SAN JOSE, Calif., March 26, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Credence Research Inc “Aircraft Sensors Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2026,” the global aircraft sensors market is expected to witness significant growth throughout the forecast period with rising demand for passenger aircrafts. The global market for aircraft sensors was valued at US$ 1,653.2 Mn in 2017 and is expected to cross US$ 2,686.5 Mn by 2026 at a CAGR of 5.7% from 2018 to 2026.
In the last five years, the global number of air travelers increased at notable rate owing to rising disposable income of middle class and need to reduce travel time in busy schedules. Continuous rise in air travelers motivating airlines services providers to expand their operations which is predicted to increase the demand for new aircrafts globally. In addition, airline operators are focusing on reducing their aircraft maintenance and operating costs. Miniaturization of sensors and adaptation of wireless sensor networks (WNS) helps reducing flight weight and ultimately results into lower operating costs for airline service providers. All the above mentioned factors are expected to spur the demand for aircraft sensors throughout the forecast period from 2018 to 2026.
Aircraft maintenance costs account for 10% to 20% of total aircraft operating costs. Airline operators are focusing on to reduce their operating costs in order to maintain their sustainability in competitive environments. Wired sensors networks are complex and difficult to route, and use of the wired sensors gearbox, engine, airframes, structures and other key component monitoring increases aircraft operating and maintenance cost. Use of wireless sensor network (WSN) can help airline manufacturers and operators to overcome challenges such as increasing the number of sensors to monitor every element of aircraft and the system redundancy. In addition, it also helps to reduce the weight of aircraft and increases fuel efficiency. All these benefits of aircraft sensors aids in reduction of maintenance costs and overall operational costs. Thus, wireless sensors are expected to witness significant growth over the forecast period.
This research study covers sensors used in different types of aircrafts including narrow-body aircrafts, wide-body aircrafts, very large aircrafts, regional aircraft, general aviation aircrafts, helicopters, military aircraft and unmanned aerial vehicles (UAVs). Narrow-body aircrafts is the largest aircraft market segment for sensors and is expected to witness the fastest growth throughout the forecast period. Leading aircraft manufacturers are increasing their production of narrow-body aircrafts due to increasing demand for this type of aircrafts from China, India, Southeast Asia and other emerging markets. Narrow-body aircrafts would remain primary choice for low-cost airline service providers to upsurge domestic operations in emerging countries. Wide-body aircraft is expected to witness the slowest growth throughout the forecast period as airline operators are reducing their operations of wide-body aircrafts for passenger traffic.
At present, North America is the largest regional market and U.S. is the largest individual market for aircraft sensors due to presence of formidable aerospace industry. Asia Pacific is expected to witness the fastest growth as all major airline service providers are focusing to enhance their operations to meet the demand from domestic air travelers in major countries including India, China and Southeast Asia countries.
The global aircraft sensor industry is highly competitive and prominent manufacturers focusing on new product development to cater the airline service industry’s demand for aircraft weight reduction and lower maintenance cost. In addition, sensor manufacturers are developing long term partnerships with aircraft manufacturers to maintain their sustainability in competitive environment. Major aircraft sensor manufacturers in the global market include Honeywell International Inc, Ametek, Inc., UTC Aerospace Systems, Zodiac Aerospace, Meggitt Plc, TE Connectivity Ltd., Safran Electronic & Defense, Esterline Technologies Corporation, Curtiss-Wright Corporation and others.
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