Press release
Connected Aircraft Market Trends, Industry Analysis, Opportunities, Size, Competitive Analysis And Forecasts To 2023
Connected Aircraft Market is expected to reach USD 9,671.7 Million by 2024 at a CAGR of 16.40% during the forecast period.
Modern aircraft are integrated with data-centric architecture to capture real-time information from take-off to landing, which assists in improving the safety and efficiency of the aircraft. Data sharing with other aircraft and ground-based operational teams also help improve efficiency and ensure safety during emergencies. The high demand for onboard infotainment services and live telecast of news and sports events for entertainment purposes is expected to bolster the growth of the global connected aircraft market.
Segmental Analysis
The global connected aircraft market has also been segmented by type, aircraft type, connectivity, application, frequency band, and region.
Based on type, the market has been divided into systems and solutions. The solutions segment dominated the market with a valuation of USD 2,649.6 million in 2018 and is expected to reach USD 6,479.1 million by 2024. The systems segment is projected to exhibit a higher CAGR of 17.09% during the forecast period.
On the basis of aircraft type, the global connected aircraft market has been classified as fixed-wing and rotary-wing. The fixed-wing segment was larger, valued at USD 523.3 million in 2018; it is projected to reach USD 6,302.1 million by 2024. The rotary-wing segment is expected to register a higher CAGR of 17.57% during the forecast period.
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By connectivity, the market has been categorized as in-flight, air-to-ground, and aircraft-to-aircraft. The air-to-ground segment dominated the market with a valuation of USD 2,212.2 million in 2018 and is expected to reach USD 5,240.1 million by 2024. The in-flight segment is projected to be the fastest-growing at a CAGR of 17.86% during the forecast period.
Based on the frequency band, the market has been divided into Ka-Band, Ku-Band, and L-Band. The Ku-band segment was the largest at USD 2,461.0 million in 2018; it is projected to reach USD 6,324.3 million by 2024. The segment is also expected to register the highest CAGR of 17.04% during the forecast period.
Regional Analysis
The geographic analysis of the global connected aircraft market includes North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America was the largest market, with a valuation of USD 1,725.7 million in 2018. The US and Canada are the country-level markets in North America. The regional market value is expected to reach USD 4,079.5 million by 2024 at a 15.42% CAGR during the forecast period. This growth can be attributed to large-scale investments by airport authorities and airline operators in infrastructure development and expanding aircraft fleet, which are expected to foster the regional market growth. Moreover, the growing adoption of technology by various companies operating in the aerospace industry for improving operational efficiency and offering enhanced services to customers are expected to propel the connected aircraft market growth in North America.
Europe accounted for the second-largest market share in 2018. The European market includes the UK, Germany, France, Italy, and the rest of Europe. The presence of prominent aircraft OEMs, such as Airbus SAS, is driving the growth of the European market. The European connected aircraft market is growing at a steady pace with the increase in the number of new aircraft deliveries. In addition, in-flight connectivity service providers have been investing heavily in R&D to create enhanced network solutions. The European connected aircraft market is expected to reach USD 2,729.4 million by 2024 at a CAGR of 16.33% during the forecast period.
Asia-Pacific was the third-largest market in 2018. The market includes China, India, Japan, South-East Asia, and the rest of Asia-Pacific. The regional market was valued at USD 555.7 million in 2018 and is expected to reach USD 1,638.4 million by 2024 at the highest CAGR of 19.75% during the forecast period. In Asia-Pacific, market growth is significantly driven by the increasing number of airlines operating on international routes, which is expected to create lucrative opportunities for market players during the review period. Furthermore, the growing air passenger traffic in emerging economies, such as China and India, is propelling the growth of the global connected aircraft market in Asia-Pacific.
The connected aircraft market in the Middle East & Africa is expected to reach a valuation of USD 924.6 million by 2024 at a CAGR of 16.48% during the review period. The market includes Saudi Arabia, the UAE, and the rest of the Middle East & Africa. As the Middle East is located at the crossroads of Asia, Africa, and Europe, local airlines led by The Emirates Group, Qatar Airways, and Etihad Airlines are well-positioned to compete for the global air traffic. Due to the rapid increase in the number of aircraft in the region, it is expected that there would be a significant and simultaneous impact on market growth.
The connected aircraft market in Latin America is expected to reach a valuation of USD 299.8 million by 2024 at a CAGR of 13.85% during the review period. The increase in air passenger traffic in countries such as Colombia and Brazil is propelling the regional market growth.
Competitive Analysis
The key players in the global connected aircraft market are Airbus SAS (France), BAE Systems PLC (UK), Cobham PLC (UK), Gogo Inc. (US), Honeywell International Inc. (US), Inmarsat PLC (UK), Panasonic Avionics Corporation (US), S&T AG (Austria), SITA (Switzerland), Thales Group (France), Apple Aviation (UK), Global Eagle Entertainment Inc. (US), IBM Corporation (US), and Viasat Inc. (US)
Key Developments
In February 2018, Thales Group signed a contract with Garuda Indonesia to equip the airline’s 14 A330neo aircraft with the AVANT IFE system.
In November 2017, Thales Group signed a contract with The Emirates Group to equip its Boeing 777X fleet with next-generation broadband in-flight connectivity using the Inmarsat GX global network, starting in 2020.
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