Rising numbers of commercial aircraft deliveries and aftermarket bolster demand for modern aircraft ignition systems; after sales services to contribute to market growth
North America and Asia Pacific most attractive markets
ALBANY, New York, March 24, 2020 /PRNewswire/ -- Growing demand for advanced ignition systems in new aircrafts as well as for aftermarket has helped providers of electronic ignition systems to reap lucrative gains. In 2017, the market stood at US$1,862.8 million. Increasing preference of electronic ignition systems over magneto ignition systems, increasingly in growing numbers of new commercial aircrafts, will help the market reach higher revenues in coming years. By 2026-end, the global aircraft ignition system market is expected to touch valuation of US$ 3,073.6 million, garnering a CAGR of 5.80% during 2018 – 2026.
Asia Pacific market is expected to the fastest growing market geographically. Rapid uptake of electronic ignition systems accounts for sizable revenues of aircraft ignition system, note the analysts at TMR.
Key Takeaways in Aircraft Ignition System Market Study
Of all regional markets, Asia Pacific is expected to be the most attractive CAGR during 2018 – 2026; burgeoning rise in air traffic should be key driver
Europe, trailed by North America, are expected to be the leading revenue generators in 2017
Among all the engine types, turbine engine segment accounted for the major revenue share in 2017; widespread uptake key factor
Of all the key components, exciters account for the key revenue share in 2017; high price the key contributor
Explore 155 pages of top-notch research, incisive insights, and detailed country-level projections. Gain business intelligence on Aircraft Ignition System Market (Product Type - Magneto (High Tension Magneto System, Low Tension Magneto System), Electronic; Engine Type - Turbine Engine, Reciprocating Engine; Component - Igniters, Exciters, Leads, Spark Plugs; End use - OEM, Aftermarket- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026 at https://www.transparencymarketresearch.com/aircraft-ignition-system-market.html
Aircraft Ignition System Market: Key Driving Factors and Avenues
Numerous macroeconomic trends play vital role in the evolution of aircraft ignition system market. Some of the key ones are:
Sheer pace of urbanization in various parts of the world leads to rapid rise in middle class of air passengers. This alone is robust driver for demand for commercial aircrafts
According to a prominent Europe-based aerospace company Airbus, number of aircrafts will grow by more than two times in the next 20 years
Adoption of advanced ignition technologies in new aircrafts is also driving expansion of market
Aftermarket is expected to witness a promising year-over-year growth
Aircraft Ignition System Market: Region-wise Analysis
Among the various regional markets, Asia Pacific is expected to witness the most rapid growth rate during 2018 – 2026. The growth is propelled increasingly by the sheer growth in air passenger traffic in the region. Advent of new age electronics ignition systems in North America and Europe has helped make these regions to attract investments. On the other hand, rate of demand for new aircrafts in Asia Pacific is expected to surpass that in the top market. Moreover, the trend of de-carbonization of air transport industry in various parts of the world is also fueling prospects in the market.
Analyze aircraft ignition system market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Aircraft Ignition System Market Competition Landscape
Top players in a bid to strengthen their brand positioning are expected to develop cutting-edge ignition systems for aircrafts. Companies looking for high stakes are setting their sights on Asia Pacific by meeting the needs of modern airplane engines.
Some of the key players in the aircraft ignition system are Unison LLC, Generation 3 Ignition, Meggitt PLC, SureFly Partners, LTD., and Woodward, Inc.
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