Aerospace Electric Inserts Market: Global Size, Share, Trends, Growth and Forecast Outlook 2022-2032
Aerospace Electric Inserts Market: Overview and Definition
The global aerospace electric inserts market size is projected to grow from USD 13.6 billion in 2021 to USD 22.7 billion by 2032, at a CAGR of 6.8% from 2022 to 2032. Aerospace electric inserts are the equipment mainly used on aircrafts to prepare food & beverages for onboard passengers. It allows the passengers to enjoy the comfort of perfectly prepared hot meals and beverages. These appliances offer the usage of coffee makers, beverage makers, bun warmers and microwave ovens inside the flight. Aerospace electric inserts helps in reliable operation of gallery equipment during the flight and enhances the experience of passengers as well as airline crews.
The aerospace electric inserts market refers to the demand and supply of electrical components used in the aerospace industry. These components include connectors, switches, relays, circuit breakers, and other related products. The market is driven by the growing demand for air travel, which has increased the need for more efficient and reliable electrical systems in aircraft. Additionally, the trend towards lightweight and more compact electronic components is also driving growth in the market. The market is expected to continue to grow in the coming years, driven by technological advancements and the increasing demand for electric and hybrid aircraft.
Aerospace Electric Inserts Market: Key Drivers
There are several drivers that are fueling the growth of the aerospace electric inserts market. Some of these key drivers include:
Increasing demand for air travel: The rise in air travel demand has resulted in the need for more efficient and reliable electrical systems in aircraft, leading to increased demand for aerospace electric inserts.
Technological advancements: The development of advanced materials and technologies has enabled the production of more lightweight and compact electronic components, which are in high demand in the aerospace industry.
Government regulations: The implementation of strict safety regulations by governments and regulatory bodies has increased the demand for high-quality and reliable electrical components.
Shift towards electric and hybrid aircraft: The growing trend towards electric and hybrid aircraft is driving the demand for more advanced and efficient electrical systems, which in turn is driving the growth of the aerospace electric inserts market.
Increasing focus on operational efficiency: The need to improve operational efficiency and reduce costs is driving the demand for more advanced and efficient electrical systems, further boosting the growth of the aerospace electric inserts market.
The growth of aerospace electric inserts market is gaining momentum during the forecast period due to factors such as growing demand for better catering management services inside the flight due to increased number of passengers. Also, due to increased disposable income, the demand for luxury has increased such as growing need of customized interiors for aircrafts is boosting the growth of the market. Moreover, as gallery equipment manufacturers are focusing on producing reliable and lightweight gallery equipment as per the demand of the aviation industry, it is expected to propel the growth of the aerospace electrical inserts market. Furthermore, aviation industry is expected to witness significant growth due to rising commercialization, globalization and increasing production of aircrafts that is also expected to fuel the demand of aerospace electric inserts market growth.
Extensive consolidations, product launches, and acquisitions embraced by the market players to accomplish upgraded portfolio and better business reach are propelling the aerospace electric inserts market growth. advancements in gallery equipment is one of the major factors driving the growth of the Aerospace Electric Inserts Market For instance, in October 2017, Zodiac Aircraft Executive Inserts launched the Atmosphere Signature line of galley appliances for business jet aviation. The Atmosphere Signature Line is tailored around the most modern cabin interiors. It is expected to elevate the customer experience with aesthetically appealing galleys and offering delicious food.
However, the COVID-19 pandemic has drastically affected the aviation industry due to travel restriction and cancellation of flights that significantly reduced the revenues of the airlines. Though the order of commercial and passenger aircrafts is declined, there is an increasing demand of helicopters and business jets for transporting medical supplies and VIP travelling which in turn is expected to propel the market growth.
Aerospace Electric Inserts Market: Challenges
There are several challenges facing the aerospace electric inserts market. Some of the key challenges include:
High development and production costs: The development and production of aerospace electric inserts can be expensive due to the high level of precision and quality required, making it difficult for smaller companies to compete in the market.
