Aircraft Sensors market is projected to grow at a CAGR of 4.38% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Aircraft Sensors 2022-2032. It includes profiles of Aircraft Sensors and Forecasts Market Segment by Sensor Type (Pressure Sensors, Flow Sensors, Temperature Sensors, Position Sensors, Force Sensors, Speed Sensors, Level Sensors, Optical Sensors, Motion Sensors, Smoke Detection Sensors, Others), Market Segment by Application (Cabin, Gallery, and Cargo, Cockpit Controls, Flight Controls And Actuation, Engine, Turbine, And APU, And Landing Gear And Brakes), Market Segment by Aircraft Type (Fixed Wing, Rotary Wing, UAVs), Market Segment by End-use (OEMs, Aftermarket), plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The aircraft sensors market was valued at US$ 2,718.0 million in 2023 and is projected to grow at a CAGR of 4.38% during the forecast period 2023-2033.
Technological advancement to positively impact market
Technological advancements in the sensor industry is anticipated to strongly contribute to the growth of the aircraft sensors market. The strong forecast for deliveries and repair & maintenance activities on ageing aircrafts over the coming years is also anticipated to augment the demand for sensors in the aviation sector. Apart from these factors, the increasing military and defence budgets is anticipated to augment the demand for jets, UAVs, and rotary-wing aircraft. IoT sensor technology is increasingly being adopted in the aviation industry to continuously monitor inflight aircraft to develop more effective predictive and preventive maintenance. This leads to fewer aircraft failures and downtime and more reliable and efficient operations. Airbus’ resilient, standardised wireless sensor network is helping clients reduce cabling and increase the number of sensors to be deployed on the aircraft providing an opportunity for the aircraft sensor market growth. Wireless sensors are increasingly being developed for fixed-wing aircraft and helicopters to facilitate effective preventive maintenance.
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How has COVID-19 had a Significant Negative Impact on the Aircraft Sensors Market?
The onset of the COVID-19 pandemic brought about significant supply chain challenges and a shortage of labour. The price of raw materials such as nickel, titanium, and other metals in sensor production increased owing to an increase in labour and freight costs for material transportation. Additionally, the operating results of manufacturers were affected in 2020 due to a reduction in the global demand for commercial air travel due to regional restrictions and airport closures to maintain passenger and crew safety, resulting in lower demand for new aircraft impacting aircraft production and the integration of sensors.
How will this Report Benefit you?
Visiongain’s 320-page report provides 125 tables and 190 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the aircraft sensors market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Aircraft Sensors. Get financial analysis of the overall market and different segments including type, process, upstream, downstream, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing aircraft sensors market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Growing Tourism Industry to Indirectly contribute to market growth
The expanding tourism industry is expected to provide a boost to the adoption of aircraft sensors strengthening the market growth. Commercial aircraft are widely used for inter-continent travel. According to the United States World Tourism Organization's (UNWTO) Tourism Recovery Tracker, there is a strong demand for air travel post-pandemic, with air seat capacity on international routes reaching 62% of 2019 levels in January-August 2022. The growing trend of long-haul travel, cultural tourism, medical tourism, sports and adventure holidays, and ecotourism among others is boosting demand for aircraft. Medical tourism is also on a rise in recent years with a large number of people traveling from a developed to a less developed country on account of the low cost of treatments in the developing country.
Increasing Defence Spending on Military Aircraft
Owing to rising security threats governments across the globe are investing in sophisticated fighter jets to safeguard their citizens and to replace their aging aircraft. For instance, in March 2022 Germany announced the purchase of 35 U.S. F-35 fighter jets to replace its aging Tornado. In July 2022, the U.S. Department of Defense reached a handshake agreement with Lockheed Martin Corp to develop around 375 F-35 fighter jets over three years. Sensors are crucial during combat to help the pilot to make crucial decisions on time. Sensors such as electro-optical and infrared systems housed under a plane’s wing, record video in visible and infrared light and furnishes it on cockpit displays providing real-time situational awareness and helping the pilots to locate, fix and destroy enemy targets. Therefore increasing spending on military and defence activities is expected to augment market growth
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Where are the Market Opportunities?
Advancement of Aircraft Sensors to Optimise Aircraft Performance
IoT sensor technology is increasingly being adopted in the aviation industry to continuously monitor inflight aircraft to develop more effective predictive and preventive maintenance. This leads to fewer aircraft failures and downtime and more reliable and efficient operations. Airbus’ resilient, standardised wireless sensor network is helping clients reduce cabling and increase the number of sensors to be deployed on the aircraft providing an opportunity for the aircraft sensor market growth. Wireless sensors are increasingly being developed for fixed-wing aircraft and helicopters to facilitate effective preventive maintenance. These sensors are anticipated to help operators improve aircraft control, lower maintenance costs, reduce fuel consumption and enhance passenger comfort. Wireless sensor nodes can be powered using thermoelectric generators removing the need to charge batteries periodically or replace them.
The major players operating in the aircraft sensors market are Ametek Inc., Curtiss-Wright Corporation, Eaton Corporation plc, General Atomics, General Electric Company, Honeywell International Inc., Hydra-Electric Company, L3 Harris Technologies, Inc., Meggitt PLC, Safran SA, TE Connectivity Ltd., Thales Group, The Raytheon Company, United Electric Controls (UE), and Woodward, Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
On 1st November 2022, AMETEK, Inc. announced the acquisition of Navitar, Inc. and RTDS Technologies Inc. combined for approximately US$ 430 million. New York-based Navitar is a provider of advanced optical components and solutions including fully integrated optical imaging systems, cameras, components, and software. RTDS is headquartered in Canada and provides real-time power simulation systems.
On 18th October 2022, Meggitt PLC launched iPRESS, a long-range wireless tire pressure gauge for aviation. The product is anticipated to be made available in a range of Cessna and Beechcraft products produced by Textron Aviation. The product delivers an enhanced user experience while verifying inflation pressure by using Meggitt’s breakthrough Wireless Tire Pressure Sensor (WTPS), and a tire pressure status feature integrated into the Textron Aviation Service application.
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