Aircraft communication system market to hit 5.2 billion by 2022
The aircraft communication system market is projected to grow from $3.08 billion in 2017 to $5.20 billion by 2022, at a CAGR of 11.02%, according to new analysis from ReportLinker.
Key factors identified as driving the growth of the market include: continuous technological advancements in aircraft communication systems; use of software-defined radios for satellite communication; the advent of satellite-based navigation systems; and an increased number of new aircraft deliveries across the globe. However, increased demand for next-generation Internet Protocol (IP)-based communication systems is seen to offer the most opportunities for growth during the forecast period.
According to the report, the commercial aircraft segment will be the biggest sector in 2017, due to increased demand for new and advanced communication systems to ensure the safety of aircraft during their flight.
The North American region looks set to account for the largest share of the market. This is attributed to high disposable income of the middle-class population in North America contributing to increased air travel. This, in turn, is contributing to an increase in the number of new aircraft deliveries in the region.
The Asia Pacific aircraft communication system market is projected to grow at the highest CAGR during the forecast period, owing to the increased demand for new aircraft.
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