The global air data systems market is projected to grow at a significant CAGR during the forecast period. Based on the geographic viewpoints, the global air data system market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is projected to register significant growth in the global market during the forecast period. The growth of the Asia-Pacific market is primarily being driven by contribution from major economies including China, Japan, Singapore, and India coupled with the significant growth in the aerospace sector of the region. Australia, Korea, and Taiwan are the other countries that contribute to the air data systems market due to growing investment in smart city projects coupled with growing urbanization in these countries.
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The regional growth of the market is also attributed to the increased spending and investment in the R&D of the industry in the region. For instance, government investments in the R&D activities such as, in February 2018, according to IBEF, the Department of Space received a total of around $1.5 billion for the R&D activities for the space-related projects in India. The government promoting the aerospace sector by providing huge funding and investments which is projected to foster market growth over the forecast period.
Further, according to the International Air Transport Association (IATA), China is expected to replace the US as the world’s largest aviation market in 2024. Whereas India is projected to take over UK for third place in 2025, while Indonesia and Japan will be ranked 5th and 7th respectively. Thus, this is also expected to flourish the growth of the air data systems industry during the forecast period.
Moreover, the aerospace industry players are also contributing towards the market growth by demanding and launching more and more products, which, thereby encourages market growth. For instance, The Commercial Aircraft Corporation of China Ltd. (COMAC), a Chinese state-owned aerospace manufacturer in May 2017, launched C919 aircraft with the most advanced technological features and is about to launch more such aircraft including C929 and C939 shortly. Also, China aims to be the leader in the aviation industry as it has opened the largest airport and aims to break Airbus and Boeing’s aviation Duopoly in the region. Moreover, COMAC collaborated with Bombardier Inc., jets, equipment, and aircraft manufacturing company, for the passengers’ jet business. Thus, such rapid investments are likely to positively affect the aerospace industry which in turn directly flourishes the market growth.
Besides, the global air data systems market key players including Ametek Inc., Curtiss-Wright Corp., GE Aviation, Honeywell International Inc., Meggitt PLC, Northrop Grumman Corp., Collins Aerospace, Thales Group, and Thommen Aircraft Equipment AG among others are significantly contributing in the market growth by adopting various growth strategies such as product launches & developments, partnerships, agreements, and acquisitions are among others.
Global Air Data Systems Market – Segmentation
By Component
- Electronic Unit
- Probes
- Sensors
By Application
- Commercial
- Military
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
