The global mechanical control cables market for military and aerospace is anticipated to grow from USD 8.8 billion in 2019 to USD 11.9 billion by 2025, at a CAGR of 5.1%
NEW YORK, Feb. 12, 2020 /PRNewswire/ --
Increasing air passenger traffic and demand for commercial aircraft drives the global mechanical control cables market for military and aerospace
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The global mechanical control cables market for military and aerospace is anticipated to grow from USD 8.8 billion in 2019 to USD 11.9 billion by 2025, at a CAGR of 5.1% during the forecast period. The ever-growing passenger traffic and rising expenditure by defense authorities are expected to drive the mechanical control cables industry for military and aerospace.
Based on material, the jacket material segment is projected to grow with higher CAGR during the forecast period
Based on material, the jacket material segment is expected to grow with a higher CAGR across the forecast period.Jackets are the outermost layer of wire.
Without a jacket, cables are susceptible to abrasion, heat and oxidation damages, as well as weather-related damages. Jacket materials are categorized into thermoplastic and thermoset.
Based on type, the push-pull segment is projected to grow at the highest CAGR in the mechanical control cables market for military and aerospace over the forecast period
Push-pull control cables and rods are mechanical devices that are used in applications which actuate the predefined motion, i.e., forward and backword motion in a particular direction. Such cables 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 2035.
North America is projected to grow at the highest CAGR across the forecast period 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 also procured 49,099 vehicles for its army and over 6,000 vehicles for its naval force in 2018.In June 2018, the US Army awarded a contract worth USD 258 million to General Dynamics Land Systems to modify 116 Stryker vehicles.
Such modernizations will drive the market for mechanical components, such as mechanical control cables. Major companies providing mechanical control cables are Triumph Group (US), Crane Aerospace & Electronics (US), and Elliott Manufacturing (US).
The break-up of profiles of primary participants in the mechanical control cables market for military and aerospace: By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20% By Designation: C-Level Executives - 35%, Directors - 25%, and Others - 40% By Region: North America - 45%, Europe - 20%, Asia Pacific - 30%, Rest of the World - 5%
Key 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 Küster Holding GmbH (Germany).
Research Coverage: The market study covers the mechanical control cables market for military and aerospace across segments.It aims at estimating the market size and the growth potential of this market across different segments, such as type, platform, material, application, end-use, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.Reasons to buy this report: This report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall mechanical control cables market for military aerospace and its subsegments.
The report covers the entire ecosystem of mechanical control cables in the aviation industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on the key drivers, challenges, restraints, and opportunities in the global mechanical control cables market for military and aerospace.
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