Pune, India, June 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Aircraft Switches Market.
Global Aircraft Switches Market is projected to reach USD 2,680 Million by 2026 and register a CAGR of 3.12% from 2020 to 2026. Increasing demand for electronics in aircraft systems and in-flight entertainment & connectivity (IFEC) is expected to drive the growth of the market. Furthermore, stringent aviation regulations regarding aircraft safety is also encouraging aircraft OEMs to invest in advanced aircraft switches.
However, issues related to complex maintenance procedures and the growing adoption of touch screens in aircraft might hamper the growth of the market. Moreover, due to the ongoing COVID-19 pandemic, the market is expected to witness a slack period. However, initiatives undertaken by the governments of various countries such as the US, China, Brazil, India, and others to reduce the losses from the aerospace and defense industry is expected to boost the market growth in the future.
Increasing demand for new-generation aircraft and military aircraft are expected to drive the growth of the market.
Growth Opportunities in the Market
The OEM segment to register a higher growth rate: The OEM segment is expected to exhibit a higher CAGR during the forecast period. The OEM segment refers to the aircraft manufacturers, which include manufacturers of commercial aircraft, military aircraft, and business jets. Aircraft switches are installed on the production line by the aircraft manufacturer.
The cabin segment dominated the market in 2019: Factors such as the growing investment by prominent airlines such as the Etihad Airways and the Emirates Group in adopting IFEC systems to offer enhanced travelling experience to passengers is expected to drive the growth of the segment. IFEC systems require advanced mechanical controls and switches.
The rotary wing segment is expected to register the higher CAGR during the forecast period: The rotary wing segment is expected to register a higher CAGR during the forecast period. The growth can be attributed to factors such as increasing air travel, the rise in disposable income of the middle-class population, and rising adoption of rotary-wing aircraft for emergency medical services (EMS). Manufacturers are currently focusing on developing aircraft switches components that are more reliable, accurate, and efficient. Furthermore, continuous improvements in software have modified the human-machine interface of aircraft switches. Thus, driving the growth of the segment.
The automatic segment is expected to register the highest CAGR: The automatic switches segment is projected to register a higher CAGR due to its widespread use in an aircraft’s electrical system. Furthermore, the growing development of next-generation aircraft is also expected to drive the growth of the segment.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/aircraft-switches-market-9705
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