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Connected Aircraft Market Trends Analysis, Market Opportunities, Key Players, Share And Forecast To 2033
Connected Aircraft Market Trend
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According to The Business Research Company's, The connected aircraft market size has grown rapidly in recent years. It will grow from $6.82 billion in 2023 to $7.99 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to demand for operational efficiency, enhanced safety and situational awareness, rise in air passenger traffic, fuel efficiency and emissions reduction, government regulations and standards, increased aircraft complexity.
The connected aircraft market size is expected to see rapid growth in the next few years. It will grow to $14.45 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to next-gen air traffic management, demand for in-flight connectivity, predictive maintenance and health monitoring, smart cabin solutions, integration with ground operations, urban air mobility (uam) expansion, green aviation initiatives. Major trends in the forecast period include rapid adoption of in-flight connectivity, integration of iot technologies, enhanced aircraft health monitoring, digitalization of cockpit and cabin systems, data analytics and artificial intelligence (ai), cybersecurity concerns.
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Market Drivers and Trends:
The growing demand for fuel efficiency is expected to boost the growth of the connected aircraft market going forward. Fuel efficiency refers to a term used to describe how far a vehicle can go on a given amount of fuel. Growing demand for fuel efficiency helps the connected aircraft market by driving the adoption of connected aircraft technologies to improve operational efficiency, reduce costs, and enhance passenger experience. For instance, in July 2022, according to a report published by the Energy Information Administration (EIA), a US-based government agency, vehicle efficiency increased by 2% on average between April 2021 and April 2022 in the United States. Furthermore, in April 2022, the U.S. Department of Transportation, a US-based federal executive department, announced the new fuel economy standards, which increase fuel efficiency by 8% annually for model years 2024-2025 and 10% annually for model year 2026. Therefore, the growing demand for fuel efficiency is driving the growth of the connected aircraft market.
Technological advancement is a key trend gaining popularity in the connected aircraft market. Major companies operating in the connected aircraft market are focused on developing new technological solutions to strengthen their position. For instance, in April 2022, Universal Avionics, a US-based company operating in connected aircraft, launched its connectivity ecosystem technology that allows aircraft pilots to connect Apple iPads to the flight management system. This technology enables two-way communication, data collecting, FMS (flight management system) and other avionics system uploading and downloading. It enhances the relevant analytics of each flight and allow operators to optimize flight operations and aircraft availability for each aircraft or a fleet when connected to ground infrastructure.
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Major Key Players of the Market:
Honeywell International Inc., Gogo Inc., Thales Group, Inmarsat plc, Collins Aerospace, Viasat Inc., BAE Systems plc, The Boeing Company, Airbus SE, Bombardier Aviation, Kontron AG, Panasonic Avionics Corporation, Nelco Ltd., Eutelsat S.A., Zodiac Aerospace, L3Harris Technologies, Société Internationale de Télécommunications Aéronautiques, Global Eagle Entertainment Inc., Cobham Aerospace Communications, Astronics Corporation, SmartSky Networks LLC, Intelsat S.A., Iridium Communications Inc., AeroVironment Inc., Avionica Inc., Satcom Direct Inc., Airspan Networks Inc., Tata SIA Airlines Limited, Gilat Satellite Networks Ltd., Phasor Inc.
Connected Aircraft Market 2024 Key Insights:
• The connected aircraft market size is expected to see rapid growth in the next few years. It will grow to $14.45 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%.
• Increasing Air Passenger Travel Fuels The Growth Of The Connected Aircraft Market
• Technological Advancement Drives Growth In The Connected Aircraft Market
• North America was the largest region in the connected aircraft market in 2023
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