Global Aircraft Sensors Market - Segmented by Type (Pressure Sensors, Temperature Sensors, Speed Sensors), Connectivity (Wireless, Wired), Aircraft Type (Narrow-Body Aircraft, Helicopter,UAV), and Region - Growth, Trends, and Forecast (2018 - 2023)
The aircraft sensors market was valued at USD 3.3 billion in 2017 and is expected to reach a market value of USD 4.8 billion by 2023, registering a CAGR of 6.4% during the forecast period (2018-2023). The market report is segmented on the basis of type into pressure sensors, temperature sensors, speed sensors, proximity sensors, and gyro sensors. The report is also segmented by aircraft type into narrow-body aircraft, wide-body aircraft, very large aircraft, helicopter, military aircraft, and UAV. Sensors are necessary in an aircraft for real-time analysis during the flight and also to capture data.
Increasing Air Passenger Traffic is the Major Market Driver
According to IATA, 7.2 billion passengers are expected to travel in 2035, which is a near doubling of the estimated 3.8 billion air travelers in 2016. This increase in the number of passengers is expected to result in the increase in the fleet size of companies. Thereby, leading to the growth in the aircraft sensors market. The relaxation of regulations will motivate more customers to use airplanes as a means of transport. The United States has the highest number of passengers, however, China is expected to overtake the US in the number of passengers by 2025.
Narrow-body Type Aircraft Expected to Dominate the Market
The rise in disposable incomes and the increased purchasing power of customers has increased air travel. To meet this exponential rise in demand, the aviation companies are bringing in more regional aircrafts and this, in turn, will increase the need for narrow-body aircraft engines. Moreover, these manufacturers also procure new engines for replacing the old engines. With the rise in the demand, the narrow-body aircraft engine manufacturers are developing faster delivery processes. This will lead to an increase in the number of narrow-body type aircraft which, in turn, is expected to increase the market share of sensors used in the narrow-body segment.
North America Expected to Have Largest Market Share
North America is the manufacturing capital of the aerospace & defense industry with the presence of several large-sized to small-sized aircraft OEMs, engine OEMs, tier players, sensor manufacturers, distributors, and raw material suppliers. Major aircraft manufacturers, like Boeing (US), Bombardier (Canada), Lockheed Martin (US), Bell Helicopter (US), and Sikorsky Aircraft (US), are based in this region and they generate a huge demand for aircraft sensors. All of these companies have backlogs in aircraft productions and this is expected to keep a constant demand for sensors in the forecast period.
Key Developments in the market