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Aircraft Cockpit Control Panels Market Size, Impacted by COVID-19, to Reach US$ 1.2 Billion in 2026, Says Stratview Research
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. . 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. .
https://www.stratviewresearch.com/toc/2133/aircraft-cockpit-control-panels-market.html
Despite being the hardest hit segment by the COVID-19, . 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, . However, . 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, , owing to the presence of a large number of OEMs, tier players, and control panel suppliers. . 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 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:
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