Yahoo Finance Aircraft Computers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Type, Platform [Fixed Wing Aircraft, Rotary Wing Aircraft, and Unmanned Aerial Vehicles ], and Fit Type
The Aircraft Computers market size is projected to reach to US$ 7,140. 12 million by 2028; it is estimated to grow at a CAGR of 5. 8% from 2022 to 2028. The aircraft computers market ecosystem is evolving.
New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Computers Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Type, Platform [Fixed Wing Aircraft, Rotary Wing Aircraft, and Unmanned Aerial Vehicles ], and Fit Type" - https://www.reportlinker.com/p06289877/?utm_source=GNW
Its stakeholders are component suppliers, aircraft computer manufacturers, and end users.
Major players occupy places in the second node of the market ecosystem. Component manufacturers provide actuators, sensors, control systems, and many more things to different product manufacturers, who utilize it to produce the final product, which is then supplied to aircraft manufacturers, MRO vendors, commercial airlines, military forces, and business jets or helicopter owners.
The pipeline of backlogs of aircraft, along with the presence of a large number of aircraft OEMs, is likely to favor the growth of the aircraft computers market in North America in the coming years. Escalating demand for aircraft computers in unmanned aerial vehicles (UAVs) is another factor supporting the aircraft computers market growth in this region.
As per the data published in 2019 in the Boeing Commercial Market Outlook report, APAC would account for ~40% of all new commercial airplane deliveries over the next 20 years.An increase in demand for air cargo in the region is likely to require more than 1,000 dedicated freighters in the years to come.
Passenger-to-freighter airplane conversions will make up two-thirds of these freighters. Further, according to the projections of Boeing, the demand for aviation services in APAC will expand by 5.1%, costing US$ 3,480 billion in total. Thus, the flourishing aviation industry in APAC holds significant growth potential for the aircraft computers market.
The key aircraft computers market players profiled in the market study are BAE Systems; Garmin Ltd.; General Electric; General Dynamics Mission Systems, Inc.; Honeywell International Inc.; Lockheed Martin Corporation; Raytheon Technologies; SAAB AB; Safran Group; and Thales Group.
As per major charter service providers in Europe, aviation traffic increased by ~20–30% in 2020 compared to 2019.In response to such strong demand, airlines in the region are focusing on expanding their fleets to meet the growing demand.
In July 2021, Flexjet, a part of the Directional Aviation family, received an Air Operator Certificate (AOC) for Malta as part of its expansion in Europe.The aircraft operator increased its fleet in Europe by 40% in the first half of 2021.
Thus, such expansion strategies coupled with new advancements in computer technology by integrating virtual reality and artificial intelligence, accelerating the demand for new aircraft and propelling the aircraft computers market size.
Boeing has received ~300 orders for the new generation of the 777 family, and in April 2022, it pushed the delivery of its first 777X plane to 2025.In May 2021, Airbus planned an average A320 Family production rate of 45 aircraft per month to attain this production rate by the fourth quarter of 2021.
This will further augment the growth of aircraft computers market.
Furthermore, Airbus is likely to boost its production rate to 64 aircraft per month by second quarter of 2023, 70 aircraft per month by the first quarter of 2024, and 75 aircraft per month by 2024. Additionally, in May 2022, Qantas confirmed its order for 12 units of Airbus A350-1000 for its ultra-long-haul Project Sunrise initiative which is again expected to bolster the aircraft computers market growth.
As per the Commercial Market Outlook 2021–2040, published by Boeing, it expects to deliver a total of 43,610 aircraft, including 2,390 regional jets, 32,660 single-aisle aircraft, 7,670 widebody aircraft, and 890 freighter deliveries, in the next 20 years. Thus, the pipeline of aircraft deliveries is expected to present potential growth opportunities for the aircraft computers market players during the forecast period.
Further, connected electronic modules help aviation operators with new methods for acquiring, transmitting, and analyzing critical data of flight operations and aircraft system maintenance.In February 2022, Collins Aerospace developed a new power module to support open architecture applications such as mission computers, signal processors, aircraft communication, and radar systems.
In February 2022, Mercury Systems, Inc. announced FIOVU-2180 and CIO10-2080 6U OpenVPX avionics modules. It is ideally suited for mission-critical applications, such as platform management, flight computing, and artificial intelligence (AI). Thus, the growing penetration of electronic modules in the aircraft industry is further providing promising growth opportunities for the aircraft computers market.
The increasing demand for an in-flight entertainment experience, surge in aircraft renewals and aircraft deliveries are the prominent factors propelling the aircraft computers market.Additionally, an increase in the number of passengers, coupled with a rise in the number of aircraft, is driving the demand for in-flight entertainment.
The acceleration of Wi-Fi installations onboard aircraft, combined with many passengers carrying one or more digital devices, is boosting inflight innovations.In March 2022, Safran Passenger Innovations announced its latest software platform, RAVE OS, which offers a modern user interface.
Thus, the rise in deployment of inflight entertainment systems is bringing new trends in the aircraft computers market.
The aircraft computers market is analyzed on the basis of component, type, platform, and fit type.Based on component, the market is segmented into hardware and software.
Based on type, the market is segmented into flight controls, utility controls, engine controls, mission computers, and flight management computers.Based on platform, the market is segmented into fixed wing aircraft, rotary wing aircraft, and unmanned aerial vehicles (UAVs).
Based on fit type, the market is segmented into line fit and retrofit.
The aircraft computers market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).In 2020, North America led the market with the largest market share, followed by APAC.
Further, APAC is expected to register the highest CAGR in the aircraft computers market during 2022–2028.
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