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Aircraft Communication System Market 2024 Strong Industry Trends | L3 Technologies, Honeywell Aerospace, UTC Aerospace Systems, Viasat, General Dynamics, Northrop Grumman, Harris Corporation, Lockheed Martin, Raytheon, Thales

01-16-2019 11:24 AM CET | Media & Telecommunications

Press release from: Aerospace Industry

Aircraft Communication System Market

Aircraft Communication System Market

Market Overview:-

Aircraft Communication System Market is estimated to exhibit over 6% CAGR with USD 1.3 billion by 2024.

SATCOM will dominate the aircraft communication system market, capturing over 35% of the volume share over the next eight years owing to provision of benefits such as efficiency in air traffic management and superior communication. Moreover, its extensive usage in military aircrafts will strengthen the product penetration due to their increasing orders. This high demand of military aircrafts due to rising defense budgets across the globe will further support the aircraft communication system market growth. HF communication systems will exhibit at over 7.5% CAGR from 2017 to 2024 owing to regular innovations in the product coupled with provision of efficient communication over long distance routes.

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Military aircrafts will account for maximum aircraft communication system market share accounting for over 64,000 units till 2024 owing to rising implementation of SATCOM and other advanced technologies in these aircrafts. Increasing demand for fighter jets with multi-functional capabilities such as ground and air attack systems will further support its dominance. Commercial aircrafts will pose more than 3.5% CAGR owing to growing aviation sector across the globe. Rising air passenger traffic has resulted in increased demand for these communication systems, ensuring passenger safety, further impacting the aircraft communication system market positively.

Top Key Players:-

The key players of global Aircraft Communication System Market are Harris Corporation, Lockheed Martin, Raytheon, L3 Technologies, Cobham Plc, Thales, Honeywell Aerospace, UTC Aerospace Systems, Viasat Inc., General Dynamics, and Northrop Grumman Corporation.

Regional Segmentations:-

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.

Aircraft Communication System Market by Product

SATCOM
HF
VHF
UHF
Data Link Communication

Aircraft Communication System Market by Component

Antenna
Transponder
Receiver
Transmitter
Transceiver
Display & Processor

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OEMs will account for over 90% of the revenue share in the aircraft communication system market owing to high deployment of these systems for safety, maintenance and air traffic control. Moreover, competitors are entering into long-term supply agreements with OEMs, further providing stable growth prospects. Shifting trend towards replacement of components including transceivers, transmitters, etc. will primarily drive the growth of aftermarket segment. Frequent enhancements in these communication systems is another factor responsible for the substantial aircraft communication system market growth over the coming years.

Transponders will account for more than USD 640 million in the aircraft communication system market by the end of 2024. High revenue generation can be attributed to provision of precise information about the aircraft such as aircraft identification and barometric altitude. Moreover, advantages such as maintaining proper communication with on-ground ATC systems has led to its wide implementation in military and commercial aircrafts.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com

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