Aircraft Sensors Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON , UK, July 18, 2024 /EINPresswire.com/ -- The aircraft sensors market has experienced robust growth in recent years, expanding from $4.50 billion in 2023 to $4.87 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. This growth in the historic period can be attributed to advancements in miniaturization and enhanced functionality, which have broadened sensor applications. Mandated safety standards driving sensor integration, increased demand for advanced sensor systems, and innovations in the defense sector influencing commercial sensor development have also contributed significantly.
The market is projected to continue its upward trajectory, reaching $6.7 billion by 2028, growing at a CAGR of 8.3%. Factors fueling this growth in the forecast period include the increasing use of autonomous aircraft requiring advanced sensor suites, AI and machine learning enhancing sensor intelligence for predictive maintenance and adaptive control, and the rising demand for sensors in electric propulsion systems and urban air mobility operations.
Increasing Production and Delivery of New Aircraft Drives Market Growth The increasing production and delivery of new aircraft are key drivers propelling the growth of the aircraft sensors market. With airlines expanding their fleets and modernizing to meet growing passenger travel demands globally, the demand for aircraft sensors, crucial for navigation, safety, and operational efficiency, continues to rise.
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Key Players and Market TrendsMajor companies such as General Electric Company, United Technologies Corporation, and Honeywell International Inc. are at the forefront of developing advanced sensors for aerospace applications. These companies focus on innovations like micro-electro-mechanical systems (MEMS) accelerometers to enhance navigation accuracy and gain a competitive edge in the market.
In a significant development, Honeywell launched the MV60 MEMS accelerometer in March 2022, designed for aerospace, industrial, and marine applications, offering high performance and reliability in demanding environments.
Trends in the Aircraft Sensors MarketMajor trends in the aircraft sensors market include increased precision and distance in data gathering, enhanced environmental monitoring capabilities, real-time data processing for improved operational efficiency, and enhanced cybersecurity measures to protect sensor data.
Aircraft Sensors Market Segments• Sensor Type: Temperature, Pressure, Position, Flow, Torque, Radar, Accelerometer, Proximity• Aircraft Type: Narrow-Body Aircraft, Wide-Body Aircraft, Very Large Aircraft, Regional Aircraft, General Aviation, Helicopter, Military Aircraft, Unmanned Aerial Vehicle (UAV)• Connectivity: Wired, Wireless• Application: Engine, Door, Environmental Control• End Use: Original Equipment Manufacturer (OEM), Aftermarket
Geographical Insights: Asia-Pacific Leading the MarketNorth America dominated the aircraft sensors market in 2023, driven by significant aerospace activities. However, Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period, fueled by increasing investments in aviation infrastructure and rising demand for aircraft across commercial and military sectors.
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Aircraft Sensors Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Aircraft Sensors Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on aircraft sensors market size, aircraft sensors market drivers and trends, aircraft sensors market major players, competitors' revenues, market positioning, and market growth across geographies. The aircraft sensors market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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July 18, 2024, 08:46 GMT
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