The changing dynamics in Aerospace Wires & Cables Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aerospace Wires & Cables Market.
It was estimated prior to this unanticipated outbreak that the Aerospace Wires & Cables Market will reach US$ 0.8 Billion in 2026. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. Augmented number of orders for the procurement of new aircraft worldwide along with the modernization of the prevalent aircraft are the prime factors that are contributing to the growth of the Aerospace Wires & Cables Market during the forecast period.
Aerospace Wires & Cables Market Segment Insights:
By Platform Type:
Stratview Research has segmented the market as commercial aircraft, regional aircraft, general aviation, military aircraft, helicopter, and others. As commercial aircraft faces a short descent in the wake of the pandemic, the military aircraft segment likely to remain relatively stable. Nevertheless, the commercial aircraft segment to remain the long-term thrust-bearer of the market, logging the fastest recuperation, owing to strong order backlogs of 12,661 (Airbus: 7,501 and Boeing: 5,160) aircraft as of August 2020. Furthermore, upcoming aircraft programs, such as C919 and MC21, are expected to uplift the segment’s healing course.
By Resin Type:
We have segmented the market as fluoropolymers, polyimide, and others. Fluoropolymers are expected to remain the most widely used resin type in the market, owing to their extraordinary performance. PTFE captures an elephantine chunk among all fluoropolymers, offering favorable properties such as extreme temperature resistance (-200°C to 300°C), chemically inert, low dielectric constant, low coefficient of friction, and excellent FST property.
By Application Type:
The market is segmented as power transfer, data transfer, flight control system, avionics, and others. Power transfer is expected to maintain its vanguard in the market with the least decline and the fastest recovery during the forecast period, whereas the avionics segment is projected to suffer a prolonged impact of the pandemic with the slowest long-term recovery. In recent years, the market is witnessing a gradual shift towards wireless avionics and flight control systems.
By Region:
All the regional markets are anticipated to mark gargantuan declines in 2020. With the strong presence of leading players, North America and Europe are expected to grab the largest share of the market during the forecast period. The USA to act as the helm of the regional as well as global market. Asia-Pacific is likely to emerge out of despair earliest, with the highest long-term CAGR, offering a plethora of opportunities in the long-term. Other key factors likely to cause a stir in the region’s market are the opening of assembly plants of Boeing and Airbus in China and upcoming indigenous commercial and military aircraft. India to be the new growth engine, actively developing policies to welcome companies willing to move away from China.