Aircraft Sensors Market : Strategies of Major Companies, and New Trends by 2031
According to a new report published by Allied Market Research, titled, “Aircraft Sensors Market," The aircraft sensors market was valued at $4 billion in 2021, and is estimated to reach $9.7 billion by 2031, growing at a CAGR of 9.1% from 2022 to 2031.
The concept of aircraft sensors is typically attributed to serving the purpose of controlling, monitoring, and navigating aircraft. Also, it plays a critical role in providing accurate data for safe and effective flight time, as well as the take-off and landing of the aircraft. Feedback on a variety of flight situations, as well as the conditions of different flight instruments and systems, is necessary for safe and efficient flight control. These conditions are continuously monitored by various sensors that send data to the flight computer for processing before the pilot sees it. Currently, the aircraft industry is adopting wireless sensors, which have significant advantages in terms of sensor configuration flexibility, design optimization, and weight optimization. Also, the main factor in using wireless sensors over wired sensors is their low weight. Thus, wireless sensors play a vital role in the advancement of the aviation industry, which is expected to create opportunities for the aircraft sensors market during the forecast period.
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In addition, the aircraft sensors market has witnessed significant growth in recent years, owing to the growth in the investments in the aerospace industry and the increasing integration of the internet of things (IoT) in airplanes to gain real-time statistics, which is raising the utilization & need for sensors to generate more accurate data. Furthermore, the companies operating in the aircraft sensors industry have adopted partnerships, investments, and product launches to increase their market share and expand their geographical presence. For instance, in January 2021, Honeywell announced receiving funding from the US Defense Advanced Research Projects Agency (DARPA) to create the next generation of inertial sensor technology that can be used in both commercial and defense navigation applications.
The factors such as the rise in demand for expansion of aircraft fleet across the globe, increased usage of sensors for data sensing and measurement, and increasing demand for UAVs supplement the growth of the aircraft sensors market. However, privacy and security concerns and regulations by safety agencies in the aviation industry are the factors expected to hamper the growth of the market. In addition, technological advancements in the aviation industry and adoption of wireless sensors create market opportunities for the key players operating in the aircraft sensors industry.
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COVID-19 Impact Analysis:
The decline in production and delivery by major aircraft manufacturers such as The Boeing Company and Airbus SAS until April 2020 has majorly impacted the overall growth of the market. The overall supply chain of the aircraft sensors hampered the production of the sensor units. The market is expected to recover by the year 2021. Moreover, COVID-19 has had an impact on numerous OEMs' operations, from R&D to manufacturing. Although industry participant’s experienced short-term disruption in delivery systems and roll-outs. In addition, the COVID-19 pandemic affected air passenger traffic globally in 2020, reducing flight activity and impacting airline cash flows. As a result, most airlines decided to cancel or defer their aircraft orders. The commercial aircraft OEMs trimmed their production rates as the pandemic decreased the demand for new jets. However, the commercial aviation industry recovered gradually in 2021, which led to a significant increase in aircraft deliveries compared to 2020. Airbus and Boeing together delivered 951 aircraft in 2021 compared to 723 aircraft in 2020.
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KEY FINDINGS OF THE STUDY
- By aircraft type, the others segment is projected to dominate the global aircraft sensors market in terms of growth rate.
- By application, the weapon systems segment is projected to dominate the global aircraft sensors market in terms of growth rate.
- By connectivity, the wireless sensors segment is projected to dominate the global aircraft sensors market in terms of growth rate.
- By end use, the OEM segment is projected to dominate the global aircraft sensors market in terms of growth rate.
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The leading players operating in the aircraft sensors market are Ametek, Inc., Auxitrol Weston, BAE Systems, Curtiss-Wright, Eaton, General Atomics, General Electric, Honeywell International Inc., Meggitt PLC, Raytheon Technologies Corporation, Safran, Schneider Electric, Smith Systems Incorporated, TE Connectivity, Thales Group, Thermocouple Technology, LLC, and Woodward, Inc.
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