Aircraft Sensors Market Growing at a CAGR of 6.4% CAGR By 2022
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Transparency Market Research (TMR) predicted the global aircraft sensors market to rise at a 6.4% CAGR to reach a revenue estimation of US$2.5 bn by the end of 2022. In 2017, the market proved the estimation of a US$1.8 bn to be true.
Global Aircraft Sensors Market: Major Insights
The rise in the demand for aircraft carriers could augur well for the growth of the international aircraft sensors market. Low-cost carriers, in particular, are expected to be highly demanded in the aviation industry. As a result, narrow-body aircraft could experience a hefty rise in its demand in the coming years. By the closure of 2035, as per Boeing’s Outlook 2017, the fleet size of narrow body aircraft is foretold to touch 32,280 on a global platform. The Asia region could account for a decent share of the total anticipated deliveries by 2035. However, the demand for aircraft sensors is projected to be higher in North America, thus explaining its lead in the global market.
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The international aircraft sensors market is prophesied to be cataloged into three important segments, i.e. turbofan, turboprop, and turboshaft, as per product classification. By application, the market could be classified into commercial, military, and general. Amongst these significant applications of aircraft sensors, the commercial segment is envisaged to take a leading share in the market while expanding at a CAGR of 6.7%. The dominance of this segment could continue to show face until the end of the forecast period. In 2017, it showcased its prominence by securing a majority share of 51.3%. Even its annual absolute growth could be greater than other segments in the segmentation class.
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In terms of geography, the international aircraft sensors market is anticipated to testify the lead secured by North America by the end of 2022. Besides an attractive region, North America is prognosticated to be a choice market with a US$1.1 bn foreseen to be earned by 2022 end. Europe and the Middle East and Africa (MEA) could be other lucrative regions of the market. By the concluding forecast year, Europe is envisioned to garner a US$0.4 bn, whereas the MEA could rise at a 5.1% CAGR.
Global Aircraft Sensors Market: Vendor Landscape
The analysts authoring the publication explain the nature and future changes in the competitive scenario of the worldwide aircraft sensors market. Various companies are profiled in the publication, including UTC Aerospace Systems, TE Connectivity Ltd., Honeywell International, Inc., Zodiac Aerospace SA, and AMETEK, Inc.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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