RAIPUR, India, Nov. 24, 2021
RAIPUR, India, Nov. 24, 2021 /PRNewswire/ -- Stratview Research announces the launch of a new market research report on Aircraft Cockpit Control Panels Market Platform Type (Commercial Aircraft, Regional Aircraft, General Aviation, Military Aircraft, and Helicopter), by Application Type (Lighting Control & Illuminated Panel, Control & Switch Panel, Audio Control Panel, and Others), by Component Type (Acrylic Body, Paint, Connectors, Embedded Wiring, Lamps, Common Hardware, LEDs, Resistors, and Indicators), by End-User Type (OE and Aftermarket), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Size, Share, Trend, Forecast, & Industry Analysis: 2021-2026.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today's aircraft cockpit control panels market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants and investors in the identification of the low-hanging fruits available in the market and formulate the growth strategies.
Aircraft Cockpit Control Panels Market: Highlights
Cockpit control panel can be defined as the integration of wires, connectors, switches, and many others which acts as a commanding house of the aircraft and controls everything from speed, altitude, vertical speed, vertical navigation, lateral navigation to even AC temperature and lighting of the aircraft.
For the previous 16 years, the aviation industry had been booming. However, the grounding of B737 Max across regions in 2019 put a halt to the industry's rapid growth, with a particularly negative impact on the North American market. Then, the sudden outbreak of the Covid-19 pandemic exacerbated industry challenges, resulting in several bankruptcies, massive COVID-related costs resulting in negative cash flows, and supply-chain disruption. The aircraft cockpit control panel market could not escape from these challenges and witnessed a sharp plunge of -29.4% in 2020. This has compelled all major industry players to realign their strategies in order to maintain liquidity to face current market challenges and meet future demand.
Nonetheless, the aircraft industry is expected to recover sooner rather than later, owing to strong industry fundamentals and a track record of crisis management. The resumption of aircraft deliveries, lifting of the grounding order for the B737 Max, and an increase in the production pace of key programs, such as A320, are pointing towards signs of recovery. The market for aircraft cockpit control panels is likely to follow the suit and is expected to grow at a robust 8.2% CAGR over the next five years to reach an estimated value of US$ 1.2 billion in 2026.
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Despite being the hardest hit segment by the COVID-19, commercial aircraft is likely to remain the largest as well as the fastest-growing segment of the market during the forecast period. Boeing and Airbus have an order backlog of 5,058 and 6,893 aircraft at the end of September 2021, respectively. This vast pile of commercial aircraft order backlogs will allow both airframers to continue rolling out aircraft for the next eight to 10 years, based on current build rates. Future aircraft programs, such as C919, B777X, and MC-21, are likely to strengthen the market growth in the near future.
Based on the application type, control & switch panel held the dominant position in 2020 and is expected to recover at the healthiest pace during 2021-2026. However, lighting control & illuminated panel segment is likely to witness the highest growth during 2021-2026. The addition of illumination to the control panel has eased the work in the cockpit. It just lits up in the situation of seeking the pilot's attention, making the job of pilots easy.
In terms of regions, North America is expected to remain the largest market for aircraft cockpit control panels during the forecast period, owing to the presence of a large number of OEMs, tier players, and control panel suppliers. Asia-Pacific is expected to witness the highest growth during the forecast period. Increasing aircraft fleet to support rising passenger traffic, opening of assembly plants by Boeing and Airbus in China for multiple programs, increased production and procurement of military aircraft due to rising defense budgets and growing territorial disputes among key economies, and the upcoming indigenous aircraft program C919 are all great signs for the aerospace industry in Asia-Pacific.
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Key players in the aircraft cockpit control panel market are
Key players are shifting their focus towards rebuilding their short-term and long-term strategies to battle the current distressing time. However, development of customized solutions and a continuous drive towards high-performance solutions have been the key strategies adopted by the major players to gain a competitive edge in the market.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the global aircraft cockpit control panels market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:
Aircraft Cockpit Control Panel Market, by Platform Type
Aircraft Cockpit Control Market, by Application Type
Aircraft Cockpit Control Panel Market, by Component Type
Aircraft Cockpit Control Panel Market, by End-User Type
Aircraft Cockpit Control Panel Market, by Region
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