Connected Aircraft Market Trends, Size, Share | Industry Forecast by Platform, End - User
The Connected Aircraft Market is projected to grow from USD 2.51 billion in 2020 to USD 10.49 billion in 2027 at a CAGR of 22.9% in the 2020-2027 period. Staggering rise in the number of air travelers is playing a central role in propelling the growth of this market. According to the International Civil Aviation Organization (ICAO), in 2018, airlines transported 4.3 billion passengers, showing an increase in global flight departures by 38 million from 2017 levels. In terms of value, air travel accounted for 35% of world trade, the ICAO states. This fast-paced rise in air transport has led to an upsurge in the demand for aircraft across the globe. Added to this is the increasing disposable income, especially in Asia-Pacific, that is fueling the demand for better in-flight entertainment, making connected aircraft even more relevant in today’s day and age. As a result, many OEMs have been spurred into action to come up with novel solutions to meet the ever-escalating demands of air passengers, augmenting the connected aircraft market growth.
Fortune Business Insights shares the above information in its new report, titled “Global Connected Aircraft Market Size, Share & Industry Analysis, By Type (Systems and Solutions), Connectivity (Inflight, Air to Air, and Air to Ground Connectivity), Application (Commercial and Military), Frequency Band (Ka-Band, Ku-Band, and L-Band) and Regional Forecasts, 2020-2027”. According to the report, this market was valued at USD 2.51 billion in 2020. The report further provides the following information:
Comprehensive analysis of the factors, drivers, and restraints impacting the share, size, and overall growth of the market;
Careful segregation of the market into different segments and an in-depth research into the individual segments; and
An exhaustive study of the regional and competitive aspects influencing the development of the market.
Top Players Covered in the Connected Aircraft Market Report:
Digecor
Global Eagle Entertainment
Viasat
BAE Systems
Panasonic Avionics
Gogo
Kontron
Zodiac Aerospace
Collins Aerospace
Inmarsat
Thales Group
Honeywell International
Growing Preference for Digitization of Processes to Energize the Market
One of the leading connected aircraft market trends is the rapid adoption of digital technologies in the aviation industry. Airlines are aggressively digitizing their services and processes to make fleet management more efficient and economical. For instance, digitization has allowed airliners to provide ground control systems real-time data, enabling them to better monitor aircraft health. Furthermore, predictive analytics have streamlined maintenance schedules for aircraft carriers. Lastly, the greatest beneficiaries of digitization are the passengers who now have access to in-flight internet and other modes of entertainment, enhancing their overall in-flight experience. Besides this, digitization can also aid in monitoring threats through real-time data collection and analysis, empowering government agencies to take preventive action.
Robust Aviation Industry to Drive the Market in North America
The market size in North America was at USD 969.1 million in 2018 and the region is expected to dominate the connected aircraft market share in the forthcoming years. The main factors for its dominance include a robust aviation industry, rising number of aircraft deliveries, and presence of aviation giants such as Boeing and Bombardier in the region. Willing uptake of advanced aircraft technologies along with a thriving aviation industry will be the primary growth driver for the market in Europe. In Asia-Pacific, considerable growth is foreseen owing to the increasing domestic air connectivity, growing number of airports, and rising disposable incomes in India and China.
Strategic Collaborations to Usher in a New Wave of Innovation
The connected aircraft market forecast predicts an exciting period for the market as key players enter into strategic partnerships with other competitors and outside organizations. These collaborations are accelerating the rate and intensity of innovations that are reshaping the market dynamics.
Industry Developments:
December 2019: Panasonic Avionics, a leading company in in-flight connectivity and entertainment domain, and Eutelsat Communications signed a partnership contract for Panasonic to deliver Ku-band capacity for EUTELSAT 10B Satellite’s two multi-beam payloads, due for launch in 2022.
April 2018: Honeywell Aerospace announced that its famed JetWave satellite communications hardware has been installed in 25 business jets operating in Asia-Pacific. The technology allows business travelers to enjoy high-speed Wi-Fi internet in-flight. The company aims to establish its footprint in the rapidly developing Asia-Pacific region through this move.
Information Source -
https://www.fortunebusinessinsights.com/industry-reports/connected-aircraft-market-101954