Our in-depth analysis has segmented global aircraft control equipment market into the following segments:
Global aircraft control equipment market is further classified on the basis of region as follows:
Global aircraft control equipment market is expected to expand at a robust compound annual growth rate (CAGR) of 7.1% during the forecast period i.e. 2017-2024. The global market of aircraft control equipment stood at revenue of around USD 11.9 Billion and is expected to reach at a valuation of about USD 16.7 Billion by the end of 2024. Further, increasing number of aircrafts and growing concern for precise & reliable aircraft traveling are some major factors which are anticipated to bolster the growth of global aircraft control equipment market over the forecast period.
Moreover, global aircraft control equipment market is segmented into components, aircraft type, application and region. Regionally, global aircraft control equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Among these regions, North America is the leading market for aircraft control equipment and is anticipated to grow at significant rate during the forecast period. Recent collaboration of national authority of U.S. and aviation industries to enhance the aircraft security and aircraft traveling is a major factor which is likely to foster the growth of North America aircraft control equipment market.
Further, Europe aircraft control equipment market is expected to grow at a satisfactory pace during the forecast period. Further, technological advancements with aircrafts, emergence of new airline ventures and routs are some dynamic factors which are likely to fuel the growth of European market of aircraft control equipment during the forecast period.
Additionally, Asia Pacific region is the fastest growing market of aircraft control equipment and is expected to retain this positive growth during the forecast period. A number of factors such as, rising air traffic, growing domestic air transportation are likely to escalate the growth of aircraft control equipment market in Asia Pacific. Apart from this, China, India & Japan countries are anticipated to contribute significantly in the growth of Asia Pacific aircraft control equipment market.
By application, the global market of aircraft control equipment is segmented into commercial and defense. Likely, commercial segment is believed to witness significant demand during the forecast period due to rise in international travels.
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Global aircraft control equipment market is primarily driven by a number of factors including increasing air traffic and growing number of new airports in emerging economies. Further, the aircraft control equipment market is anticipated to witness huge demand in near future owing to growing concern among airport authorities towards precise and reliable air travels.
Further, growing technological advancements with aircrafts including aircraft control equipment is also expected to drive the market of aircraft control equipment market. Likely, growing number of aircrafts in defense sector coupled with increasing military modernization programs is a key factor which is likely to fuel the growth of global market.
Over the past few years it has been observed that demand for light commercial aircrafts is increasing. Further, emergence of new regional airlines is also a major factor which is likely to drive the growth of global aircraft control equipment market in near future.
In contrast, number of airports in developed regions including North America and Europe is decreasing. Moreover, limited lifespan of aircraft control equipment is also a major factor which is likely to hamper the growth of global market of aircraft control equipment in near future.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.