Aircraft Communication System Market Key Industry Vendors L3 Technologies, Harris Corporation, Thales, Lockheed Martin, Northrop Grumman, Raytheon, UTC Aerospace Systems
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Industry Growth drivers:
1 Expansion in North American defense industry along with rising demand for advanced fighter jets
2 Rapid adoption of advanced aircraft communication technologies in Europe
3 Rising number of aircraft deliveries in Asia Pacific
4 Sound growth potential for aviation industry
5 Rising demand for business jets along with growth in tourism industry in MEA
SATCOM is projected to dominate the aircraft communication system market share with over 35% over the forecast time span owing to benefits offered such as superior communication and efficient air traffic management. Moreover, high usage in military aircrafts will improve the product penetration due to rising orders. HF communication systems will pose a CAGR of 7.5% between 2017 and 2024 owing to continuous product innovations.
North America is forecasted to hold more than 35% of the aircraft communication system market revenue share by 2024 owing to presence of established industry participants. Increasing defense expenditure is further contributing in the regional dominance. Asia Pacific is predicted to exhibit approximately 6% CAGR during the study period. Rising airplane deliveries has resulted in high product demand, supporting the regional growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
2. General Dynamics
3. Harris Corporation
4. Honeywell Aerospace
5. Iridium Communications Inc.
6. L3 Technologies, Inc.
7. Lockheed Martin
8. Northrop Grumman Corporation
10. Rockwell Collins, Inc.
11. Rohde & Schwarz Gmbh & Co. Kg
13. UTC Aerospace Systems
14. Viasat Inc.
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Transponders in the aircraft communication system market is expected to cross USD 640 million over the forecast time span. This revenue generation can be credited to provision of accurate information of the air fleets including barometric altitude and identification. Additionally, benefits such as maintaining communication with on-ground ATC units has resulted in wide usage in commercial and military planes.
Military aircrafts are predicted to hold highest industry volume share with more than 64,000 units by 2024. This can be attributed to rising installation of SATCOM and other enhanced technologies in these air fleets. Rising demand for fighter planes combined with multi-functional capabilities will uphold its dominance. Commercial aircrafts segment will pose a CAGR 3.5% due to enhancement in aviation sector across the globe. Increasing air passenger traffic is further supporting the aircraft communication system market from 2017 to 2024.
OEM segment is estimated to account for around 90% of the aircraft communication system market revenue share by 2024. This can be credited to installation for improving air traffic control, maintenance, and safety. Replacing components such as transmitters, transceivers, etc. is driving the aftermarket sector over the study period.
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Major aircraft communication system market players are Harris Corporation, Lockheed Martin, Raytheon, L3 Technologies, Cobham Plc, and Thales. Other notable players are Honeywell Aerospace, UTC Aerospace Systems, Viasat Inc., General Dynamics, and Northrop Grumman Corporation. Industry players are implementing merger and acquisitions strategy to strengthen their regional foothold.
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