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Expanding Aerospace Industry & Growing Adoption of UAVs to Fuel the Global Air Data System Market Gr
Posted: Nov 08, 2024
Expanding Aerospace Industry & Growing Adoption of UAVs to Fuel the Global Air Data System Market Growth
In 20223, the size of the Global Air Data System Market was evaluated at around USD 1.2 billion during 2022, and is expected to grow at a CAGR of around 6.5% from 2024 to 2030. The increasing accounts of aviation industries for instigating investments by key players, boosting the demand for air data systems, and contributing to propel the overall air data system market. Moreover, government agencies in multiple countries are also investing in the aviation industry & encouraging the implementation of several purposes around the globe.
Thus, the demand for air data systems is advancing due to the improved performance prominence of the aircraft & the decrease in data entry errors.
High-Cost Correlates with Small & Medium UAVs Air Data Systems to Hamper the Growth of Global Air Data Systems Market
The higher cost correlated with air data systems for small as well as medium airlines or UAVs is estimated to hinder the growth of the Air Data Systems Market in the forecast period. The production of air data systems for small and medium-sized aircraft, along with the unattainability of advanced technologies associated with products in under-merged economies, are intended to impede the Air Data System Industry in the forthcoming years.
Narrow Body Aircrafts Anticipated to Grab a Prominent Share in the Global Air Data Systems Industry
On the basis of Aircraft Types, the air data systems market is classified into the following categories:
Among these, the Narrow Body Aircraft segment is expected to dominate the industry by holding the largest share of the Air Data Systems Market in the upcoming years. This type of aircraft is commonly used for short-distance international and domestic flights, featuring a single aisle in its cabin layout. Also, it accommodates a small number of flyers in comparison to its wide-body or large aircraft.
In addition, the rising adoption of narrow-body aircraft is having a favorable impact on the growth of the industry due to their cost-effective operations and low fuel consumption.
Top Market Participants of the Global Air Data Systems Market
According to the latest report by MarkNtel Advisors, the leading players of the air data systems industry are:
Prominent Development in the Air Data Systems Market of the World
In 2023, Parker Meggitt entered into a partnership with Airbus to produce an e-buffer (energy buffer) in support of the ZEROe aircraft demonstrator.
Asia-Pacific Region Expected to Witness Higher Growth during the Estimated Period
Geographically, the Air Data Systems Market expands across:
Among these, the Asia-Pacific region is anticipated to observe a high growth rate during the forecasted period due to high demand for air data systems in military aviation and commercial sectors. The main driver for the expansion of the industry is the rising procurement of commercial aircraft from countries including – Thailand, India, China, and Vietnam.
In addition, multiple countries are also acquiring novel military aircraft. Thus, the rising procurement of novel aircraft is generating a demand for air data systems, thereby, thrusting the growth of the Asia-Pacific Air Data Systems Market.
About the Author
MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals.
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