Aircraft Switches Global Market Report 2023

Major players in the aircraft switches market are Safran Group, Curtiss-Wright Corporation, Esterline Technologies Corporation, Meggitt PLC, Eaton Corporation, Honeywell International Inc., Collins Aerospace, Raytheon Technologies Corporation, Ametek Inc.

New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Switches Global Market Report 2023" - https://www.reportlinker.com/p06479895/?utm_source=GNW , Barantec Inc., TE Connectivity, Transdigm Group Inc., Hydra-Electric Co, C&K Components Inc., ITT Inc., and Electro-Mech Components Inc.The global aircraft switches market is expected to grow from $2.23 billion in 2022 to $2.34 billion in 2023 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aircraft switches market is expected to reach $2.75 billion in 2027 at a CAGR of 4.1%.The aircraft switches market consists of sales of switches such as selectors, push, toggle, network, and others.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Aircraft switches refer to switches that are specifically designed for use in aircraft.They are used to control electrical systems and other components of the aircraft.In addition, they can be used to control movable aircraft elements, such as landing gear or flaps, which may need to be adjusted during an emergency landing.North America was the largest region in the aircraft switches market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in the aircraft switches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main aircraft switches types are manual and automatic.The manual refers to something that is done or operated by hand, or that requires physical work.The various platforms that use aircraft switches are fixed wing and rotary wing and are applied to aircraft systems, cockpit, engine and apu, avionics, cabin, and others. The various end-users are OEM and aftermarket.Increasing demand for aircraft is expected to drive the growth of the aircraft switches market.Aircraft refers to any vehicle that is designed to fly through the air, either by using a static lift or dynamic lift of an airfoil or by direct downward thrust from its engines.In aircraft, switches are used to control and monitor various aircraft systems.The majority of switches are located on the cockpit dashboard and include toggle switches, push-button switches, rocker switches, and others.For instance, Airbus, a France-based aviation and aerospace component manufacturer received about 99 aircraft orders in February 2023 and delivered about 66 aircraft to 42 clients.In addition, it is anticipated that there will be a requirement for 2,440 freighter planes in the coming two decades, out of which approximately 900 will be newly constructed.Furthermore, Airbus forecasts demand for 39,490 new passenger and freighter aircraft by 2041. Therefore, the increasing demand for aircraft is driving the aircraft switches market.Product innovation is a key trend gaining popularity in the aircraft switches market.Major companies operating in the aircraft switches market are focused on developing innovative products to strengthen their position and gain a competitive advantage.For instance, in April 2021, EnOcean GmbH, a Germany-based wireless services provider launched a new kinetic switch module for radio-based toggle switches named PTM 202.It is a battery-free product and obtains energy by the press of a button.The electro-dynamic generator ECO 200 propels the PTM 202 module by pushing either of the two sides of its top section to the far end position.In September 2022, Parker-Hannifin Corporation, a US-based motion, and control technologies provider, acquired Meggitt Plc. for $7.87 billion. The acquisition will substantially improve Parker’s capabilities and enable them to offer a wider range of solutions for aircraft and aero-engine components and systems. This strategic move is part of Parker’s portfolio transformation, which aims to increase its involvement in longer-cycle, highly durable businesses that are favorably positioned for sustained growth trends. Meggitt Plc is a UK-based aviation and aerospace component manufacturer.The countries covered in the aircraft switches market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The aircraft switches market research report is one of a series of new reports that provides aircraft switches market statistics, including aircraft switches industry global market size, regional shares, competitors with a aircraft switches market share, detailed aircraft switches market segments, market trends and opportunities, and any further data you may need to thrive in the aircraft switches industry. This aircraft switches market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06479895/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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