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June 24, 2020
[Cable Network News] International market research agency Technavio recently released a report saying that the global aircraft engine electrical wiring harness and cable assembly market size is likely to grow by 110 million U.S. dollars during 2020-2024, during which the compound annual growth rate is close to 3%.
Overall, with globalization, faster and more reliable transportation trends are increasingly popular, and the increasing demand for aircraft is the main reason for the growth of this market. At the same time, increasing demand for energy efficiency is also encouraging commercial aircraft OEMs to develop a new generation of aircraft to reduce carbon emissions and improve fuel efficiency. The growing demand for the procurement of new generation aircraft will also become one of the main growth drivers for the aircraft engine electrical wiring harness and cable assembly market.
On the other hand, the demand for air travel is increasing due to the increase in personal disposable income and the economic improvement of countries such as China, India, Russia and the United States. In turn, this will increase the demand for aircraft engine electrical wiring harnesses and cable assemblies, thereby driving market growth.
However, in 2020, the outbreak of the new crown epidemic, in order to curb the spread of viruses, countries have adopted varying degrees of blockade policies, resulting in serious impact on the aviation market, which will greatly affect the growth of the market during the forecast period.
In 2019, Europe is the largest aircraft engine electrical wiring harness and cable assembly market in 2019, and the region will provide market suppliers with some growth opportunities during the forecast period. During the forecast period, the existence of a strong aviation manufacturing infrastructure will greatly promote the growth of the aircraft engine electrical wiring harness and cable assembly market in the region.
According to the report, during the forecast period, 36% of the market growth will come from Europe. France and Germany are the main markets in the region. However, in terms of growth rate, the market growth in Europe will be slower than that in the Asia-Pacific region.
In terms of aircraft type, turbofan engines are more efficient than turboprop engines. Trufan technology is becoming more and more popular in wide-body and narrow-body airliners because of its superior efficiency in fuel consumption and carbon dioxide emissions. This will increase the demand for advanced engine electrical wiring harnesses and drive the growth prospects of this global market.
From the perspective of raw materials, manufacturers are increasingly using carbon fiber reinforced polymer (CFRP) based parts and components. The development of CFRP-based wire harness brackets is one of the key cable assembly market trends that will drive the growth of this market. For example, STFC Innovations is developing CFRP-based electrical or data wiring harness brackets, which can be used for various aerospace applications. The application of CFRP will help reduce the space requirements of aircraft wiring harnesses and aircraft equipment racks.
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