ALBANY, New York, April 16, 2019 /PRNewswire/ -- The global aircraft sensors market displays a highly competitive vendor landscape owing to the presence of numerous market players striving to expand their frontiers globally, reports Transparency Market Research. The competition in this market is driven by high demand for aircraft travel and huge investments by private equity groups. The key players in the global aircraft sensors market include Zodiac Aerospace SA, UTC Aerospace Systems, Honeywell International, TE Connectivity Ltd, and AMETEK Inc. These companies are focusing on new product innovations and technological developments to increase their revenue share in the market. Additionally, they are emphasizing on mergers and acquisitions to strengthen their position in the market.
The global aircraft sensors market is anticipated to rise at a 6.4 % CAGR during the forecast period which is 2017 to 2022. The market was valued at US$1.8 bn in 2017 and is expected to be valued at US$2.5 Bn by 2022.
In terms of applications, the global aircraft sensors market is bifurcated into military, commercial, and general. Out of these, the commercial segment is anticipated to witness a stellar growth during the forecast period owing to a tremendously growing commercial sector.
Geographically, the aircraft sensors market is classified into North America, Asia Pacific excluding Japan, Japan, Europe, Middle East and Africa, and Latin America. North America is expected to dominate the market rising at a 7.0% CAGR during the forecast period. This is owing to a rapidly growing aircraft industry.
Adoption of the Internet of Things to Boost Growth
Embedded sensors facilitate an optimal working of the aircraft by providing feedback on a wide range of conditions of the aircraft. This makes it an integral part of the functioning of an aircraft, thereby propelling the global aircraft sensors market's growth. Moreover, the adoption of Internet of Things (IoT) for several operations needed to analyze plane health condition and baggage tracking is likely to increase demand for aircraft sensors. Consequently, major companies are increasingly investing in IoT, thus propelling the market's expansion.
Furthermore, an increasing production of commercial aircrafts owing to a rise in aircraft travel has led to a surge in demand for temperature sensors. This has impacted the aircraft sensors market favorably, thereby expediting its growth. In addition, need to minimize the complexity of the aircrafts has amplified the demand for wireless sensors. This has highly contributed to the growth of the aircraft sensors market.
On the flipside, there are a few restraints that may cause a downfall in the global aircraft sensors market. Lack of skilled personnel to test the aircraft sensors may pose a threat to the market. Moreover, large number of orders for airlines impacting the productivity of aeronautical OEMs may thwart the market's expansion. Nonetheless, high demand for air travel owing to an increased disposable income in the developing countries may subside the effects of the restraints. In addition, a rise in importance of aircraft safety has increased the demand for aircraft sensors, thereby enhancing the growth prospects of the global aircraft sensors market.
Inflight Technology to Create New Avenues for the Market
Honeywell's inflight technology facilitates the activation of flight sensors by allowing the use of WiFi. Its JetWave hardware connects aircraft to Inmarsat's GX Aviation service which enables a reliable and fast inflight internet solution. This is one of the major developments occurring in the global aircraft sensors market and is expected to present new opportunities for its growth.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Aircraft Sensors Market (Product - Turbofan, Turboprop, and Turboshaft; Application - Commercial, Military, and General) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2022."
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