The airplane mach meter market size was USD 50.10 million in 2020. The market is projected to grow from USD 55.44 million in 2021 to USD 87.83 million in 2028 at a CAGR of 6.8% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™ in its report titled, “Airplane Mach Meter Market, 2021-2028.” Factors, such as the ability to minimize errors during critical flights and reduce operation costs, will boost the market growth during the forecast period. Additionally, the rising adoption of integrated flight displays will increase the footprint of the market.
Decreased Air Traffic & Cancelling of Projects to Affect Market Negatively
The COVID-19 pandemic wreaked havoc on the global economy, including the airplane mach meter industry. The aviation industry witnessed an exponential decrease in air traffic due to imposed lockdowns and sudden restriction of movement on the general population. This led to several airlines shutting down and others canceling their existing commitments regarding projects and orders. The pandemic also forced the shutting of new business plans, further decreasing the value of the market.
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Type, Application, are Region are Studied
Based on type, the market is divided into analog mach meter and digital mach meter.
By application, the market is broken down into commercial aircraft, general aviation, business jets, and military aircraft.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, and the rest of the world.
The report presents a detailed study of the market by presenting crucial aspects such as leading companies, product types, and leading product applications. Additionally, the report encompasses the ongoing market trends and highlights the key industry developments. The report also encompasses various factors that are expected to affect the market in a positive/negative manner.
Drivers & Restraints
Rising Demand for Modern Generation Aircraft to Augment Market Growth
Factors, such as increasing demand for modern aircraft and rising technological, advancements will boost the airplane mach meter market growth during the forecast period. Additionally, rising activities, such as fleet expansions and surge in order for commercial aircraft, will increase the footprint of the market during the forecast period. Also, rising expenditure on military aircraft by emerging economies will fuel the growth of the market.
However, the high development cost is expected to limit the growth of the market during the forecast period. Also, a higher maintenance cost will further hinder the growth of the market.
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North America to Dominate due to the Presence of Dominant Players
North America is expected to witness the largest airplane mach meter market share during the forecast period due to the increasing defense budget of the U.S. and the presence of major airlines in the region. Also, the expanding the existing fleet will further fuel the growth of the market.
Asia Pacific will hold a considerable market share in terms of global contribution, owing to an increasing number of manufacturers setting up shop and rapidly transforming the aircraft sector in emerging economies such as China and Japan.
Europe will depict a sizeable share due to the presence of significant OEMs and rising investment in R&D activities.
Product Development & Collaborations to Bolster Market Growth
The sector for airplane mach meter is occupied by a large number of players looking to maintain a competitive edge; however, a select few have a significant hold over the lion share. These players rely on introducing novel products to stay a curve ahead of their competition. Some players are also focused on expanding their current fleet with the latest generation of products. For example, United Airlines announced that it placed a 720-plane order of Boeing 737 Max and Airbus A320s for replacing its older fleet. Also, some players rely on employing strategic measures, such as mergers & acquisitions and collaborations, to occupy a considerable market share.
- October 2021: The FAA plans to issue a Special Airworthiness Information Bulletin along with an Airworthiness Directive regarding the 5G rollout across 46 major metropolitan regions in the U.S.
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List of Key Players Present in the Market
- Mid-Continent Instruments and Avionics (U.S.)
- Aversan Inc. (U.S.)
- Kollsman Inc. (U.S.)
- Astek Corporation (U.S.)
- Honeywell International Inc. (U.S.)
- Aerosonic Corporation (U.S)
- Innovative Solution & Support (U.S.)
- Fore Land Aviation (South Africa)
- Mikrotechna Praha (Czech Republic)
- LX Navigation (Slovenia)
- Thomas Global (Australia)
- Suzhou Changfeng Instruments (China)
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