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.
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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.
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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 t