The increasing usage and prominence of wireless sensors paves the ground for the global aircraft sensors market. The global aircraft manufacturers are engaged in the development of wireless sensors and the demand is amplified with the augmented deployment of structural health monitoring system that is the use of internet of things (IOT) technologies, in aircrafts.
The market for the global aircraft sensors is expected to rise at a CAGR of 6.2% during the forecast period of 2017 to 2024. The market value is expected to reach to US$2.7 billion by 2o024 from US$1.9 billion in 2017.
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Market Segmentation, By Product
- Turbo shaft
Commercial segment wins race against Other Applications with Greater Revenue Earnings
The world aircraft sensors market is classified into turbofan, turboprop, and turboshaft, according to product segmentation. On the basis of application, the market is segregated into three segments, commercial, military, and general. Among this segment, the commercial segment is expected to garner share of 52% market share by 2024, with market value of approximately US$1.3 billion.
All of the product and application segments of the world aircraft sensors market are studied by the analysts in terms of Y-o-Y growth, market share, and revenue comparisons for the 10-year review period.. This evaluation of the market based on the segmentation study could prove to be crucial for companies looking to advance in the market. Players could be able to foresee the potential growth of critical segments and accordingly manage their lead in the market.
North America Listed among Most Lucrative Region while Reaping Largest Share
The North America region could also be one of the most lucrative markets for aircraft sensors as it expands at an expected CAGR of 7.0%. In 2017, it already secured a US$0.8 billion and is envisioned to grow extensively well in the coming years.
Rising at a CAGR of 6.2% over the course of the forecast period, Europe could be another attractive region of the international aircraft sensors market. The Middle East and Africa (MEA) is expected to showcase its presence in the market while bagging in a US$0.3 billion by 2024 end.
The key players operating in the global aircraft sensors market are the Honeywell International, Inc., Zodiac Aerospace SA, AMETEK, Inc., Schneider Electric SE, General Atomics Corporation,TE Connectivity Ltd., Aerospace Systems, Curtiss-Wright Corporation, Safran SA, and Meggitt plc.