Mechanical Control Cables Market for Military and Aerospace Market

Mechanical Control Cables Market for Military and Aerospace: By Application, Type, End-use, and Region

Market Synopsis:

Global Mechanical Control Cables Market for Military and Aerospace market is valued at USD 9.45 Billion in 2022 and is projected to reach a value of USD 13.95 Billion by 2030 at a CAGR of 5.00% during the forecast period, 2022–2028.

The factors driving the growth of this market are increasing defense budgets across the globe, increase in demand for unmanned aerial vehicles (UAVs), need for smart weapons, growing aircraft deliveries worldwide, modernization programs in developed nations along with technological advancements. However, lack of skilled technicians, stringent government regulations regarding certification requirements are restraining the growth of this market.

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Technological Advancements and Increasing Modernization Expenditure by Militaries to Fuel Growth of Mechanical Control Cables Market

Every military aircraft these days is outfitted with a host of complex control systems. These critical mechanical control cables are needed in each system to ensure the function of an aircraft in combat. The demand for high-quality, durable and light weight non-metallic materials is on the rise. This has created an increased need for advanced integrated cabling solutions in defense applications where safety, performance and operational capabilities are critical. The global industry for mechanical control cables have been growing since 2010 due to technological advancements and increasing modernization expenditure by militaries around the world.

Segmentation:

Steel Segment to Dominate the Market

The market is segmented into segments based on material (steel and composites). Within these two segments, the steel cable market is further divided into three sub-segments: metallic cables (tinned copper), stainless steel cable and special alloy cable; among which the tinned copper cable has accounted for the largest share. This can be attributed to its lightweight, better conductivity and lower maintenance costs as compared to other raw materials used for mechanical control cables such as stainless steel, special alloys or metal matrix composites. However, this segment of tinned copper cables is expected to face competition from stainless steel cables due their superior corrosion resistance characteristics.

North America is the Largest Consumer of Mechanical Control Cables

The U.S. is the world's largest economy and its military has significant economic impact because of the high-technology, low-cost manufacturing capabilities it possesses, which allows for high purchasing power. The U.S. government is the country's single largest end user; defense spending was $711 Billion in 2013 (including funding for conflicts). North America represented 39% of global arms imports and 60% of NATO countries imported weapons from North America. The primary driving force for this is that the U.S. has to guarantee its hegemony over other countries, because it sustains great economic burdens in order to achieve global leadership. Globalization allowed for easy transport of defense articles between countries so North America being the closest region was responsible for importing most defense articles from around the world.

Key Players:

Some of the leading players in the global market are Triumph Group (US), Crane Aerospace & Electronics (US), Glassmaster Controls Company, Inc. (US), Loos & Co. Inc. (US), Elliott Manufacturing (US), Orscheln Products (US), Bergen Cable Technology, Inc. (US), Wescon Controls (US), Cable Manufacturing & Assembly, Inc. (US), Tyler Madison, Inc. (US), Sila Group (Italy), Escadean Ltd. (UK), Cablecraft Motion Controls (US), Lexco Cable Mfg. (US), Ringspann GmbH (Germany), Drallim Industries Limited (UK), VPS Control Systems, Inc. (US), Grand Rapids Controls, LLC. (US), and Küster Holding GmbH (Germany).

The Mechanical Control Cables Market for Military and Aerospace is Segmented as Follows: