successful test flight of its Alia electric aircraft in 2023. Noteworthy initiatives, like the Pentagon and US Air Force's Agility Prime, launched in 2020, underscore the nation's commitment to exploring electric aircraft's military applications and align with broader governmental efforts to curb carbon emissions. These advancements may position the US market favorably during the forecast period.
Aircraft Electrical Systems Industry Overview
The aircraft electrical systems market is fragmented in nature. It is witnessing the emergence of several regional tier 1 and tier 2 market players that provide full lifecycle support, ranging from conceptual design and testing to regulatory compliance certification. Hence, leading market players, such as General Electric Company, THALES, Honeywell International Inc., RTX Corporation, and Amphenol Corporation, combine value engineering techniques and design automation expertise to design cost-effective next-generation aircraft electrical systems.
Furthermore, several companies have turned to mergers and acquisitions to bolster their market dominance. In October 2023, Safran Electrical & Power finalized its acquisition of THALES' Aeronautical Electrical Systems division. This division specializes in electric conversion, power generation, and motors for civilian and military aircraft. With this move, Safran Electrical & Power, already a prominent player in the aircraft electrical segment, further solidifies its leadership, especially in electric conversion.
Aircraft Electrical Systems Market Leaders
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General Electric Company
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Honeywell International Inc.
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RTX Corporation
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Amphenol Corporation
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THALES
*Disclaimer: Major Players sorted in no particular order
Aircraft Electrical Systems Market News
May 2024: Bell Textron awarded Safran a contract to supply starter-generation systems for the US Army's upcoming Future Long Range Assault Aircraft (FLRAA) program. The agreement specifies an advanced high-voltage system from Safran, which is tailored to meet the evolving electrical demands of military aircraft.
August 2023: Astronics Corporation secured a contract from Bell Textron. The deal encompassed system integration services, power system design, and preliminary flight hardware deliveries for Bell's V-280 Valor aircraft, part of the US FLRAA program.
Aircraft Electrical Systems Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
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4.4 Industry Attractiveness - Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 System
- 5.1.1 Power Generation
- 5.1.2 Power Distribution
- 5.1.3 Power Conversion
- 5.1.4 Energy Storage
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5.2 Platform
- 5.2.1 Commercial Aviation
- 5.2.2 Military Aviation
- 5.2.3 General Aviation
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.2 Europe
- 5.3.2.1 United Kingdom
- 5.3.2.2 France
- 5.3.2.3 Germany
- 5.3.2.4 Russia
- 5.3.2.5 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 China
- 5.3.3.2 India
- 5.3.3.3 Japan
- 5.3.3.4 South Korea
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 Latin America
- 5.3.4.1 Brazil
- 5.3.4.2 Mexico
- 5.3.4.3 Rest of Latin America
- 5.3.5 Middle East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 United Arab Emirates
- 5.3.5.3 Israel
- 5.3.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 RTX Corporation
- 6.2.2 Amphenol Corporation
- 6.2.3 Honeywell International Inc.
- 6.2.4 THALES
- 6.2.5 General Electric Company
- 6.2.6 Acme Aerospace Inc. & Avionic Instruments LLC
- 6.2.7 Astronics Corporation
- 6.2.8 Crane Aerospace & Electronics
- 6.2.9 AMETEK Inc.
- 6.2.10 Hartzell Engine Technologies LLC
- 6.2.11 Meggitt Ltd
- 6.2.12 Nabtesco Corporation
- 6.2.13 PBS AEROSPACE Inc.
- 6.2.14 Safran SA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAircraft Electrical Systems Industry Segmentation
An aircraft electrical system refers to the network of electrical components and circuits that provide power and control various electrical functions within an aircraft. An aircraft electrical system consists of four essential sub-systems, namely power generation, distribution, conversion, and storage. The emergence of the electric aircraft concept revolutionized the conventional aircraft electrical power architecture.
The aircraft electrical systems market is segmented by system, platform, and geography. By system, the market is segmented into power generation, power distribution, power conversion, and energy storage. By platform, the market is segmented into commercial aviation, military aviation, and general aviation. The report also covers the market sizes and forecasts for the aircraft electrical systems market in major countries across different regions. For each segment, the market size and forecast are provided in terms of value (USD).
| System | Power Generation | |
| Power Distribution | ||
| Power Conversion | ||
| Energy Storage | ||
| Platform | Commercial Aviation | |
| Military Aviation | ||
| General Aviation | ||
| Geography | North America | United States |
| Canada | ||
| Geography | Europe | United Kingdom |
| France | ||
| Germany | ||
| Russia | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Latin America | Brazil |
| Mexico | ||
| Rest of Latin America | ||
| Geography | Middle East and Africa | Saudi Arabia |
| United Arab Emirates | ||
| Israel | ||
| Rest of Middle East and Africa |
Aircraft Electrical Systems Market Research FAQs
How big is the Aircraft Electrical Systems Market?
The Aircraft Electrical Systems Market size is expected to reach USD 25.80 billion in 2024 and grow at a CAGR of 6.60% to reach USD 35.52 billion by 2029.
What is the current Aircraft Electrical Systems Market size?
In 2024, the Aircraft Electrical Systems Market size is expected to reach USD 25.80 billion.
Who are the key players in Aircraft Electrical Systems Market?
General Electric Company, Honeywell International Inc., RTX Corporation, Amphenol Corporation and THALES are the major companies operating in the Aircraft Electrical Systems Market.
Which is the fastest growing region in Aircraft Electrical Systems Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Aircraft Electrical Systems Market?
In 2024, the North America accounts for the largest market share in Aircraft Electrical Systems Market.
What years does this Aircraft Electrical Systems Market cover, and what was the market size in 2023?
In 2023, the Aircraft Electrical Systems Market size was estimated at USD 24.10 billion. The report covers the Aircraft Electrical Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Aircraft Electrical Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aircraft Electrical Systems Industry Report
The Aircraft Electrical Systems Market Report provides a comprehensive market overview, focusing on various platforms including commercial aviation, military aviation, and general aviation. The report delves into the market segmentation by system, covering power generation, power distribution, power conversion, and energy storage. The market analysis spans multiple geographies such as North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The market forecast outlook highlights the anticipated market growth, driven by advancements in aircraft electrical systems. Industry reports suggest a robust market growth rate, supported by extensive industry research and market data. The report example includes detailed industry statistics and market trends, providing valuable insights into the market leaders and their contributions to the market size and market value.
The report pdf offers an in-depth industry analysis, featuring market predictions and a thorough market review. Research companies have contributed to the comprehensive industry outlook, ensuring that the report is a reliable source of industry information. The market segmentation analysis further breaks down the market share and market size, offering a clear picture of the market dynamics.
Overall, the Aircraft Electrical Systems Market Report serves as an essential resource for understanding the industry size, industry sales, and market outlook. It provides a detailed market overview and market segmentation, making it an indispensable tool for stakeholders looking to navigate the evolving landscape of aircraft electrical systems.
