Report : Asia Pacific Aircraft Ignition System Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Electric Ignition and Magneto Ignition), Component (Ignition Leads, Igniters, Spark Plugs, Exciters, and Others), and Engine Type (Turboprop Engine, Turbofan Engine, Turbojet Engine, and Piston Engine)
At 6.9% CAGR, the Asia Pacific Aircraft Ignition System Market is speculated to be worth US$ 183.51 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific aircraft ignition system market was valued at US$ 123.08 million in 2022 and is expected to reach US$ 183.51 million by 2028, registering a CAGR of 6.9% from 2022 to 2028. Future engine orders and product development and expansion of distribution channels are the critical factors attributed to the Asia Pacific aircraft ignition system market expansion.
With the surge in passenger traffic, aircraft production is likely to receive notable orders from major airliners. According to CAPA – Centre for Aviation, Airbus and Boeing are expected to deliver thousands of commercial aircraft by the end of 2022. Some of the major contracts and developments have taken place in recent years. For instance, in July 2021, Pratt & Whitney, a Raytheon Technologies business, announced to have received an order of more than 800 units of GTF engines from different customers. Out of these, AerCap had ordered GTF Engines for 80 Airbus A320neo Family Aircraft. Thus, the rising orders for aircraft engines and increasing in-service engine volume due to expanding fleet of aircraft are speculated to generate an opportunity for aftermarket overhaul replacement in the aircraft ignition system market across the region, thereby driving the Asia Pacific aircraft ignition system market.
On the contrary, discontinuation of quadjet production hurdles the growth of Asia Pacific aircraft ignition system market.
Based on component, the Asia Pacific aircraft ignition system market is segmented into ignition leads, igniters, spark plugs, exciters, and others. The spark plugs segment held 29.2% market share in 2022, amassing US$ 35.89 million. It is projected to garner US$ 58.74 million by 2028 to expand at 8.6% CAGR during 2022–2028.
Based on type, the Asia Pacific aircraft ignition system market is bifurcated into electric ignition and magneto ignition. The electric ignition segment held 66.9% market share in 2022, amassing US$ 82.31 million. It is projected to garner US$ 126.54 million by 2028 to expand at 7.4% CAGR during 2022–2028.Based on engine type, the Asia Pacific aircraft ignition system market is segmented into turboprop engine, turbofan engine, turbojet engine, and piston engine. The turbofan engine segment held 42.2% market share in 2022, amassing US$ 52.00 million. It is projected to garner US$ 81.33 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on country, the Asia Pacific aircraft ignition system market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 42.3% market share in 2022. It was assessed at US$ 52.09 million in 2022 and is likely to hit US$ 83.50 million by 2028, exhibiting a CAGR of 8.2% during the forecast period.
Key players dominating the Asia Pacific aircraft ignition system market are Champion Aerospace Inc, Continental Aerospace Technologies Inc, Kelly Aerospace Inc, PBS Group AS, Sonex LLC, Surefly Partners Ltd, Tempest Aero Group LLC, and Unison Industries LLC among others.
- In 2021, Champion Aerospace Inc announced that they had signed an agreement with S3 AeroDefense to distribute its solutions. Thus, through this agreement will expand its distribution channel in the market.
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