Aircraft Electrical Systems Market Size

Aircraft Electrical Systems Market Analysis

The Aircraft Electrical Systems Market size is estimated at USD 8.70 billion in 2024, and is expected to reach USD 11.98 billion by 2029, growing at a CAGR of 6.62% during the forecast period (2024-2029).

• The aircraft electrical systems market witnessed unparalleled challenges due to the COVID-19 pandemic. It also had a significant impact on the economy, leading several aerospace companies to pause funding for innovative projects.
• Disruptions in supply chains, reduced demand for new aircraft, and postponed aircraft modernization programs hindered market growth during the pandemic. However, the market showcased a strong recovery post-COVID, driven by increasing commercial aircraft orders and a rising number of aircraft modernization programs.
• The aircraft's electrical system is a critical part of its overall design and functionality. It plays a vital role in powering essential systems, avionics, and onboard equipment. An aircraft electrical system consists of four essential sub-systems, namely power generation, distribution, conversion, and storage. The emergence of the more-electric aircraft concept has revolutionized conventional aircraft electrical power architecture.
• The more-electrified architecture offers improved fuel efficiency, reduced maintenance costs, improved reliability using modern power electronics, and fewer hydraulic and pneumatic components in the engine installation. In addition, short-range electric aircraft are expected to become viable during the upcoming period.
• Moreover, the market is driven by various factors such as improvements in commercial aviation networks, the increasing number of air passengers leading to the growing demand for more aircraft, the growing tourism sector, and innovations in fuel-efficient aircraft. On the other hand, limitations in aircraft battery technologies are expected to restrain global electrical system market growth.