ID: MRFR/A&D/4581-CR | 120 Pages | Published By Sejal Akre on November 2019
Connected Aircraft Market size touched USD 4.18 billion and it can attain a growth rate of 16.40% by the end of 2027, believes Market Research Future (MRFR).
connected aircraft market size touched USD 4.18 billion and it can attain a growth rate of 16.40% by the end of 2027, believes Market Research Future (MRFR).
The aviation industry has constantly been evolving, as connected aircrafts continue to soar worldwide. Connected aircraft help bolster fleet management, aircraft turnaround time, airline operations, passenger experience, costs and flight safety. The connected aircraft concept enables the airline passengers to use the internet even at 30000 feet. Plus, the connected aircraft concept can help foster the aircraft’s operational efficiency while improving communications, navigation, and surveillance for air traffic management.
The rising procurement of advanced, new generation aircraft along with the soaring requirement to improve the present connectivity systems for higher efficiency elevates the market position. The surging focus on the safety and reliability of the aircraft as well as the passengers prompts the airlines to spend on such connected aircraft technologies. The rampant need to augment the complete passenger experience also enhances the market size. With air-to-ground connectivity, constant monitoring of several aircraft components is possible, which helps bring down maintenance costs while making the entire process of maintenance easier and faster, thereby cutting down the turnaround time of the aircraft.
Having said that, the aviation sector is extremely vulnerable to cyber-attacks as it is backed by connected technologies, artificial intelligence, and more. The rising cybercrime threat can be a huge challenge for the connected aircraft industry given the shortage of security design systems. Another challenge could be the uncertainty brought on by the COVID-19 pandemic, which has caused a severe economic slowdown.
On the brighter side, the connected aircraft market benefits from the surging demand from the military as well as commercial sectors.
Global Impact of COVID-19
The unpredicted COVID-19 has a global impact that showed a negative demand stock all over the countries. In 2020, the connected aircraft market size dropped by -39.9% due to passenger traffic reduction.
In 2020, the airline avenues were dropped due to the travel restrictions and the frequent cancellation of flights. On the other hand, the cancellation of new aircraft orders has been made by many airlines, which affected the connected aircraft market sharply. The delivery of new-generation aircraft was also delayed due to this COVID-19. Furthermore, the aircraft's supplier faced massive loss in their productions as workers were not available for the work.
Overall, the report says that the Pandemic has a negative impact on the global market. But the global connected aircraft market has taken up the speed now to increase the growth of the connected aircraft market.
The increasing air passenger travels have given rise to the demands of new aircraft. These days, the rapidly growing urbanization has given rise to the demand for air travel. The growing demand for aircraft deliveries has forced the connected aircraft fuel management services to develop their sales.
In the connected aircraft market, the introduction of next-generation of aircraft has brought a revolution in the global market, such as real-time weather information, health monitoring system, and unique flight management systems. This advancement in the connected aircraft market can be the primary market driver for the upcoming years.
Moreover, the passenger's demand over the increasing high speed of internet connectivity and operational efficiency requirement in the aircraft leads the aircraft to adopt new services in their existing operating systems. This type of demand increases the global market growth.
The growth of the connected aircraft market is increasing day by day due to the increasing demand for military services and commercial industries. It has given more opportunities to the global market to explore more.
Therefore, the COVID-19 has stopped the workforce for some months in the year 2020. But it brought more energy to the airline sector to grow their business with new strategies and planning.
The aviation industries are more open to getting threats from the cyber-attacks as it has enfolded with artificial intelligence, connected technologies, and many more. The increasing risk of cybercrime can be a restraint for the connected aircraft market due to the lack of a security design system.
Another restraint was the unpredicted pandemic situation, which created major loss in the global connected aircraft market. The key drivers are working hard to meet the market size for the forecast period.
Cybersecurity threats can be the biggest challenge for the global market. For the better growth of the global connected aircraft market, the proper data management and data collection is the major factor. The aircraft market sends large volumes of digital data to different servers to apply in various applications.
The report explains that the global market's inconsistency challenges are arising because of the conventional systems in aircraft. The global market is working progressively on this issue to get connected aircraft solutions.
The increasing demand of the global market has aimed to achieve the connected aircraft market value of 16.40% CAGR by 2024. The connected aircraft market revenue prediction of the forecast period is much higher than the previous report.
Therefore, the major key drivers are working very hard in various regions to achieve more sales targets and more productions in the upcoming years.
Value Chain analysis
The growth of the global market depends on the market value size. The proper understanding of the market value chain can lead the connected aircraft services in the global market competition.
In the connected aircraft market, many key drivers are involved in developing the products and sales in all countries' regions. Moreover, the key drivers have taken up new strategies to increase the global market's market value.
According to the segmental classification, the connected aircraft market has two types, i.e., systems and solutions. The system includes data management systems, satellite communication systems, and many more. The solutions type involves aircraft monitoring and communications, flight management, electronic flight bags, fuel monitoring, and many more.
The connected aircraft market report mentions that these two types have unique features and functionality.
The connected aircraft market has various segmental applications in the commercial sector, military sector.
The report explains that with the various applications of connected aircraft, the global market demand increases and creates more opportunities for all the industrialists.
The global market frequency band has been classified into Ku-Band, Ka-Band, and L-Band. These frequency band classifications have given more scope to the global market.
The report mentions that the new addition to the existing frequency band can help the global market achieve its goal by 2024.
The segmental classification of connected aircraft market connectivity is classified into Aircraft-to-Aircraft, In-Flight, and Air-to-Ground.
Therefore, the result explains that the introduction of new connectivity in the airline has developed the global market's growth.
The global market has developed its connection network globally, including Europe, Asia-Pacific, North America, Middle East & Africa, and Latin America. Among all these, North America has dominated the aircraft communication market as it has more manufacturers to communicate in the local regions. The European countries come in the second position to delivers across the nations, and it is well known for its best services for the demand for in-flight connectivity.
The global market has developed its businesses worldwide and has a plan to reach all the countries' remote parts by involving more key drivers in the global market.
The Connected aircraft has more competition in the global market. The major key players are:
The connected aircraft solutions market has more opportunities as it is relatively new to the global market. It has more scope for the new key players and existing key players. The market players have adopted various methods and techniques to grab these opportunities in the global market. In 2018, Panasonic Avionics formed partnerships with Ericsson and Inmarsat to grow their business in the connected aircraft market.
A recent development in the market
The report overview of connected aircraft has involved the following steps.
The report has focused on the overall growth of the connected aircraft market in the coming few years. The report is a brief description of the growth of the market size.Recent Development
Gilat Satellite Networks Ltd., a renowned company focused on satellite networking technology, services and solutions, confirms that Intelsat will be enhancing its in-flight connectivity capabilities with a multimillion-dollar order for its SkyEdge IV Taurus modems.
Astronautics Corporation of America will be launching AeroSync Mission (AEC115) connectivity solution as well as branding of its AeroSync connectivity product range. AeroSync is an innovative, next-generation of integrated and secure connectivity systems that enable reliable and quick data transmission for passengers and crews.
16.40%CAGR is calculated for Connected Aircraft Market.
North America and Europe regions are expected to be the fastest-growing market for Connected Aircraft Market during the evaluation period.
The Connected Aircraft Market is segmented based on type, aircraft type, connectivity, application, frequency band.
North America region is to register a CAGR of 35% in the forecast period.
Honeywell International Inc., Apple Aviation, Panasonic Avionics Corporation, Airbus SAS are among the top companies investing in the Connected Aircraft Market.
2018 to 2024 is the growth period for the Connected Aircraft Market.