The global defense remote electronic unit market size is expected to witness an elevated market growth owing to advancements in fly-by-wire and electronic actuation systems. This information is provided by Fortune Business Insights™, in its report, titled, “Defense Remote Electronic Unit Market, 2022-2029.” Also, increasing number of satellite constellations and rising upgradation of existing aircraft fleets will boost the growth of the market during the forecast period.
Declining Sales Volume to Hamper Growth During the Forecast Period
Nationwide lockdowns and imposed restrictions on movements have harshly affected the growth of the market amid the COVID-19 pandemic. Variety of companies have indicated reductions in their revenue shares due to decreasing sales of defense remote electronic units. The ongoing COVID-19 pandemic has severely been affected due to disruptions in the supply chain along with volatility in raw materials. A majority of the defense spending is also being subverted towards healthcare infrastructure due to the added influx of patients. However, as the world economy begins picking up pace, the sales figures are expected to pick up the pace.
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By platform, the market can be divided into aircraft & spacecraft.
With regards to application, the market can be broken down into flight control surface, landing gear, fuel system, and ice protection system.
On the basis of end use, the market can be segregated into original equipment manufacturers (OEMs) & aftermarket.
In terms of region, the market can be categorized into North America, Europe, Asia Pacific, and the Rest of the World.
The study aims to define, describe, and anticipate the status of the market on the basis of platform, application, end use, and geographical regions on a global scale. After assessing the overall market size, the study is split between segments and sub segments by authenticating primary research through various modes such as extensive interviews with pivotal experts and executives of the dominant market players in the market. A complete breakdown of the leading market players has also been noted by highlighting their performance over the past few years and their key market strategies. The report also analyzes key areas where the market is expected to witness the highest demand in terms of applications for their products in the upcoming years.
Drivers & Restraints
Development of Fly-by-Wire Technology to Improve Market Growth
Increasing number of aircraft deliveries & development of technologically advanced units will increase the value of the global defense remote electronic unit market share. Also, miniaturization of remote electronic units in the aerospace industry will fuel the growth of the market during the forecast duration. The latest generation of defense remote electronic units have the ability to regulate a wider range of functions such as thermal control, satellite altitude, and orbit control subsystems. These factors are expected to propel the growth of the market.
However, higher costs occurring during the development of advanced remote electronic units will hamper the growth of the market during the development of the forecast period. Also, an unprecedented economic downturn brought on by the ongoing pandemic will further slowdown the growth of the market.
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North America to Spearhead the Market Dominance Owing to Rising Air Travel Measures
Increasing number of prominent players in the region and rising air passenger traffic will boost the defense remote electronic unit market growth during the forecast duration. Increasing disposable income and lowering air fee is expected to trigger a rise in air travel. These factors are expected to fuel the growth of the market in the region of North America.
Asia Pacific will occupy a substantial market share owing to rising demand for cost-effective products from the emerging economies of China and India. Also, increasing demand for defense remote electronic units in terms of surveillance, navigation, and remote sensing methodology will boost the value of the market.
The rest of the world will also exhibit noteworthy growth due to rising demand for defense remote electronic units in South America, and Middle East & Africa towards adopting fly-by-wire products towards aircraft and rotary-wing aircrafts.
Key Players to Focus on Launching Innovative Products for Increasing Revenue
The market is highly fragmented across into a large number of companies that are constantly focused towards launching new products in order to keep up increasing consumer demand. Some of these players strive on making constant developments to their product line in order to present a diversified product range by aiming for extensive R&D activities. While others have chosen to join hands with like-minded organizations in order to gain a considerable market share. For example, in August 2021, Parker Hannifin Corp recently acquired Meggitt plc for USD 8.8 billion in order to expand into the aerospace sector.
- September 2021: Becker Avionics recently collaborated with Iris Automation in order to develop situational awareness for general aviation pilots and advanced unscrewed aerial vehicles (UAVs). The two firms are expected to redesign a collidance avoidance system by integrating computer vision and machine learning protocols within for issuing 3D audio warnings.
List of Key Players Present in the Market
- BAE Systems (U.K.)
- Becker Avionics (U.S.)
- Curtiss-Wright (U.S.)
- Esterline Technologies (U.S.)
- Flight Data Systems (U.S.)
- Liebherr (Switzerland)
- Parker Hannifin (U.S.)
- Rockwell Collins (U.S.)
- Thales Group (France)
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