Complex and stringent certification processes: The aerospace industry has strict safety and regulatory requirements, resulting in complex and lengthy certification processes for aerospace electric inserts, which can delay product launches and increase costs.
Limited suppliers and long lead times: The market for aerospace electric inserts is relatively small, resulting in a limited number of suppliers and longer lead times for certain products, which can impact production schedules and delivery times.
Increasing competition from alternative technologies: The aerospace industry is exploring alternative technologies, such as wireless communication and power transmission, which could potentially replace some of the current electrical components, leading to increased competition for the aerospace electric inserts market.
Economic uncertainty and geopolitical factors: Economic uncertainty and geopolitical factors, such as trade tensions and political instability, can impact demand for air travel and the aerospace industry as a whole, which can impact the aerospace electric inserts market.
Aerospace Electric Inserts Market: Report Scope
Base Year Market Size
Forecast Year Market Size
Aerospace Electric Inserts Market: Segmentation
By Product Type
- Coffee & Beverage Maker
- Water Boilers
- Refrigeration & Chilling System
By Aircraft Type:
- Narrow Body
- Wide Body Aircraft
- Very Large Body Aircraft
- Private Jet
By Gallery Type:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Aerospace Electric Inserts Market: Regional Synopsis
Asia Pacific is likely to be the most profitable region in the aerospace electric inserts market during the forecast period. This is due to the presence of developing economies in the region such as China and India coupled with growing demand of air travels in these countries. Also, countries in Asia–Pacific are the major manufacturer of the military aircrafts. They are modernizing and strengthening their military aircrafts due to rising trade and territorial disputes with other countries which in turn is also expected to contribute towards the growth of the aerospace electric inserts market in this region. China is one of the emerging aviation markets around the globe. The country is developing various non-combat helicopters, narrow and wide body commercial aircrafts which has led to the surging demand of aerospace electric inserts in the country. On the other hand, India has become the largest market for commercial aircrafts in 2020 due the huge delivery of aircrafts by the manufacturers in the country. The country is also the critical manufacturer of the military aircraft.
However, North America is also expected to show rapid growth in the aerospace electric inserts market. It is one of the largest aviation markets around the world. Growing number of airline passengers and rising adoption of modern aircrafts are expected to drive the growth of aircraft industry in this region. According to Bureau of Transportation Statistics,in 2019, the U.S airlines and its foreign airlines has carried a total number of 1,052.8 million passengers. Also, the cargo carriers of this region are focused on modernizing and expanding their aircraft fleets. For instance, in July 2020, FedEx Express had purchased 50 additional 767-300F aircrafts from Boeing for modernizing their aircraft fleets. Due to this growing modernization, there is an increasing growth of aerospace electric inserts market in this region.
Aerospace Electric Inserts Market: Recent Developments
Here are some recent developments in the aerospace electric inserts market:
Increasing demand for lightweight and compact electrical components, driving the development of new materials and manufacturing processes.
Growing focus on advanced technologies, such as IoT and AI, to improve the efficiency and reliability of electrical systems in aircraft.
Introduction of new products, such as high-density connectors and power distribution systems, to meet the evolving needs of the aerospace industry.
Increasing adoption of electric and hybrid aircraft, leading to the development of new electrical components and systems to support these technologies.
Collaboration between aerospace companies and suppliers to develop and test new electrical components and systems, such as Boeing's partnership with Safran Electrical & Power to develop a more efficient electrical power system for aircraft.
Aerospace Electric Inserts Market: Key Players
- Ipeco Holdings Ltd.
- Diehl Stiftung & Co.
- KG, Bucher Leichtbau AG.
- Aerolux Ltd.
- Korita Aviation (Suzhou) Co. Ltd.
- DYNAMO Aviation
- Loipart AB
- AIM Altitude.
- Zodiac Aerospace, Safran