Global Aircraft Sensors Market: Snapshot
The global aircraft sensors market is foretold to increase its growth in the near future on account of the elevating prominence of wireless sensors. Aircraft manufacturers could engage wireless sensors due to their contribution in the reduction of installation and maintenance expenses of aircrafts. Moreover, such types of sensors could hold the capability to minimize the complexity of an aircraft’s subsystems design. The demand for wireless sensors in the market could be amplified with the augmented deployment of structural health monitoring system, which employs internet of things (IoT) technologies, in aircrafts.
Expected to rise at a CAGR of 6.4% during the forecast timeframe 2017–2022, the global aircraft sensors market is foreseen to be valued at a US$2.5 bn by 2022 after advancing from a valuation of US$1.8 bn attained in 2017.
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Commercial Wins Race against Other Applications with Greater Revenue Earnings
The world aircraft sensors market is classified into turbofan, turboprop, and turboshaft, according to product segmentation. On the basis of application, the market could see a segregation into three vital segments, viz. commercial, military, and general. Out of these markets for aircraft sensors, commercial is prognosticated to garner a telling share of 51.9% in the market by 2022. By the end of the final forecast year, the commercial market could rake in a US$1.2 bn.
All of the product and application segments of the world aircraft sensors market are studied by the analysts in terms of Y-o-Y growth, market share, and revenue comparisons for the 10-year review period 2012–2022. This evaluation of the market based on the segmentation study could prove to be crucial for companies looking to advance in the market. Players could be able to foresee the potential growth of critical segments and accordingly manage their lead in the market.
North America Listed among Most Attractive Regions while Reaping Larger Share
If the regional segmentation of the international aircraft sensors market is concerned, the authors of the report envisage the dominance of North America until the end of 2022. This region could also be one of the most lucrative markets for aircraft sensors as it expands at an expected CAGR of 7.0%. In 2017, it already secured a US$0.8 bn and is envisioned to grow extensively well in the coming years.
Rising at a CAGR of 6.2% over the course of the forecast period, Europe could be another attractive region of the international aircraft sensors market. Not to forget, the Middle East and Africa (MEA) is prophesied to showcase its presence in the market while bagging in a US$0.3 bn by 2022 end. Asia Pacific except Japan (APEJ) and Japan, however, could expand at a slower pace in the market. The revenue of each of these regions is meticulously compared by application and product in the report.
Some of the important players functioning in the worldwide aircraft sensors market could be UTC Aerospace Systems, TE Connectivity Ltd., Honeywell International, Inc., Zodiac Aerospace SA, AMETEK, Inc., Schneider Electric SE, General Atomics Corporation, Safran SA, Meggitt plc, and Curtiss-Wright Corporation.
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Increased Production of Aircrafts to Boost Aircraft Sensors Market
There are different forms of sensors used in an aircraft and these are considered crucial for security and safety and hassle-free operations of an aircraft. Modern aircraft integrates different sensors for the purpose of determination of operational parameters, both in terms of monitoring the health of the engine and performance of electronic control. A case in point is use of sensors in engines, such as space and propulsion sensor, which is utilized for the purpose of important measurement of engine and flight control system. Growing prominence of these sensors is anticipated to widen scope of the global aircraft sensors market in the years to come.
Rise in the Number of Air Passengers to Shoot Up Demand in the Market
Aircraft sensors make an offering of cost-efficient, dependable, and efficient operation for commercial and military aircrafts. Manufacturers are constantly making an involvement of latest technologies of sensor with aircraft-wide measurements so as to better the safety and performance in the toughest conditions of flight. The expansion of the global aircraft sensors market is estimated to be driven developments made in the sensor technology. In addition, high adoption rate of wireless sensors for military and commercial purposes are further likely to support development of the global aircraft sensors market in the forthcoming years.
Rise in the number of aircraft production and deliveries are expected to open up new avenues of growth for the global aircraft sensors market for the forecast timeframe. Air travel has increased manifold over the last few years due to the presence of a large chunk of population with high disposable income and their inclination to travel via air. This factor is likely to drive demand for more aircrafts, which is estimated to propel growth of the global aircraft sensors market in the years to come.
The entire structure of aircrafts together with its engines is quite costly and hence safety and security of these aircraft components are of utmost importance. This factor is expected to open up growth opportunities for the global aircraft sensors market in the near future.