Mechanical Control Cables Market Worth $11.9 Billion by 2025 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Feb. 6, 2020 /PRNewswire/ -- According to the new market research report "Mechanical Control Cables Market for Military and Aerospace, by Application (Aerial, Land, and Marine), Type (Push-pull, Pull-pull), Platform, Material, End-Use (Commercial, Defense, Non-Aero Military), and Region - Global Forecast to 2025", published by MarketsandMarkets(TM), the Mechanical Control Cables Market 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.
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Mechanical control cables or rods often referred to as push-pull control cables or pull-pull mechanical control cables depending on the type of motion employed to provide a push-pull or pull-pull action to actuate components mechanically. The mechanical control cables market for military and aerospace considers mechanical control cables and rods used in military and commercial aircraft, military vehicles, and naval vessels.
The push-pull segment is estimated to lead the mechanical control cables market for military and aerospace during the forecast period
Based on type, the push-pull segment is expected to account for the largest share of the market in 2019. Push-pull control cables and rods are mechanical devices used to actuate the predefined motion, basically forward and backward in a particular direction. These cables and rods are used primarily in the flight control and landing gear systems of an aircraft.
The increasing demand for commercial air travel especially from emerging economies of Asia Pacific is fueling the demand for new commercial aircraft. According to Boeing and Airbus forecast outlook, the world will require 39,620 and 33,070 new aircraft by the year 2035.
The aerial segment is estimated to account for the largest share of the mechanical control cables market for military and aerospace in 2019
Based on the platform, the aerial segment is expected to account for the largest share of the market in 2019. Increasing demand for aircraft replacements, growing demand for wide-body aircraft with large passenger-carrying capacity and low maintenance costs, and rising domestic air travel due to lower flight fares are driving the market for the aerial platform for mechanical control cables.
The North America mechanical control cables market for military and aerospace is projected to grow at the highest CAGR from 2019 to 2025
Based on the region, North America is expected to witness substantial growth during the forecast period. The growth of the market in this region can be attributed to the high military spending in the US and the increasing procurement of highly advanced armored vehicles. For instance, according to the Congressional Research Services Report 2019, funding of USD 350 million was provided for the amphibious assault ship, LHA-9.
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According to the World Bank, the North American region contributes up to 28% (approximately) of the world's GDP. North America is also considered as a key region for maritime activities, and the growth of coastal shipping in this region is also propelling the demand for military ships. The US is also considered the procurement of 49,099 vehicles for its army and over 6,000 vehicles for its naval force in 2018.
Major players in the global mechanical control cables market for military and aerospace include 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 Küster Holding GmbH (Germany), among others.
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