(2019-2024) - Aerospace Communication System Market | Honeywell Aerospace, L3 Technologies, General Dynamics, Northrop Grumman, Harris Corporation, Lockheed Martin, Raytheon, Thales, UTC Aerospace Systems
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Transponders will account for more than USD 640 million in the aerospace 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.
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. SATCOM will dominate the aerospace 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 aerospace communication system market growth.
Aerospace Communication System Market by Product
• Data Link Communication
Aerospace Communication System Market by Component
• Display & Processor
Aerospace Communication System Market by Aircraft
• Commercial aircraft
• Military aircraft
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North America aerospace communication system market is expected to hold over 35% of the revenue share over the forecast timeframe. This can be credited to the presence of established aerospace industry leaders along with rising deployment of advanced communication systems in prominent aircrafts across the region. Rising defense expenditure of the developed countries including U.S. will further contribute towards region’s dominance. Asia Pacific aerospace communication system market will grow rapidly, exhibiting a CAGR of over 6% over the coming years. Increasing aircraft deliveries has led to high demand for these systems, primarily supporting the regional growth.
Military aircrafts will account for maximum aerospace 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 aerospace communication system market positively.
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L3 Technologies, Harris Corporation, Thales, Cobham Plc, Lockheed Martin, and Raytheon are among the noticeable players. Other prominent participants in aerospace communication system market include Viasat Inc., General Dynamics, Honeywell Aerospace, Northrop Grumman Corporation, and UTC Aerospace Systems. Industry participants are adopting mergers and acquisitions as their prominent strategy to strengthen their foothold. For instance, in May 2014, Cobham completed the acquisition of a manufacturer of communication systems, Aeroflex to expand its product portfolio and enhance its visibility.
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