Aircraft sensor market expected to double by 2033
The aircraft sensor market is expected to more than double by 2033 thanks to an increased use of unmanned aerial vehicles (UAVs).
Aircraft sensor insights
- The global market for aircraft sensors is expected to double over the next decade thanks to increase usage of unmanned aerial vehicles (UAVs) and the North American market is expected to lead the way.
- The temperature sensor market is anticipated to grow at a CAGR of 4.5%. By the end of 2033, this market is anticipated to achieve a worth of $10.01 billion.
The global market for aircraft sensors is anticipated to grow at an average rate of 9.1% over the forecast period, according to data released by FMI. In 2023, the market is expected to be worth $6.23 billion and will more than double that by 2033 to reach $13.2 billion.
The market for aircraft sensors has grown significantly, according to FMI’s assessment, because of their widespread usage of unmanned aerial vehicles (UAVs). Due to the enormous volume of people that fly between locations for both business and leisure, there is a significant demand for aircraft fleets. It is predicted that the use of automation techniques within the aviation sector would alter market dynamics, supporting market development for aircraft sensors until 2033.
There also have been a number of developments in the field of microelectromechanical systems (MEMS), which are anticipated to have a considerable influence on the new use of sensors in airplanes. However, it is also anticipated that worries about security and privacy, together with severe rules for employing electrical components, would limit market development over the course of the projection period.
During the projection period, the manufacturers in the aviation sensor market are engaging in activities that will fuel the industry’s quick growth. They are working together and forming strategic alliances with other well-known firms that are proliferating in the industry. Additionally, they are spending a lot of money on research and development to improve the quality of aircraft sensors. In an effort to further solidify its position in the market, they are engaging in mergers and acquisitions.
Recently occurring events
- The next generation of inertial sensor technology will be developed by Honeywell with support from the US Defense Advanced Research Projects Agency (DARPA) and will be applicable to both commercial and military navigation applications.
- The installation of Teledyne Controls, LLC’s new, sophisticated Aircraft Cabin Environment Sensor (ACES) on Boeing 737 aircraft was given FAA Supplemental Type Certification (STC) certification in March 2021.
- The U.S. Special Operations Command (SOCOM) awarded L3Harris Technologies a contract of $96.4 million in May 2021 for updating military rotary wing aircraft’s forward-looking infrared equipment.
– Future Market Insights is a CFE Media and Technology content partner.