Connected aircraft market to grow to $7.16 billion by 2022
The connected aircraft market is projected to grow from $3.29 billion in 2017 to $7.16 billion by 2022, at a CAGR of 16.83%, according to a new report from ResearchandMarkets.
This growth is attributed to factors such as increasing need for operational efficiency, rising aircraft deliveries, and growing need to upgrade existing connectivity systems.
The commercial segment is projected to account for the largest share of the connected aircraft market during the forecast period, due to high demand for enhancing passenger experience in commercial aircraft and increasing demand for high-speed connectivity solutions for the passengers and crew.
Geographically, North America is set to see the largest market share, with major aircraft manufacturers and airlines such as Boeing, Lockheed Martin, Bombardier, Bell Helicopter, Sikorsky Aircraft, American Airlines and United Airlines based in this region.
Meanwhile, Asia Pacific will grow at the highest CAGR, due to rising air passenger traffic.
The growth in air passenger traffic has resulted in increased demand for high-speed connectivity solutions, and this trend is expected to continue over the next five years, the report finds.