Sellbyville, Delaware, Feb. 26, 2018 (GLOBE NEWSWIRE) --
Aircraft Communication System Market is expected to reach USD 1.3 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing implementation of advanced technologies coupled with growing aviation industry will primarily drive the aircraft communication system market size. Multiple developing countries in the world are witnessing an increase in air passenger traffic owing to affordable prices. This has resulted in substantial rise in aircraft deliveries from various manufacturers, further propelling the industry growth over the next eight years.
Transponders will account for more than USD 640 million in the aircraft communication system market by the end of 2024. High revenue generation can be attributed to provision of precise information about the aircraft such as aircraft identification and barometric altitude. Moreover, advantages such as maintaining proper communication with on-ground ATC systems has led to its wide implementation in military and commercial aircrafts.
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Increasing defense budget of multiple countries is another factor positively impacting the aircraft communication system market growth. For instance, the U.S. defense budget crossed USD 604 billion in 2016 and is expected to further increase in 2018. This has led to increased production of military aircrafts, escalating the revenue generation. High profit margin of the industry players owing to rising number of orders for helicopters and military aircrafts will result in increased deployment of these advanced communication systems which in turn will further strengthen the aircraft communication system market penetration. However, signal congestions, specifically for low frequency bands may pose a challenge.
Military aircrafts will account for maximum aircraft communication system market share accounting for over 64,000 units till 2024 owing to rising implementation of SATCOM and other advanced technologies in these aircrafts. Increasing demand for fighter jets with multi-functional capabilities such as ground and air attack systems will further support its dominance. Commercial aircrafts will pose more than 3.5% CAGR owing to growing aviation sector across the globe. Rising air passenger traffic has resulted in increased demand for these communication systems, ensuring passenger safety, further impacting the aircraft communication system market positively.
Manufacturers, particularly from developed regions including North America and Europe are focusing on growth opportunities from the international markets. Moreover, they are developing long term contracts with the OEMs, inducing immense potential to the aircraft communication system market size. Weight reduction of the overall system along with versatility for multiple usage is the primary focus of the industry participants. Shifting trend towards replacing the conventional communication systems with advanced counterparts has also gained prominence.
Browse key industry insights spread across 450 pages with 655 market data tables & 26 figures & charts from this 2018 report Aircraft Communication System Market in detail along with the table of contents:
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SATCOM will dominate the aircraft communication system market, capturing over 35% of the volume share over the next eight years owing to provision of benefits such as efficiency in air traffic management and superior communication. Moreover, its extensive usage in military aircrafts will strengthen the product penetration due to their increasing orders. This high demand of military aircrafts due to rising defense budgets across the globe will further support the aircraft communication system market growth. HF communication systems will exhibit at over 7.5% CAGR from 2017 to 2024 owing to regular innovations in the product coupled with provision of efficient communication over long distance routes.
OEMs will account for over 90% of the revenue share in the aircraft communication system market owing to high deployment of these systems for safety, maintenance and air traffic control. Moreover, competitors are entering into long-term supply agreements with OEMs, further providing stable growth prospects. Shifting trend towards replacement of components including transceivers, transmitters, etc. will primarily drive the growth of aftermarket segment. Frequent enhancements in these communication systems is another factor responsible for the substantial aircraft communication system market growth over the coming years.
North America aircraft communication system market is expected to hold over 35% of the revenue share over the forecast timeframe. This can be credited to the presence of established aerospace industry leaders along with rising deployment of advanced communication systems in prominent aircrafts across the region. Rising defense expenditure of the developed countries including U.S. will further contribute towards region’s dominance. Asia Pacific aircraft communication system market will grow rapidly, exhibiting a CAGR of over 6% over the coming years. Increasing aircraft deliveries has led to high demand for these systems, primarily supporting the regional growth.
L3 Technologies, Harris Corporation, Thales, Cobham Plc, Lockheed Martin, and Raytheon are among the noticeable players. Other prominent participants in aircraft communication system market include Viasat Inc., General Dynamics, Honeywell Aerospace, Northrop Grumman Corporation, and UTC Aerospace Systems. Industry participants are adopting mergers and acquisitions as their prominent strategy to strengthen their foothold. For instance, in May 2014, Cobham completed the acquisition of a manufacturer of communication systems, Aeroflex to expand its product portfolio and enhance its visibility.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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