As per the reports published by FMI, the global aircraft sensors market is projected to have an average-paced CAGR of 9.1% during the forecast period. The current valuation of the market is US$ 6,233.7 Million in 2023. The market value of the aircraft sensors market is anticipated to surpass a market valuation of US$ 13,211.0 Million by 2033. A historical market valuation of US$ 5,756.0 Million has been recorded by the analysts of Future Market Insights for the concerned market during the base year.
Aircraft sensors are critical components that provide information about the airplane's condition, location, and environment. These sensors can measure a range of factors, including airspeed, altitude, temperature, pressure, humidity, and the presence of other aircraft in the vicinity. They provide this data to the aircraft's onboard computers, which then use it to make necessary adjustments to the airplane's systems and controls. Some of the most common types of aircraft sensors include pitot tubes, which measure airspeed, and altimeters, which measure altitude. Other sensors, such as GPS and weather radar, provide information about the airplane's location and the weather conditions in the surrounding area. Overall, aircraft sensors play a crucial role in ensuring the safe and efficient operation of airplanes, and their accuracy and reliability are essential for the safe conduct of air travel.
Key Takeaways from the Aircraft Sensors Market
The aircraft sensors market has witnessed an approximate surge of US$ 477.7 Mn from the base year to the current.
Fixed-wing aircraft segment by aircraft type is estimated to advance at a CAGR of 3.12%, accruing a market share of 42.3% in 2023.
The temperature sensor segment by sensor type category is projected to progress at a moderate pace, recording a CAGR of 4.5%. This segment is estimated to surpass a valuation of US$ 10.01 Bn by the end of 2033.
The U.S. is likely to dominate the North American aircraft sensors market, advancing at a CAGR of 5.8% through the forecast period.
“Robust Manufacture Of Commercial Aircraft, Coupled With Usage of Fully Advanced Aircraft Sensors In Military Aircraft is Likely to Create Lucrative Growth Opportunities for the Key Players In The Market.” – Says an FMI Analyst.
In addition to that, several advances are made in microelectromechanical systems (MEMS) technology, which is projected to have a significant impact on the revamped scenario of aircraft sensors. However, it is also estimated that security and privacy concerns, coupled with stringent regulations for using electronic components are projected to restrict the growth of the market through the forecast period.
For more information: https://www.futuremarketinsights.com/reports/aircraft-sensors-market
Competitive Landscape in the Aircraft Sensor Market
The manufacturers in the aircraft sensors market are indulging in activities that would fuel the rapid advancement of the aircraft sensor industry through the forecast period. They are collaborating and entering into strategic partnerships with other prominent players proliferating in the market. Additionally, they are making significant investments in research and development activities to further advance the attributes of aircraft sensors. They are entering into mergers and acquisitions to further strengthen their foothold in the market.
Safran R.A., Meggitt PLC, General Electric Company, Honeywell International, Inc, and The Raytheon Company are some of the key players in the market.
Recent Developments
In January 2021, Honeywell announced receiving funding from the US Defense Advanced Research Projects Agency (DARPA) to create the next generation of inertial sensor technology that can be used in both commercial and defense navigation applications.
In March 2021, Teledyne Controls, LLC obtained FAA Supplemental Type Certification (STC) approval for the installation of its new advanced Aircraft Cabin Environment Sensor (ACES) on Boeing 737 aircraft.
In May 2021, L3Harris Technologies was awarded a contract worth US$ 96.4 Mn by the U.S. Special Operations Command (SOCOM) for modernizing the forward-looking infrared systems of military-rotary wing aircraft.