According to a new report published by Allied Market Research, titled, “Aircraft Sensors Market,” The aircraft sensors market was valued at $4 billion in 2021, and is estimated to reach $9.7 billion by 2031, growing at a CAGR of 9.1% from 2022 to 2031.
The concept of aircraft sensors is typically attributed to serving the purpose of controlling, monitoring, and navigating aircraft. Also, it plays a critical role in providing accurate data for safe and effective flight time, as well as the take-off and landing of the aircraft. Feedback on a variety of flight situations, as well as the conditions of different flight instruments and systems, is necessary for safe and efficient flight control. These conditions are continuously monitored by various sensors that send data to the flight computer for processing before the pilot sees it. Currently, the aircraft industry is adopting wireless sensors, which have significant advantages in terms of sensor configuration flexibility, design optimization, and weight optimization. Also, the main factor in using wireless sensors over wired sensors is their low weight. Thus, wireless sensors play a vital role in the advancement of the aviation industry, which is expected to create opportunities for the aircraft sensors market during the forecast period.
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COVID-19 Impact Analysis:
The decline in production and delivery by major aircraft manufacturers such as The Boeing Company and Airbus SAS until April 2020 has majorly impacted the overall growth of the market. The overall supply chain of the aircraft sensors hampered the production of the sensor units. The market is expected to recover by the year 2021. Moreover, COVID-19 has had an impact on numerous OEMs’ operations, from R&D to manufacturing. Although industry participant’s experienced short-term disruption in delivery systems and roll-outs. In addition, the COVID-19 pandemic affected air passenger traffic globally in 2020, reducing flight activity and impacting airline cash flows. As a result, most airlines decided to cancel or defer their aircraft orders. The commercial aircraft OEMs trimmed their production rates as the pandemic decreased the demand for new jets. However, the commercial aviation industry recovered gradually in 2021, which led to a significant increase in aircraft deliveries compared to 2020. Airbus and Boeing together delivered 951 aircraft in 2021 compared to 723 aircraft in 2020.
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Region-wise, the market across the Asia-Pacific region held the major market share in 2021, holding more than one-third of the global aircraft sensors market share and is expected to maintain its leadership status during the forecast period. However, the Asia-Pacific aircraft sensors market is expected to cite the fastest CAGR of 10.4% during the forecast period. The report also analyses other regions such as Europe, North America, and LAMEA.
The key players analyzed in the global aircraft sensors market report include Ametek, Inc., Auxitrol Weston, BAE Systems plc, The Curtiss-Wright Corporation, Eaton Corporation plc, General Atomics, General Electric Company, Honeywell International Inc., Meggitt PLC, Raytheon Technologies Corporation, Safran S.A., Schneider Electric SE, Smith Systems Incorporated, TE Connectivity, Thales Group, Thermocouple Technology, LLC, and Woodward, Inc.
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