The Aircraft Circuit Breakers Market is Projected to Grow at a CAGR of 4.0% and Generate Revenue of $387.1 Million by 2031Download Sample Reports Overview
The Global Aircraft Circuit Breakers Market is predicted to be valued at $387.1 million by 2031, surging from $265.3 million in 2021, at a CAGR of 4.0%.
Impact Analysis of COVID-19 on the Aircraft Circuit Breakers Market
The COVID-19 pandemic has had an influence on most of the businesses around the world. This is because of the various precautionary lockdowns and other restrictions imposed by governing bodies across the world. The pandemic has also caused significant interruptions in the activities of the production and supply chain. The global market for aircraft circuit breakers was also affected due to these reasons during the pandemic.
Consumer demand for air travel has fallen as a result of people are now more concerned with cutting off non-essential expenses from their individual budgets as a result of the outbreak's negative impact on their overall economic situation. These factors are anticipated to have an impact on the revenue growth of the global aircraft circuit breakers market. The COVID-19 pandemic had significantly decreased demand for passenger air travel (and freight, to a lesser extent), endangering the survival of numerous businesses in the air transport sector as well as the rest of the aviation industry and affecting the livelihood of numerous workers.
Global Aircraft Circuit Breakers Market Analysis
The use of circuit breakers in the aircraft plays a major role by protecting the overall electrical system of an aircraft from damage due to high voltage and faulty currents. Circuit breakers are better than fuses as they pose no fire risk and have a compact size that facilitates greater speed. The aircraft circuit breakers ensure that the electrical grid works safely as they can effectively deal with spot errors caused by faulty electrical systems or excess flow of current. These factors are anticipated to boost the aircraft circuit breakers market size in the upcoming years.
However, unexpected difficulties in the aerospace sector are anticipated to restrain the aircraft circuit breakers market growth. For instance, the sector's stakeholders were working extremely hard to put the wheels back on track, but the beginning of the pandemic caused the industry to fall off the rails over ten years ago. Other notable failures include the temporary suspension of B787 manufacturing and the delays in the market introductions of B777x, C919, and MC21, which reduced the chances of recovery. All these factors are projected to hamper the market revenue growth during the forecast period.
Global prospects for the circuit breaker business are being created by the increase in the use of IoT-based circuit breakers worldwide. The market for circuit breakers is anticipated to rise because of IoT-based circuit breaker monitoring and control. More helpful information regarding the status of circuit breakers can be obtained through online platforms for monitoring and regulating the operational parameters of the distribution circuit breaker. IoT-embedded circuit breaker devices will also aid in spotting severe issues before any failure, potentially improving reliability and resulting in significant cost savings. In addition, it will routinely monitor and manage the substation's load, sending that data through Wi-Fi to the control room. These Internet of Things (IoT)-based technical advancements have the potential to greatly expand the market for circuit breakers. These are the major factor estimated to create several growth opportunities for the key players operating in the aircraft circuit breakers market during the forecast period.
Global Aircraft Circuit Breakers Market, Segmentation
The aircraft circuit breakers market is segmented on the basis of type, system type, voltage, application, and region.
The type segment is further classified into magnetic aircraft circuit breaker, thermal aircraft circuit breaker, and others. Among these, the thermal aircraft circuit breaker sub-segment is anticipated to grow at the fastest CAGR during the forecast timeframe. A thermal circuit breaker needs a reed, alloy, two precious metal contacts, and connecting terminals to safeguard a circuit. When there is an overcurrent, a reed will deflect and pop open because heat is created when the current flows through it. The current flow is safely stopped, and the contacts are separated as a result. The pace at which the touches snap open and the time versus current characteristic curve, which is similar to the fuse's characteristic curve, are two critical elements used to assess the usefulness of thermal circuit breakers. The quick action that is being implemented by the thermal aircraft circuit breakers is the key factor for the growth of the segment in the future.
The system type segment is further classified into AC and DC. Among these, the AC sub-segment is projected to grow at the fastest CAGR during the forecast period. In the aircraft circuit breakers, one-phase and three-phase AC are the two types of aircraft circuit breakers. For the transmission of high-voltage power, a three-phase AC is used. Along with the voltage conversion, it is converted to one phase before being supplied to a domestic outlet. Aircraft circuit breakers and ventilation fans are two examples of motors that can run indefinitely on AC and are utilized in conventional power supplies (outlets). These factors are anticipated to drive the segment growth during the forecast period.
The voltage segment is further divided into high voltage, medium voltage, and low voltage. Among these, the medium voltage sub-segment accounted for dominant market share in 2021. Medium voltage circuit breakers are made to be electrically actuated by a closing solenoid or a mechanism that uses stored energy. The main application of the manual process is breaker maintenance. Air-magnetic, SF6, or vacuum-type medium voltage circuit breakers are made to function electrically. Electrical parts on the circuit breaker operating mechanism make this possible. In order to charge, close, and open the breaker, these electrical components drive cams, wheels, rollers, and latches. The aforementioned factors are projected to boost the segment growth.
The application segment is further classified into commercial aircraft, military aircraft, UAV, and others. Among these, the commercial aircraft sub-segment is anticipated to grow at the fastest CAGR during the forecast period. An airplane used for commercial purposes is one that flies passengers or freight between locations. The main parts of a commercial aircraft are the engine, wings, fuselage, empennage or tail, and undercarriage landing gear or undercarriage. Commercial airplanes are majorly used for tourism, passenger travel, business travel, and the delivery of freight for a range of businesses including consumer electronics and food. Commercial aircraft play a significant role in the development of a more efficient global aviation system in terms of the economy, society, and the environment. Continuous improvements in aviation technology, including the use of lightweight carbon composites for aircraft parts, and the growing need for fuel-efficient aircraft are driving the demand for the aircraft circuit breakers industry.
In North America, the aviation sector is developed and home to a number of aircraft original equipment manufacturers. This benefits the defense industry owing to the rise in government R&D expenditures and the acquisition of cutting-edge fighter planes, helicopters, transport aircraft, and training aircraft from local suppliers. The aircraft circuit breakers market in North America is projected to expand during the forecast period due to a growing emphasis on improving the infrastructure of private airports and favorable regulatory changes.
Key Players in the Global Aircraft Circuit Breakers Market
Some of the leading aircraft circuit breakers market players are
- Boeing Company
- Airbus SE
- Embraer SA
- Commercial Aircraft Corporation of China Ltd
- Mitsubishi Aircraft Corporation Lockheed Martin Corporation
- Raytheon Technologies Corporation
- Textron Inc.
- Dassault Aviation
- General Dynamics Corporation