In terms of revenue, the global aircraft wire & cable market was valued at US$ 716.63 million in 2020 and is projected to reach US$ 1,153.64 million by 2028; it is expected to grow at a CAGR of 6.8% from 2021 to 2028.
The global aviation industry is growing at an unprecedented rate, recording substantial number of production volumes of military and commercial aircraft fleet. In the past few years, the commercial aircraft fleet has seen tremendous growth due to the influx of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Commercial aviation industry is predicted to upsurge in the near future due to the rising air travel passengers and aircraft procurement. Air passenger traffic in North America, Europe, and APAC: has been surging with time, which is compelling the demand for commercial aircraft. In APAC, primarily in China: the commercial aircraft for domestic travel has been proven to be cost-effective.
The surge in the number of air travelers has attributed to the development of innovative aircraft lightning solutions, in-flight entertainment, and other solutions for enabling an improved traveling experience. As a result, the effective integration and installation of innovative lightning and in-flight entertainment solutions such as audio and video systems, display screens, cabin lighting, reading lights, and specialty lights continue to provide numerous profitable business opportunities for the market players. Advanced flight control systems are deployed highly on commercial aircraft, which require faster data transfer for communication. To provide higher data rates while mitigating the weight and size of wiring harnesses for fuel-efficient aircraft, manufacturers procure fiber optic technology solutions.
The key companies operating in the field of aircraft wire & cable that are profiled in the report include A.E. Petsche Company; AMETEK, Inc.; Axon; Harbour; Draka (Prysmian); Glenair; Huber+Suhner; Amphenol Corporation; Carlisle Interconnect Technologies; Collins Aerospace; PIC Wire & Cable; Radial; Nexans SA; TE Connectivity; and W. L. Gore & Associates, Inc. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.
Overall size of the aircraft wire & cable market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the aircraft wire & cable Market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts and key opinion leaders specializing in the aircraft wire & cable market.