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Aircraft Sensors Market 2024 - Size, Trends, Growth Analysis, Outlook, Overview By 2033
Aircraft Sensors Market
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According to The Business Research Company's, The aircraft sensors market size has grown strongly in recent years. It will grow from $4.50 billion in 2023 to $4.87 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to miniaturization and enhanced functionality expanding sensor applications, mandated safety standards driving sensor integration, increased demand necessitates advanced sensor systems, sensors monitor emissions, optimize engine performance and defense sector innovations influence commercial sensor development.
The aircraft sensors market size is expected to see strong growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%. The growth in the forecast period can be attributed to the increasing use of autonomous aircraft requires advanced sensor suites for navigation and obstacle detection, AI and machine learning enhance sensor intelligence, enabling predictive maintenance and adaptive control, electric propulsion growth necessitates specialized sensors for monitoring powertrain components and battery health, demand for real-time structural and engine health monitoring drives sensor development and urban air mobility requires precise navigation and collision avoidance sensors for safe operations in densely populated areas. Major trends in the forecast period include increased precision and distance in data gathering, enhanced environmental monitoring and resource assessment capabilities, real-time data processing for improved operational efficiency, comprehensive insights from multiple sensor data, and enhanced protection of sensor data from cyber threats.
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Market Drivers and Trends:
The increasing production and delivery of new aircraft is expected to propel the growth of the aircraft sensors market going forward. Aircraft are vehicles designed for air travel, including airplanes, helicopters, and drones. The production and delivery of new aircraft are increasing due to growing demand from airlines seeking to modernize fleets, expand routes, and meet rising passenger travel needs globally. Aircraft paint is applied in aircraft production primarily to protect against corrosion and environmental damage and enhance aesthetics. For instance, in January 2023, according to Airbus SE, a Netherlands-based aerospace corporation, the company delivered 661 commercial aircraft to 84 customers in 2022, representing an increase of 8% from the 611 units sold in 2021. Therefore, increasing production and delivery of new aircraft is driving the growth of the aircraft sensors market.
Major companies in the aircraft sensors market are focusing on developing advanced sensors for aircraft, such as micro-electro-mechanical systems (MEMS) accelerometers, to provide a high-performance navigation solution for aerospace and gain a competitive edge. Micro-electro-mechanical systems (MEMS) accelerometer is a high-accuracy device that helps determine the aircraft's velocity and orientation. For instance, in March 2022, Honeywell, a US-based aerospace company, launched the MV60, a new precision navigation sensor. It is a MEMS accelerometer for aerospace, industrial, and marine applications. The MV60 offers high performance and reliability in a compact, rugged, cost-effective design. It measures acceleration for navigation systems and inertial measurement units across various vehicles and operations. The device features a small footprint, shock survivability up to 5,000 g, and bandwidth over 300 Hz. The MV60 features a robust design and quality assurance that provide superior reliability, ensuring it can withstand demanding operating conditions.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
General Electric Company, United Technologies Corporation, The Raytheon Company, Lockheed Martin Corporation, Schneider Electric SE, Honeywell International Inc., BAE Systems, Safran Electronic & Defense, Eaton Corporation, Thales Group, Collins Aerospace, TE Connectivity Ltd., Parker Hannifin Corporation, Amphenol Corporation, Ametek Inc., General Atomics Corporation, Crane Aerospace & Electronics, Curtiss-Wright Corporation, Woodward Inc., Esterline Technologies Corporation, Stellar Technology, Avidyne Corporation, Hydra-Electric Company, PCB Piezotronics Inc., Custom Control Sensors LLC
Aircraft Sensors Market 2024 Key Insights:
• The aircraft sensors market size is expected to see strong growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.3%.
• Surging Production And Delivery Of New Aircraft
• Advancements In Aircraft Sensor Technology To Meets The Growing Demand For Small Low-Power Precision Sensors
• North America was the largest region in the aircraft sensors market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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