(I-BusinessNews.Com, July 30, 2020 ) The Global Mechanical Control Cables Market for Military and Aerospace is estimated to be USD 8.8 billion in 2019 and is projected to reach USD 11.9 billion by 2025, at a CAGR of 5.1% from 2019 to 2025. Increasing air passenger traffic and demand for commercial aircraft are anticipated driving the market growth. According to SIPRI Â Trends in World Military Expenditure Database 2018, the US alone accounted for a 36% share of the global military spending in 2018. The countryÂs offshore sector offers attractive business opportunities for foreign shipbuilding companies. Thus, the growth of the US shipbuilding industry is one of the most significant factors which will lead to an increase in the market for shipbuilding related mechanical components. This demand will drive the market for mechanical control cables.
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The commercial segment to lead the mechanical control cables market for military and aerospace during the forecast period
Based on the end-use, the commercial segment is estimated to account for the largest share of the market in 2019. An increase in new commercial aircraft deliveries in Asia Pacific and modernizations and maintenance activities are expected to drive the commercial end-use segment. With the rise in air travel, there is an increase in the fleet size of commercial aircraft. This is expected to drive the mechanical control cables aftermarket. According to Boeing Commercial Market Outlook 2019, the commercial aircraft fleet is expected to increase from 25,830 in 2018 to 50,660 by 2038. This increase in fleet is expected to be one of the driving factors for the growth of the mechanical control cables aftermarket.
Wire material segment projected to grow at a higher CAGR during the forecast period as compared to the jacket material
Based on material, the wire material segment is estimated to account for the higher CAGR in the mechanical control cables market for military and aerospace in 2019. Wires can be a single conductor or multiple non-insulated conductors made from copper or aluminum. Wires are used in aircraft contain stranded conductors for flexibility and consist of several materials and layers of insulation for thermal protection, abrasion resistance, moisture resistance, and fluid resistance. Various types of wired material mechanical cables are used in flight control, engine control, auxiliary control, and landing gear applications.
North America is estimated to account for the largest share of the mechanical control cables market for military and aerospace in 2018
North America is a major potential market for mechanical control cables for military and aerospace. North America can be considered a mature market because of the developments in this region are mostly for the advancement of existing infrastructure such as procurement of armored vehicles for army and navy.
Key Market Players
The key market players in the mechanical control cables market for military and aerospace are Crane Aerospace & Electronics (US), Triumph Group (US), Elliott Manufacturing (US), Orscheln Products (US), Glassmaster Controls Company, Inc. (US), Loos & Co. Inc. (US), Bergen Cable Technology, Inc. (US), Cable Manufacturing & Assembly, Inc. (US), Wescon Controls (US), Tyler Madison, Inc. (US), Escadean Ltd. (UK), Sila Group (Italy), Cablecraft Motion Controls (US), Ringspann GmbH (Germany), Lexco Cable Mfg. (US), Drallim Industries Limited (UK), Grand Rapids Controls, LLC. (US), VPS Control Systems, Inc. (US), AeroControlex (US), and KÃ¼ster Holding GmbH (Germany), among others.
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