Market Trends of Electric Wiring Interconnection Systems Industry
The Defense Segment is Expected to Showcase Remarkable Growth During the Forecast Period
Electrical wiring interconnection systems (EWIS) are pivotal in prioritizing reliability, safety, and performance in defense applications. These advanced systems are crucial for integrating and managing control and monitoring systems on naval vessels, offering real-time data and diagnostics to bolster operational efficiency and safety. EWIS integrates power, communication, and advanced targeting systems in land-based applications like tanks and armored vehicles, ensuring operational readiness even in combat scenarios. The increasing use of EWIS in defense underlines the necessity for robust, adaptable wiring systems to meet the intricate demands of modern military operations.
Recent contracts underscore the expanding role of EWIS in bolstering defense capabilities, especially in areas like missile defense, aircraft production, and advanced missile technology. For instance, in November 2023, Boeing Defense, Space & Security secured a USD 2.33 billion contract modification to produce fifteen KC-46A Air Force Production Lot 10 aircraft featuring advanced EWIS components for enhanced communication and navigation. These developments signal a promising trajectory for EWIS applications in defense, hinting at continued segment growth.
Asia-Pacific is Expected to Witness the Fastest Growth During the Forecast Period
In recent years, air travel in Asia-Pacific has increased. With China, India, and South Korea poised for a rebound in international traffic, aircraft companies are ramping up, acquiring more planes to meet the growing demand. The region's aviation sector is rapidly expanding, driven by a surge in airport construction and increased defense spending by various Asian nations.
As passenger numbers climb, Indian airlines are keeping pace. They are expanding their fleets, opening new routes, and embracing advanced technologies to enhance efficiency, reduce maintenance costs, and elevate the passenger experience. A key focus of this modernization drive is the upgrade of EWIS systems. Illustrating this shift, in 2023, Air India, now under the Tata Group, ordered 470 aircraft, while IndiGo secured an additional 500 narrow-body planes. Domestic airlines are poised to welcome over 1,600 planes during the forecast period, with Indian carriers aiming for a fleet size of 1,500 to 2,000 by 2030. These advancements and substantial investments in defense modernization are driving the growth in the region's aviation and EWIS systems market.
