Demand for Aircraft Sensors to Take Off through 2023
Regionally, North America is expected to dominate the aircraft sensors market.
The global aircraft sensors market was worth almost $1.7 billion in 2017 and is projected to reach close to $2.4 billion by 2023, registering a CAGR of 5.9% from 2018-2023, according to Mordor Intelligence. The safe and effective operations of an aircraft are carried out through various embedded sensors across the machinery that provide feedback on a wide array of conditions. For example, flow sensors are used to monitor and provide feedback for the amount of liquid coolant and lubricant oil, as well as fluid moving in the bleed air system and fuel transfer.
In July 2018, Gas Sensing Solutions (GSS) developed carbon dioxide sensing technology that would reportedly drastically improve aircraft cabin air quality. Honeywell led the project, in partnership with SST Sensing, Gas Sensing Solutions, and National Physical Laboratory. This development is expected to compel competitors and the government to invest in similar technology, which is expected to have a positive impact on market growth over the forecast period.
Another trend driving growth for aircraft sensors is the Internet of Things (IoT), which is becoming prevalent in every industry. In aviation, IoT it can be used in elements such as baggage tracking, monitoring plane health conditions, and controlling other significant factors. Companies are rigorously investing in IoT technology for aircrafts to enrich the customers’ experience.
Regionally, North America is expected to dominate the aircraft sensors market. The number of airline passengers is growing in the region, leading to an increase in flights for the aircraft and shorter maintenance cycles. As the need for scheduled maintenance increases, the replacement rate of sensors will quicken as well. In addition, the U.S. is making deals with other emerging economies or countries to sell high-end military aircraft, which are likely to boost market growth over the forecast period.
Additional details are available at www.mordorintelligence.com.