According to Transparency Market Research (TMR), the global aircraft sensors market is predicted to rise at a 6.4% CAGR to reach a revenue estimation of $2.5 billion by the end of 2022. In 2017, the market proved the estimation of a $1.8 billion to be true.
The research firm further forecasts the market to receive a strong push in its growth momentum on the back of advancements in technologies, massive investments forwarded by private equity groups, and the elevation in the demand for aircraft. Adherence to the requirements and regulations of authorities such as local aircraft regulatory bodies and the Federal Aviation Administration (FAA) could pamper the growth of the market. Market players are expected to embrace a wealth of opportunities prevailing in the market.
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.
The international aircraft sensors market will be cataloged into three important segments: 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.
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 $0.4 billion, whereas the MEA could rise at a 5.1% CAGR.
For more details, a full view of the report is available and, if interested, a sample of the report is also available. For more info, contact Transparency Market Research, Albany NY. 866-552-3453 or local 518-618-1030