AS85049 Series Segment to dominate Asia Pacific Backshell Market during 2020–2028
According to The Insight Partners market research study on “Asia Pacific Backshell Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Material, Military Standard and Application,” is expected to reach US$ 174.64 million by 2028 from US$ 105.70 million in 2021. The market is estimated to grow at a CAGR of 7.4% from 2021 to 2028. The report provides opportunity prevailing in the Asia Pacific backshell market along with the drivers and restraints pertaining to the market growth. Surging development of commercial electric aircraft, expanding use of aluminium backshell, and fostering military expenditures are the major factor driving the growth of the Asia Pacific backshell market. However, binding regulations around mil spec backshells hinder the growth of Asia Pacific backshell market.
The COVID-19 pandemic has severely impacted APAC due to wide disease spread; countries in this region are among the highly populated countries in the world, which leads to the greater risk infection spread. Many global brands and technological companies are headquartered in the region. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies such as China, India, Australia, and Japan, which are experiencing inflation. The rapid outbreak of the COVID-19 pandemic has led to strict lockdowns across the region since the starting of 2020. Some part of the region like India are still facing lockdowns owing to the rising cases across the country. The lockdown of various factories in China affects the global supply chains and negatively impacts development, delivery schedules of various products and services. Even as the factories in China are beginning to reopen, several businesses have reduced or hit pause on their operations. The region comprises of several developing countries, which consist of large number of manufacturing facilities. The temporary closure of all economic activities and travel restrictions have drastically reduced the airline passengers leading to low demand for aircrafts among them. Moreover, the travel restriction imposed across the nations have also led to the disruption of supply chain of both manufacturing components and final products from major economies like India and China. These factors have negatively impacted the market due to the outbreak of COVID-19.
The Asia Pacific backshell market is segmented on the bases of type, material, military standard, application and country. Based on type, the market is segmented into circular and rectangular. In 2020, circular segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. Based on material, the backshell market is segmented into aluminum, nickel, stainless steel, and others. In 2020, the stainless steel segment held the largest share in the market and aluminum is expected to be the fastest growing segment during the forecast period. Based on military standard, the market is segmented into AS85049 Series, MIL-DTL-38999, MIL-DTL-83723, MIL-DTL-5015, MIL-DTL-26482, and others. In 2020, AS85049 Series segment held the largest share in the market, and it is also expected to be the fastest growing segment during the forecast period. Based on application, the backshell market is segmented into ground, naval, and air. In 2020, the ground steel segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. Similarly, the air segment is further bifurcated into commercial aircraft and military aircraft. In 2020, the commercial aircraft segment held the largest share in the market and it is also expected to be the fastest growing segment during the forecast period. Based on country, the market is segmented into the US, Canada, and Mexico. In 2020, the US held the largest share in the market and it is also expected to be the fastest growing country during the forecast period.
Amphenol Corporation; Collins Aerospace; TE Connectivity; Souriau Sunbank; Arrow Electronics, Inc.; Glenair, Inc.; Curtiss-Wright Corporation; and PEI-Genesis.com are among the leading companies in the Asia Pacific backshell market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.