As per the market analysis by Zion Market Research Analysts, the global aircraft sensors market is estimated to expand from around USD 3.7 billion in 2019 to about USD 5.1 billion by 2025, at approx 4.51 % CAGR during the projected period.
Aircraft sensors are the integral part of the instrument system of the aircraft. These sensors help aircraft in measuring, fuel & oil quantity, position, temperature, flow, pressure, level, smoke detection, torque, proximity and accelerometers among other sensor. All these sensors add strength to an aircraft.
Aircraft sensors market is projected to rise in the upcoming years. The market is expected to increase owing to the immense benefits it offers to the pilot. Rising production of commercial aircrafts, entry of new players in the market, upgrading aircrafts fleet sizes, enhancing electronic components for the next gen aircraft with increased passenger safety and enhanced fuel efficiency are considered to be some of the major growth factors for aircraft sensors market. The sensors fitted in the aircraft identify numerous abnormal variations and alert the pilot for the same. For instance, after two fatal crashes of boing flagship aircraft, boing 737 Max, the flight has been grounded since March; all these issues will contribute to the growth of the market in the long run.
The rising demand for new aircraft and advancements in MEMS technology and regulations by aviation safety agencies has greatly impacted the market for aircraft sensors. Moreover, the rising demand for UAV’s will positively impact the aviation industry, as the incidents of fatal crashes reduces. Moreover, the increasing investment of private equity firms for the development of aircraft sensors will likely promote growth. However, regulations by aviation safety agencies are expected to hinder market growth in the projected period.
The aircraft market is segmented into application, sensor type and platform. The platform segment is expected to will market growth for aircraft sensors in the predicted period. The platform segment is divided into fixed wing aircraft, UAVs and rotary wing aircraft. The fixed wing aircraft segment will hold a significant rate owing to the type of aircraft in the commercial aviation sector. Additionally, the rising demand for low-cost carriers is considered to be one of the factors driving market growth for aircraft sensors in the predicted period.
The aircraft sensors market is segmented into North America, Europe, Asia- Pacific, Latin America & Middle East and Africa. North America is accounted to have a significant share in the estimated period. Owing to the presence of technological advanced countries such as U.S and Canada along with the presence of major players of the market such as Bombardier, Boeing Lockheed Martin and Sikorsky Aircraft are expected to propel market growth in the estimated period.
The players are adopting numerous strategies, which includes new product developments, agreements and contracts to support their position in the aircraft sensors market. Noticeable players included in aircraft sensors market report are TE Connectivity Ltd., Honeywell International, Inc., General Electric Company , Ametek, Inc., Safran S.A., Meggitt PLC, Woodward Inc., Zodiac Aerospace and Thales Group among others.
The report segment of global aircraft sensors market as follows:
Global Aircraft Sensors Market: Application Segment Analysis
Global Aircraft Sensors Market: Sensor Type Segment Analysis
Global Aircraft Sensors Market: Platform Segment Analysis
Global Aircraft Sensors Market: Regional Segment Analysis