Aircraft Circuit Breakers Market Expected to Reach $387.1 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Aircraft circuit breakers Market," The aircraft circuit breakers market was valued at $265.30 million in 2021, and is estimated to reach $387.1 million by 2031, growing at a CAGR of 4% from 2022 to 2031.

Aircraft circuit breakers are safe, lightweight, and small devices used in applications that require high shock and vibration tolerance as well as precise and constant performance. They are frequently used to stop extended overloads or short circuits. The use of circuit breakers effectively responds to the hazardous conditions associated with the faulty current in an effective manner. An aircraft circuit breaker is an automated switch that is designed to ensure the safety of an electrical system by interrupting the abnormal current flow. The circuit breakers used in the aircraft interrupt voltage such as small inductive currents, capacitive currents, and load currents. The AC circuit breakers are widely used in aircraft that are used for power transmission and in high-power motor devices. These factors are anticipated to boost the aircraft circuit breakers market size during the forecast timeframe. Aircraft circuit breakers automatically stop and isolate a circuit when an excessive amount of current is flowing through it. It is a switching device that controls and safeguards all electrical power systems either manually or automatically.

Several unforeseen challenges are currently being faced by the aircraft industry. The industry's growth trajectory originally came to a temporary halt as a result of the B737 Max's grounding, which had an effect across the entire value chain. The industry had fallen off the rails by more than ten years by the time the pandemic started despite the efforts taken by the stakeholders. These issues negatively impact the aircraft industry, affecting the aircraft circuit breakers market growth.

One of the primary factors driving the expansion of the circuit breaker industry is the rapid growth of global tourism as the number of passengers flying across the globe is increasing rapidly. In addition, various countries have rapidly increased their defense spending and are recruiting various kinds of aircraft such as fighter jets, long-distance drones, and others. Moreover, rapid growth in commercial aircraft is another key factor that is projected to boost the growth of aircraft circuit breakers market share in the future.

The growing demand for aircraft circuit breakers in the aviation industry is anticipated to boost market growth. This is majorly owing to a significant increase in electrical load requirements and the presence of complex power generation platforms present in the aircraft. For instance, Klixon 6TC, the circuit breaker designed by Sensata Technologies,  offers ambient compensated circuit protection, which is present in a lightweight, miniature package size. These circuit breakers offer protection against unbalanced or simultaneous overloads during short circuit conditions. In the aviation sector, circuit breakers offer quick and dependable turn-ons and offloads without the aid of an aviator. In addition, software-configurable circuit breakers, which support the creation of intelligent power management systems, are becoming more prevalent in aircraft. These factors are anticipated to create excellent growth opportunities for the key players operating in the global aircraft circuit breakers market.

The global aircraft circuit breakers market share is segmented on the basis of type, system type, voltage, application, and region. By type, it is classified into a magnetic aircraft circuit breaker, thermal aircraft circuit breaker, and others. By system type, it is classified into AC and DC. By voltage, it is classified into high voltage, medium voltage, and low voltage. By application, it is classified into commercial aircraft, military aircraft, UAVs, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in this aircraft circuit breakers market report include Boeing Company, Airbus SE, Embraer SA, Commercial Aircraft Corporation of China Ltd, Mitsubishi Aircraft Corporation Lockheed Martin Corporation, Raytheon Technologies Corporation, Textron Inc., Dassault Aviation, and General Dynamics Corporation.

The report offers a comprehensive analysis of the global aircraft circuit breakers market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of COVID-19 on the Global Aircraft Circuit Breakers Industry

• The COVID-19 pandemic is having a significant negative impact on the aviation sector, affecting demand for air freight, airport employment, and inbound revenue
• The aviation industry comprising aircraft manufacturing represents a small share of GDP however the aviation sector is a key enabler of various economic activities. A drastic decline in passenger demand owing to COVID-19 containment measures has threatened the viability of various aircraft manufacturing companies affecting the demand for circuit breakers.
• The collapse in economic activity due to the drastic drop in demand for airline services, trade affected freight has led to a decline in aircraft circuit breakers sales during the pandemic. The international travel restrictions, changes in transport behavior, and contraction of economic activity have affected aircraft circuit breakers sales during the pandemic.

Key Findings of the Study

• Based on type, the thermal aircraft circuit breaker sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest-growing during the forecast period
• Based on system type, the AC sub-segment emerged as the global leader in 2021 and is predicted to show the fastest growth in the upcoming years
• Based on voltage, the medium voltage sub-segment emerged as the global leader in 2021 and is anticipated to be the fastest growing during the forecast period
• Based on application, the commercial aircraft sub-segment emerged as the global leader in 2021 and is predicted to show the fastest growth in the upcoming years
• Based on region, the North America market registered the highest market share in 2021, and Asia-Pacific is anticipated to witness the fastest growth during the forecast period