According to a new report published by Allied Market Research, titled, “Commercial Aircraft Video Surveillance Systems Market” was valued at $170.82 million in 2020, and is estimated to reach $257.02 million by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
North America dominates the market, in terms of revenue, followed by, Asia-Pacific, Europe, and LAMEA. U.S. dominated the global commercial aircraft video surveillance systems market share in in North America, owing to increase in demand for air travel in the U.S. and rapid adoption of flight safety mandates in the country. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise air passenger traffic across several Asian nations, for instance, China, India, Japan, and South Korea
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By system type, cockpit door surveillance system segment accounted for the highest revenue in 2020, owing to high demand for video surveillance to ensure high safety required for cockpit area.
Depending on aircraft type, narrow body segment accounted for the highest revenue in 2020, owing to high demand for narrow body commercial aircraft across the globe.
As per the application, passenger segment was the highest revenue contributor in 2020, owing to high demand for commercial aircraft video surveillance systems for air travel by passengers globally.
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COVID-19 Impact Analysis
The COVID-19 impact on the commercial aircraft video surveillance systems market is unpredictable and is expected to remain in force for a few years.
The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export activities for most of 2020 & few months in 2021. This led to sudden fall in demand for air travel and thousands of planes were grounded across the globe.
Moreover, nationwide lockdown forced commercial aircraft video surveillance systems manufacturing facilities to partially or completely shut their operations.
Adverse impacts of the COVID-19 pandemic have resulted in delayed activities and initiatives regarding development of commercial aircraft video surveillance systems components across the globe.
KEY FINDINGS OF THE STUDY
By system type, the environmental camera system segment is expected to register a significant growth during the forecast period.
By aircraft type, the freighter segment is anticipated to exhibit significant growth in future.
Depending on application, the cargo segment is anticipated to exhibit significant growth in future
Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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The key players that operate in the global commercial aircraft video surveillance systems market include Aerial View System Inc., AD Aerospace, Avionics Services, Eirtech Aviation Services, Global ePoint Inc., Kappa Optronics Gmbh, KID Systeme Gmbh, Meggitt Plc., Ontonomy Aviation, and Raytheon Technologies Corporation
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