The Aircraft Interface Device market is projected to reach US$ 354. 10 million by 2028 from US$ 174. 06 million in 2021; it is expected to grow at a CAGR of 11. 5% from 2022 to 2028. There has been significant growth in the commercial aviation industry in the past decade.
New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Interface Device Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Platform, Connectivity, Fit Type, and Aircraft Type" - https://www.reportlinker.com/p06289879/?utm_source=GNW
The airlines in the developed and developing nations are ordering a high number of aircraft to meet the constantly rising air travel demand.
Owing to the continuously growing disposable income among the global population, the need for air travel is also increasing rapidly.Commercial air traffic is anticipated to maintain a constant growth rate, despite various challenges, such as rising aviation fuel costs and technical faults causing accidents.
These factors are propelling the growth of the aircraft interface device market.
As per the International Air Transport Association (IATA), the global commercial aviation passenger count in 2020 accounted for 1.8 billion, which is expected to rise to 7.8 billion by 2036. According to Boeing’s commercial market output report, Asia Pacific is anticipated to be the highest revenue-generating region, with a contribution of 33% to the global passenger count in 2019, and it is expected to contribute up to 41% by 2040. Additionally, the aviation industry is adopting advanced information technologies, which are anticipated to transform the decision-making capability of the industry and make the new implementations faster than before. The aircraft interface devices analysis through the European Federation of Biotechnology (EFB) uses thousands of distinct software algorithms to process radar data and raw flight plans from the ATC air traffic control system (ATC). Pertaining to these benefits, the aircraft interface device market is growing due to increase awareness related to the same.
The transition toward machine learning and increasing use of artificial intelligence to leverage big data is expected to provide the aircraft interface devices with technology to enhance their predictive analysis capabilities.Through these capabilities, the manufacturers are improving the usability of the cockpit EFB and replacing paper charts with computer screens and tablets in the cockpits.
The demand for advanced technology drives the airline industry and demands more integration of such techniques to get a smarter cockpit.The smarter cockpit helps provide better communication with ground support staff, including maintenance and dispatcher’s personnel, for making better decisions associated with flight performance and weather avoidance for efficient operations and better fuel efficiency.
These factors are further contributing to the growth of the aircraft interface device market.
COVID-19 Impact on Aircraft Interface Device Market
North America is among the worst-hit regions by the COVID-19 pandemic.There has been a disruption in the supply chains of many industries due to restrictions on logistics operations and the closing of manufacturing facilities.
The outbreak in the region hampered the performance of the aircraft interface device market.North America has outperformed the rest of the world from 2012 to 2019, with its airlines making a total profit of US$ 44 billion.
However, the pandemic did not spare the aviation sector in the country, as it bore a financial loss of US$ 63 billion in 2020.The North American aviation industry, especially the US, was already experiencing severe challenges caused by the B737 Max issue, which has been exacerbated by the massive emergence of COVID-19.
The coupled outcome of both the issues is a demand drop, supply disruptions, financial stress, and labor impairment. This, in turn, negatively impacted the North America aircraft interface device market.
With over ~20,000 flights a day and ~600 million passengers flying every year, Europe accredits with having the world’s busiest airspace.The robust Europe economy and rise in demand for air traffic in the region are significant factors that primarily drive the need for aircraft interface devices.
The demand for new modern aircraft in the commercial and military aircraft module is driving the aircraft interface device market in the region.The economic stability in the region is helping the airliners and the defense forces procure more aircraft to meet the demand for air travel and strengthen military forces.
Similarly, the military sector also increased its military aircraft procurement over the years. The trend is expected to continue over the years, which would bolster the aircraft interface device market.
According to data published by IATA, European airlines carried ~389.9 million passengers in 2020. Such factors influence the rise in the manufacturing of aircraft and aircraft components. For instance, Germany announced plans to buy six Lockheed Martin C-130J Hercules aircraft in 2018. Germany and France are also seeking to construct a joint manufacturing plant for C 130J Hercules aircraft to provide additional power to their air forces, keeping the costs within limits. These investments are contributing to the growth of the aircraft interface device market. Similarly, new facilities for aircraft development are being built by manufacturers across the region. For instance, in May 2020, Boeing opened its first European manufacturing site in the UK. All these factors are contributing to the Europe aircraft interface device market growth.
The key players operating in the global aircraft interface device market profiled in this market study include Thales Group; Honeywell International, Inc.; AMETEK; Boeing; and Collins Aerospace.
The overall aircraft interface device market size has been derived using both primary and secondary sources.To begin the market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the aircraft interface device market.
The process also serves the purpose of obtaining an overview and forecast of the aircraft interface device market size with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic.
The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the aircraft interface device market.
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