Pune, India, July 21, 2022 (GLOBE NEWSWIRE) — The global connected aircraft market size was USD 2.89 billion in 2021. The market is expected to grow from USD 3.45 billion in 2022 to USD 16.58 billion by 2029, exhibiting a CAGR of 25.14% during the forecast period. This information is provided by Fortune Business Insights™, in its report, titled, “Connected Aircraft Market, 2022-2029.”
Russia-Ukraine War Impact
Influence of Russia-Ukraine War Crisis on Aviation Sector
- Amid the one month of combat procedures, it is expected that Russia is likely to have lost nearly 25% of its initial attacking force. The war has observed huge number of Russian military fatalities.
- Ukraine outlook: As per the Ukrainian Ministry of Defense, Russia has lost 95 helicopters, 81 aircraft, and 09 Unmanned Aerial Vehicles (UAVs). On 12th March 2022, Russia sent an ultimatum to the U.S. and European-grounded weapon supplies. Nevertheless, in spite of the action, European based weapon suppliers are victorious in providing weaponries through Poland to Ukraine. This has simplified the supplies of military equipment and weapons to Ukraine.
- Russia outlook: As per the survey, Russia solicited military equipment and assistance from China, after its invasion of Ukraine. This designates that Russia has not completely mobilized its military operations to sustain a drawn-out campaign.
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List of Key Players Mentioned in the Report:
- Anuvu (Global Eagle Entertainment, Inc.) (U.S.)
- BAE Systems PLC (Netherlands)
- Cobham PLC (U.K.)
- Collins Aerospace (Raytheon Technologies) (U.K.)
- GOGO LLC (U.S.)
- Honeywell International Inc. (U.S.)
- Inmarsat Global Limited (U.S.)
- Kontron (S&T) (U.K.)
- Panasonic Avionics Corporation (Germany)
- Thales (U.S.)
- Viasat, Inc. (France)
Report Scope & Segmentation:
|Market size value in 2021||USD 2.89 Billion|
|Revenue forecast in 2029||USD 16.58 Billion|
|Growth Rate||CAGR of almost 25.14% during 2022-2029|
|Forecast Years||2022- 2029|
|Segments Covered||By Type Analysis, By Frequency Analysis, By Application Analysis|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2022 to 2029|
|Regions Covered||North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World|
|Countries Covered||Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Number of Companies Covered||Anuvu (Global Eagle Entertainment, Inc.) (U.S.), BAE Systems PLC (Netherlands), Cobham PLC (U.K.), Collins Aerospace (Raytheon Technologies) (U.K.), GOGO LLC (U.S.), Honeywell International Inc. (U.S.), Inmarsat Global Limited (U.S.), Kontron (S&T) (U.K.), Panasonic Avionics Corporation (Germany), Thales (U.S.), Viasat, Inc. (France) and Other key players|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
Browse Summary of this Research Report:
System Segment Led the Market in 2021 Due to Surging Demand from Satellite Communication
Based on type, the market is segmented into system and solutions. The system segment is projected to be the biggest segment with the highest market share in 2021 and it is anticipated to be the quickest growing segment during 2022 to 2029. The system segment contains satellite communication systems, data management systems, and others.
In-flight Entertainment Segment to Display Highest Growth Owing to Increasing Usage in Wi-Fi Based Devices in Flight
Based on connectivity, the market is divided into in-flight connectivity, air-to-air connectivity, and air-to-ground connectivity segment. The in-flight connectivity segment is anticipated to be the largest segment during the forecast period. The growth is owing to the high demand for lightweight vessels.
Implementation of Ka-band Systems for High Speed Connectivity in Advanced Business Jets Will Spur Demand for Ka-Band Frequency Segment
Based on frequency, the market is divided into Ka-band, Ku-band, and L-Band.
The Ka-Band segment is expected to grow at a higher growth rate through the forecast period. Growing demand for 27 to 40 Ghz frequency-based systems in aircraft for faster connectivity, will bolster segment growth during the forecast period.
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Rise in Passenger Air Traffic with Increasing Demand for Lightweight Electric Aircraft to Boost the Growth of Market
Based on application, the market is segregated into commercial and military. The commercial segment is predicted to be the largest segment in 2021. The growth in passenger with the surging demand for lightweight electric aircraft is projected to uplift progression of IoT-based systems and solutions.
We provide our reports which are conducted with an all-inclusive examination approach that majorly emphasizes on delivering precise material. Our scholars have applied a data triangulation method which further assists us to offer trustworthy estimations and test the global market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
Drivers and Restraints:
Growth in Procurement of Technologically Developed Aircraft by Airlines to Surge Demand for Connected Aircraft
The rise in acquisition of novel aircraft and drones by the commercial and defense sectors has proven profitable for the market as every service flight mandates proficient SATCOM service along with enhanced connectivity, satellite components, airplane hardware, airtime connectivity, and apps & services.
However, cyber-attacks can pose prime jeopardies to the aviation industry. It can result in probable number of flight postponements pooled with data theft and huge flight terminations.
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North America to Dominate Backed by Presence of Huge Number of Players
North America held the largest connected aircraft market share in 2021. The North America market size was worth USD 1.10 billion in 2021. The growth is accredited to the existence of a huge number of connected aircraft system and service suppliers such as Gogo LLC, Viasat, Inc, Collins Aerospace, and others.
Europe market is anticipated to grow at substantial growth rate through the forecast period. The market in Europe will grow at an average rate owing to the rise in passenger air traffic and existence of fundamental prime players and OEMs who play a chief part as market drivers in the region.
The market in Asia Pacific is anticipated to rise at highest CAGR during the forecast period. The growth can be credited to the growing economy of developing nations such as India and China.
Pivotal Players Sign Important Agreements to Make Notable Changes in the Market
The players functioning in the market often employ various tactics that assist the connected aircraft market growth and enhance product demand. Among a bunch of stratagem, one such remarkable strategy to extend the business revenue is engaging in multimillion deals with government bodies and safeguarding a profitable revenue for their own corporation.
Key Industry Development:
November 2021: Collins Aerospace made a deal to backup Japan Airlines’ (JAL) fleet of Boeing 787 aircraft via its DispatchSM flight program. The company will present high-performance avionics and communication resources to end-users.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic and War Impact on Global Connected Aircraft Market
- Impact of COVID-19 Pandemic on Global Connected Aircraft Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Potential Opportunities due to COVID-19 Outbreak
- Impact of Russia and Ukraine War Crisis on Global Connected Aircraft Market
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