Mechanical Control Cables Industry Worth $12.98 Billion by 2027
(I-BusinessNews.Com, November 15, 2022 ) The report "Mechanical Control Cables Market for Military and Aerospace, by Application (Aerial, Land, Marine), Type (Push-Pull, Pull-Pull), Platform, Material, End-Use (Commercial, Defense, Non-Aero Military) and Region - Global Forecast to 2027" The mechanical control cables market for military and aerospace sectors is projected to grow from USD 10.23 Billion in 2022 to USD 12.98 Billion by 2027 at a CAGR of 4.9% during the forecast period. The demand for mechanical control cables is driven by the demand of aerospace and military platforms as part of the ongoing modernization initiatives undertaken by the defense forces.
The aerial segment is estimated to account for the largest share of the mechanical control cables market during the forecast period.
Based on platform, the mechanical control cables market for military and aerospace has been classified into aerial, land, and marine. The aerial segment is expected to register the highest CAGE as the increasing demand for aircraft replacements, increasing demand for wide body aircraft with large passenger-carrying capacity and low maintenance costs, increasing domestic air travel due to lower flight fares, are anticipated to drive the demand for mechanical control cables.
Push-Pull segment projected to lead mechanical control cables market during forecast period
Based on type, the mechanical control cables market for military and aerospace is segmented into push-pull and pull-pull. The increasing demand for commercial air travel especially from emerging economies of Asia Pacific is fuelling the demand for new commercial aircraft, which in turn, is driving the requirement for mechanical cable controls for integration into the aircraft to facilitate flight control and other operational input transmission.
Commercial segment to dominate market share during the forecast period
Based on end use, the mechanical control cables market for military and aerospace has been segmented into commercial, defense, and non-aero military. The OEM and aftermarket aspects of commercial aircraft has been considered under the commercial segment and an increase in new aircraft demand and deliveries on account of a rapidly growing air passenger traffic is expected to be a major driver bolstering the growth of the demand for mechanical control cables during the forecast period.
North America is projected to account for the largest share in 2022
North America accounted for the largest market share in 2022 due to significant R&D investments by domestic players in aerospace and defense systems. The last five years, the US’ aerospace and defense sector has increased its spending owing to the US government’s focus on enhancing and maintaining technological superiority against adversaries in a contested environment. According to the World Bank, the North American region contributes up to 28% of the global 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 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.
Key Market Players
Major players operating in the mechanical control cables market for aerospace and defense include Triumph Group, Inc. (US), Crane Aerospace & Electronics (US), Elliott Manufacturing (US), Loos & Co., Inc. (US), and Bergen Cable Technology (US).
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