Increase in Aircraft Engine Production to Boost Data Bus Market Share During 2021–2028
According to our latest market study on “Data Bus Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Protocol, and Application,” the market is expected to grow from US$ 18,488.9 million in 2021 to US$ 25,258.0 million by 2028; it is estimated to grow at a CAGR of 4.6% during 2021-2028.
The demand for new military aircraft is increasing as countries attempt to update their fleets and expand their capabilities, especially in Asia-Pacific, which is driving the data bus market. The Australian Army received the first two of four new Boeing CH-47F Chinook transport helicopters in July 2021. The P-8As are land-based antisubmarine and anti-surface ship planes built for intelligence, surveillance, and reconnaissance missions. Further, the Indian government authorized the proposal for procuring 56 C295 transport aircraft from Airbus Defence and Space, Spain, in September 2021. Airbus Defence and Space, Spain, has been awarded a contract to acquire the C 295MW cargo aircraft. China has added numerous new military aircraft to its inventory in the last five years. As a result of these purchases, the demand for data bus is increasing in Asia Pacific.
Based on component, the data bus market is segmented into hardware and software. In 2020, the hardware segment led the market with a larger share. A data bus is a mechanism that transports data within a computer or device and consists of a connector or a set of wires. Along with personal computers and other pieces of hardware, various types of data buses have evolved. A data bus can carry data to and from a computer's memory, as well as in and out of the device's engine – the central processor unit (CPU). A data bus can also be used to transport data between computers. Data Buses are critical instruments for facilitating all data transfers that enable so much on-demand data transmission. Thus, increased use of electronic components in automotive, vessels, and aircraft is driving the data bus market.
Impact of COVID-19 Pandemic on North America Data Bus Market
The US has witnessed the most severe impact of COVID-19 in North America in 2020.The data bus market players and service providers in North America were affected due to nationwide lockdowns and travel restrictions, shutdown of production facilities, and shortage of employees. The massive outbreak of the virus has created both a health crisis and an economic crisis in the US. It has led to major disruptions in the aerospace industry, impacting everything, from supply chain and manufacturing to product sales. The pandemic has directly and indirectly impacted the market’s short-term and long-term growth.
The pandemic severely affected the airline industry in North America, with increasing net losses and delays in recovery. North America’s aircraft industry was one of the strongest performers in the pre-crisis period. The region is expecting market recovery from the economic disruption. Recovery in demand for business jets, private leisure aircraft, and helicopters for different applications is anticipated to boost manufacturing and sales of commercial aviation in the region, thereby significantly impacting the market growth.
The key players operating in the global data bus market include Astronics Corporation; Collins Aerospace; Fujikura Ltd.; HUBER+SUHNER; Nexans; TE Connectivity Corporation; Amphenol Ltd.; Data Device Corporation; Data Bus Corporation; and OCC. Several other market players have also been analyzed to understand the data bus market.
Data Bus Market - by Region, 2021 and 2028 (%)
Data Bus Market Size, Share & Global Industry Analysis by 2028
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Data Bus Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), Protocol (Arinc 429/629, Mil-Std 1553, and Others), and Application (Marine, Automotive, Commercial Aviation, and Military Aviation)
Data Bus Market Size, Share & Global Industry Analysis by 2028
Download Free SampleData Bus Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), Protocol (Arinc 429/629, Mil-Std 1553, and Others), and Application (Marine, Automotive, Commercial Aviation, and Military Aviation)
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