Market Size of Aircraft Sensors Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.88 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Aircraft Sensors Market Analysis
The aircraft sensors market is projected to register a CAGR of 5.88% during the forecast period.
- The COVID-19 pandemic severely impacted the global aviation market; flight activity was muted for more than a quarter, and multiple aircraft orders were delayed, which led to a brutal disruption of the demand trajectory of aircraft sensors. Further, 2021 was marked as the year of transition; air passenger numbers are expected to be equivalent to or even surpass the pre-COVID levels by 2023, which is expected to drive the demand for aircraft sensors over the coming years.
- The innovation in safety and effective handling of aircraft would drive the aircraft sensor market. A modern aircraft integrates fly-by-computer systems, where signals from sensors monitor the various activities going on in the flight, such as thrust levels, pedals, and flight sticks. The information is then received by flight management systems that control surfaces like ailerons and flaps.
- Moreover, the increasing integration of the Internet of Things (IoT) in airplanes to gain real-time statistics is raising the utilization and need for sensors to generate more accurate data, which is expected to drive the aircraft sensor market. However, the major factor impeding the growth of the market is the high R&D, manufacturing, and maintenance costs of sophisticated sensors, which raise questions on the economic viability of emerging technologies to be integrated onboard next-generation aircraft.
