Increasing advancements in microelectromechanical systems (MEMS) technology one of the most significant factors driving the aircraft sensors market.
The aircraft sensors market is projected to grow from USD 3.5 billion in 2020 to USD 4.4 billion by 2025, at a CAGR of 4.8% from 2020 to 2025. This growth can be attributed to factors, such as an increase in demand for aircraft, increased investments in aircraft sensors industry by private equity groups, and advancements in aircraft sensors technologies, among others. However, regulations by aviation safety agencies pertaining to aircraft sensors are anticipated to restrain the growth of this market.
COVID-19 pandemic has led to major economic problems and challenges that aviation industry has to face.Since the beginning of the outbreak, the civil aviation industry has been among the most severely hit sectors globally.
Also, legal and trade restrictions, such as sealed borders, increase the shortage of required parts. Such disruption in the supply chain is expected to affect the assembly of OEMs across the world.
The fixed-wing aircraft segment is estimated to account for the largest share of the aircraft sensors market in 2020. By platform, the fixed-wing aircraft segment is estimated to account for the largest share of the aircraft sensors market in 2020.The growth of the fixed-wing aircraft segment can be attributed to the increased use of these type of aircraft in the commercial aviation sector.
Furthermore, the increase in demand for low-cost carriers is one of the factors driving the demand for narrow-body aircraft, globally.According to Boeing’s Current Market Outlook 2019, single-aisle airplanes command the largest share of new deliveries at more than 70%, with airlines needing more than 32,400 in the next 20 years.
This growth can be attributed to the increase in demand for aircraft and a rise in the adoption rate of aircraft sensors in these aircraft.
The wireless sensors segment to witness the highest growth in the aircraft sensors market from 2020 to 2025. The wireless sensors segment is expected to grow significantly in the future due to the advantages it offers over wired sensors. In addition, increased deployment of structural health monitoring systems in aircraft, which use IoT technologies, is also expected to drive the growth of the wireless sensors segment during the forecast period.
North America is estimated to account for the largest share of the aircraft sensors market in 2020. North America is estimated to account for the largest share of the aircraft sensors market in 2020, whereas, the aircraft sensors market in Asia Pacific is projected to grow at the highest CAGR during the forecast period.Major aircraft manufacturers, such as Boeing (US), Bombardier (Canada), Lockheed Martin (US), Bell Helicopter (US), and Sikorsky Aircraft (US), among others, are based in this region, and they witness huge demand for aircraft sensors.
North America is also estimated to lead the aircraft sensors market during the forecast period, in terms of market share.The Asia Pacific aircraft sensors market is projected to grow at the highest CAGR during the forecast period, owing to the presence of emerging aircraft manufacturers, such as COMAC (China) and Mitsubishi Aircraft Corporation (Japan), among others.
Furthermore, economic growth of countries in the region, increased air travel, rise in air passenger traffic, and increased need for new aircraft are few other reasons for the growth of the aircraft sensors market in this region.
The break-up of the profile of primary participants in the aircraft sensors market: • By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20% • By Designation: C Level – 35%, Director Level – 25%, and Others – 40% • By Region: North America – 45%, Europe – 20%, Asia-Pacific – 30%, and RoW – 5%
Major companies profiled in the report include Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), AMETEK, Inc. (US), General Electric Company (US), Curtiss-Wright Corporation (US), Safran Electronic & Defense (France), Esterline Technologies Corporation (US), and Thales Group (France), among others.
Research Coverage: This research report categorizes the aircraft sensors market on the basis of platform (fixed-wing aircraft, rotary-wing aircraft, UAV), sensor type (pressure sensors, temperature sensors, force sensors, torque sensors, speed sensors, position & displacement sensors, level sensors, proximity sensors, flow sensors, accelerometers, gyroscopes, pitot probes, radar sensors, Angle-of-Attack (AoA) sensors, altimeter sensors, smoke detection sensors, GPS sensors, others), application (engines, doors & slides; cabin & cargo environmental controls; flight decks & flight controls; landing gears, wheels & brakes; fuel, hydraulic & pneumatic systems), and connectivity (wired, wireless). These segments and subsegments were mapped across major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW).
Reasons to Buy this Report: This report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall aircraft sensors market and its subsegments.The report covers the entire ecosystem of the aircraft sensors in the aviation industry and will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, challenges, and opportunities.
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