Cockpit control panel can be defined as the integration of wires, connectors, switches, and many others which acts as a commanding house of the aircraft and controls everything from speed, altitude, vertical speed, vertical navigation, lateral navigation to even AC temperature and lighting of the aircraft.
For the previous 16 years, the aviation industry had been booming. However, the grounding of the B737 Max across regions in 2019 put a halt to the industry's rapid growth, with a particularly negative impact on the North American market. The sudden outbreak of the Covid-19 pandemic exacerbated industry challenges, resulting in several bankruptcies, massive COVID-related costs resulting in negative cash flows, and supply-chain disruption. The aircraft cockpit control panel market could not escape from these challenges and witnessed a sharp plunge of -29.4% in 2020. This has compelled all major industry players to realign their strategies in order to maintain liquidity to face current market challenges and meet future demand.
Nonetheless, the aircraft industry is expected to recover sooner rather than later, owing to strong industry fundamentals and a track record of crisis management. The resumption of aircraft deliveries, lifting of the grounding order for the B737 Max, and an increase in the production pace of key programs, such as A320, are pointing towards signs of recovery. The market for aircraft cockpit control panels is likely to follow the suit and is expected to grow at a robust 8.2% CAGR over the next five years to reach an estimated value of US$ 1.2 billion in 2026.
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