According to a report published by Fortune Business Insights, titled “Aircraft Sensors Market Size, Share & Covid-19 Impact Analysis, By Platform (Fixed-Wing Aircraft, Rotary Blade Aircraft, and UAV), By Sensor Type (Temperature, Pressure, Force, Speed, Torque, and Others), By Application (Engine Turbine & APU, Flight Control & Actuation, Landing Gear & Brakes and others), By Connectivity (Wired Sensors and Wireless Sensors), By End Use (OEMs and Aftermarket) and Regional Forecast, 2020-2027,” The aircraft sensors market size projected to reach USD 2.57 billion by the end of 2027. The massive investments in technological integration will bode well for the growth of the market in the coming years. The presence of several large scale OEMs and sensor manufacturers will aid the growth of the market in the coming years.the market was worth USD 2.23 billion in 2019 and will exhibit a CAGR of 12.05% during the forecast period, 2020-2027.
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List of the Leading Companies Profiled in the Aircraft Sensors Market Research Report are:
- Honeywell International, Inc. (The U.S.)
- Ametek, Inc. (The U.S.)
- General Electric Company (The U.S.)
- Meggitt PLC (The U.K.)
- Safran S.A. (France)
- Woodward Inc. (The U.S.)
- Thales Group (France)
- Zodiac Aerospace (France)
- Curtiss-Wright Corporation (The U.S.)
- Schneider Electric SE (France)
- General Atomics Corporation (The U.S.)
- The Raytheon Company (The U.S.)
- TE Connectivity (Switzerland)
- Lockheed Martin Corporation (The U.S.)
Increasing Number of Company Mergers and Acquisitions Will Provide Impetus to Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on market growth. Accounting to the constantly rising demand for real-time and automated applications, tech-companies are emphasizing on the development of collaborative systems that will allow applications across diverse domains. The aerospace and defense sector holds a massive potential for companies in the aircraft sensor market. This is consequential to the favorable properties of sensors and their abilities to enhance aircraft activities. The variations in sensors have also proved beneficial of late; a factor that is attributable to the flexibility offered by various sensors in aircraft applications. Due to the rising demand and applications of aircraft sensors, there are several large companies operating in numerous countries across the world. Large scale businesses have the luxury to invest on innovations and experiments and these factors will ultimately yield attractive products. The healthy market competition will bode well for the growth of the overall aircraft sensors market in the foreseeable future.
North America to Emerge Dominant; Rising Aircraft Sensors Industry Will Aid Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is expected to emerge dominant in the coming years. The United States is a manufacturing capital of the aerospace industry due to the presence of several large scale companies in this region. The presence of numerous aircraft OEMs and sensor manufacturers will bode well for the growth of the regional market. As of 2019, the market in North America was worth USD 0.89 billion and this value is projected to increase at a considerable pace in the coming years.
The market in Asia Pacific is expected to rise at the highest CAGR driven by the rising air passenger traffic and the growing aviation industry. The rising demand for newer aircraft deliveries will present several growth opportunities for the companies operating in the aviation industry market share market. The market in Europe will rise at a considerable pace, deriving growth from high investments in UAV manufacturing and development.
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Covid-19 Pandemic to Slow Down Sensor Manufacturing
Aircraft sensors are widely used in the aerospace and defense industry. These sensors are mounted inside as well as on the body parts of the aircraft and it can detect environmental changes and disruptions that can affect the movement. They can also detect any obstructions that can cause irregular movement and subsequently help avoid accidents. The increasing investment in the technological integration in aircraft sensors will open up a huge potential for the growth of the overall market in the coming years. The presence of several large scale companies will emerge in favor of market growth. Variations in sensors and the incorporation of collaborative technologies will allow a wider application scope. The use of real-time data will contribute to the growth of the aircraft sensors market size in the foreseeable future.
Geographic Segment Covered in the Report:
• North America (USA and Canada)
• Europe (UK, Germany, France and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• Middle East and Africa (GCC and rest of the Middle East and Africa)
Key questions answered in the report:
- What is the growth potential of the Aircraft Sensors market?
- Which product segment will take the lion’s share?
- Which regional market will emerge as a pioneer in the years to come?
- Which application segment will experience strong growth?
- What growth opportunities might arise in the Aircraft Sensors industry in the years to come?
- What are the most significant challenges that the Aircraft Sensors market could face in the future?
- Who are the leading companies on the Aircraft Sensors market?
- What are the main trends that are positively impacting the growth of the market?
- What growth strategies are the players considering to stay in the Aircraft Sensors market?
February 2019: Thales Group announced that it has received a contract from France’s Defense Ministry. The contract is said to be worth USD 2.3 billion and will be aimed at development of onboard radio frequency (RF) & electro-optical sensors and communication systems for 28 Rafale F-4 multirole jet fighter aircraft forecast market share.
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