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Aircraft Circuit Breakers Market to Reach $387.1 Million, Globally, by 2031 at 4% CAGR: Allied Market Research
PORTLAND, OR, UNITED STATES, March 6, 2023 /EINPresswire.com/ — Wide application of circuit breakers in the aircraft and defense sector due to their ability to offer safety and high resistance to shock & vibration, and their high performance, durability, and ease of installation drive the global aircraft circuit breakers market.
Allied Market Research published a report, titled, “Aircraft Circuit Breakers Market Share by Type (Magnetic Aircraft Circuit Breaker, Thermal Aircraft Circuit Breaker, Others), by System Type (AC, DC), by Voltage (High Voltage, Medium Voltage, Low Voltage), by Application (Commercial Aircraft, Military Aircraft, UAV, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031”According to the report, the global aircraft circuit breakers industry was valued at $265.3 million in 2021 and is estimated to generate $387.1 million by 2031, witnessing a CAGR of 4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Wide application of circuit breakers in the aircraft and defense sector due to their ability to offer safety and high resistance to shock & vibration, as well as their high performance, durability, and ease of installation drive the aircraft circuit breakers market. However, high installation and repair costs is likely to hinder the market growth during the forecast period. On the other hand, rapid technological advancements in aircraft circuit breakers will present new growth opportunities for the global market in the coming years.
Covid-19 Scenario
• The outbreak of the COVID-19 pandemic caused several issues to airports, airlines, and their commercial partners. It brought financial issues in the aviation sector where aircraft circuit breakers are widely used.
• The aviation sector underwent enormous losses due to the pandemic. According to estimates by the IATA, the revenues of the sector declined drastically.
• The reduced demand for passenger air transport threatened the viability of many aircraft manufacturers, thereby negatively impacting the growth of the aircraft circuit breakers market.
The medium voltage segment to dominate the market during the forecast period
Based on voltage, the medium voltage segment contributed to the largest share of nearly half of the global aircraft circuit breakers market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the fastest CAGR of 4.6% from 2022 to 2031. This is because medium voltage circuit breakers are ideal for short-circuit protection and are available in design variations to support any application.
The commercial aircraft segment to grab the lion’s share during the forecast period
Based on application, the commercial aircraft segment grabbed the highest share of nearly three-fifths of the aircraft circuit breakers market in 2021 and is expected to dominate the market in 2031. The same segment would witness the fastest CAGR of 4.4% from 2022 to 2031. This is due to increasing investment by aircraft alliances and regulatory authorities to manufacture a large number of commercial aircraft. Also, rapid technological innovation in commercial aircraft is likely to propel the market in the coming years.
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The thermal aircraft circuit breaker segment to maintain its leadership during the forecast period
Based on type, the thermal aircraft circuit breaker segment grabbed the highest share of more than two-fifths of the overall aircraft circuit breakers market in 2021 and is expected to dominate the market during the forecast period. The same segment is projected to witness the fastest CAGR of 5.2% from 2022 to 2031. This is because thermal aircraft circuit breakers have versatile features that mainly include repeatedly interrupting short circuits or overloads which is majorly required. Further, they protect components and equipment from current overload and short circuits conditions.
North America to achieve the largest revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for more than two-fifths of the global aircraft circuit breakers market and is likely to maintain its dominance during the forecast timeframe. This is owing to the high foreign direct investments by aircraft manufacturers and governmental authorities in the region to boost the aerospace & defense industry. Further, the presence of major aircraft players operating in this region and rapid technological innovation are responsible for the market growth. However, the market in Asia-Pacific is likely to show the fastest CAGR of 5.2% during the forecast period. This is because countries like China, Japan, and India are investing massively in the aerospace & defense sector to strengthen their military industry. Further, there has been a significant shift observed in the military sector in the region with regards to technological developments.
The report analyzes these key players of the global aircraft circuit breakers market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Leading Market Players
• Sensata Technologies, Inc.
• Safran
• Eaton Corporation
• Woodward Inc.
• Astronics Corp.
• Raytheon Technologies Corporation
• Crouzet
Similar Reports We Have on Aircraft Industry:
Automotive Integrated Circuit (ICs) Market – https://www.alliedmarketresearch.com/automotive-integrated-circuit-ics-market
Aerospace Electrical Inserts Market – https://www.alliedmarketresearch.com/aerospace-electrical-inserts-market-A06195
Aircraft Electrical System Market – https://www.alliedmarketresearch.com/aircraft-electrical-system-market-A06200
David Correa
Allied Analytics LLP
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