The growing defense expenditure across significant economies, such as the US, China, India, Russia, and Saudi Arabia, is expected to drive the aircraft wires & cables market in the coming years. In addition, the increasing technological developments, growing investments in research and development (R&D) by aircraft original equipment manufacturers (OEMs), and rising demand for air transportation are propelling the growth of the aerospace & defense sector, which is subsequently driving the aircraft wires & cables market growth.
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
• In 2020, Harbour Industries LLC declared that it has approved manufacturer for several low-loss coax and high-speed data cables used on Lockheed Martin’s F-35 Lighting II 5th generation fighter aircraft.
• In 2020, TE Connectivity (TE) introduced its new Mini-ETH single pair ethernet system for commercial aircraft.
• In 2019, Carlisle Companies Incorporated acquired 100% of the shares of Draka Fileca SAS from Prysmian SpA.
The global aviation industry is growing at an unprecedented rate, recording substantial number of production volumes of military and commercial aircraft fleet. In the past few years, the commercial aircraft fleet has seen tremendous growth due to the influx of new low-cost carriers (LCCs) and fleet expansion strategies adopted by the full-service carriers (FSCs). Commercial aviation industry is predicted to upsurge in the near future due to the rising air travel passengers and aircraft procurement. Air passenger traffic in North America, Europe, and APAC: has been surging with time, which is compelling the demand for commercial aircraft.
In 2020, orders and deliveries of aircraft experienced a downfall due to global pandemic, which led to halt in the deliveries. Due to the surging production volumes to bridge the gap between demand and supply of aircraft, the OEMs are procuring large volumes of aircraft wires and cables. At present, the demand for wide body and narrow body aircraft fleet is high. However, the inclination toward long-range, narrow body type is increasing as the most of commercial aviation companies are focusing on increasing fleet size along with lowering operational costs. The tremendous rise in the procurement of aircraft wires and cables by aircraft giants such as Boeing and Airbus is a crucial factor driving the market for the same.
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