Aircraft Enclosures Market is estimated to register a compound annual growth rate (CAGR) of nearly 4.9 per cent during the forecast period : 2019-2025
Market focus points
The growth of the global aircraft enclosures market can be attributed to a growing emphasis on passenger and aircraft safety and increasing air passenger traffic. Furthermore, stringent government regulations pertaining to aircraft enclosures are bolstering market growth. For example, the US Federal Aviation Administration (FAA) provides guidelines regarding installing electrical boxes on aircraft.
The enhanced safety offered by aircraft enclosures against electrical accidents is expected to drive market growth. However, rising fuel prices and the backlog in new commercial aircraft deliveries may hamper the growth of the market.
The global aircraft enclosures market has been segmented based on aircraft type, material, process, application, and region.
On the basis of aircraft type, the global aircraft enclosures market has been divided into commercial, military, regional, and others. The commercial segment is expected to account for the largest share of the market during the forecast period and register the highest CAGR from 2019 to 2025. The rising number of aircraft being manufactured to cater to the increasing air passenger traffic is expected to drive the growth of the segment.
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In terms of region, the global aircraft enclosures market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for a dominant share of the market in 2018. However, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period. The growing demand for new aircraft in the region to cater to the rising air passenger traffic is expected to drive the growth of the aircraft enclosures market in Asia-Pacific.
China is expected to require over 7,400 new passenger aircraft and fighters between 2018 and 2037, which is a significant factor driving the growth of the regional market.
The key players in the global aircraft enclosures are Collins Aerospace (US), Carlisle Interconnect Technologies (US), Garmin Ltd (US), Ducommun Incorporated (US), Honeywell International Inc. (US), Thales Group (France), TE Connectivity (Switzerland), Precision Metal Industries (US), and Curtiss-Wright Corporation (US).
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Aircraft Enclosures Market is likely to register a CAGR of nearly 4.9 per cent between 2019 and 2025.
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