Connected aircraft industry is expected to reach USD 9,671.7 Million by 2024 at a CAGR of 16.40% during the forecast period.
Modern aircraft are integrated with data-centric architecture to capture real-time information from take-off to landing, which assists in improving the safety and efficiency of the aircraft. Data sharing with other aircraft and ground-based operational teams also help improve efficiency and ensure safety during emergencies. The high demand for onboard infotainment services and live telecast of news and sports events for entertainment purposes is expected to bolster the growth of the global connected aircraft market.
The geographic analysis of the global connected aircraft industry includes North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America was the largest market, with a valuation of USD 1,725.7 million in 2018. The US and Canada are the country-level markets in North America. The regional market value is expected to reach USD 4,079.5 million by 2024 at a 15.42% CAGR during the forecast period. This growth can be attributed to large-scale investments by airport authorities and airline operators in infrastructure development and expanding aircraft fleet, which are expected to foster the regional market growth. Moreover, the growing adoption of technology by various companies operating in the aerospace industry for improving operational efficiency and offering enhanced services to customers are expected to propel the connected aircraft industry growth in North America.
Europe accounted for the second-largest market share in 2018. The European market includes the UK, Germany, France, Italy, and the rest of Europe. The presence of prominent aircraft OEMs, such as Airbus SAS, is driving the growth of the European market. The European connected aircraft industry is growing at a steady pace with the increase in the number of new aircraft deliveries. In addition, in-flight connectivity service providers have been investing heavily in R&D to create enhanced network solutions. The European connected aircraft industry is expected to reach USD 2,729.4 million by 2024 at a CAGR of 16.33% during the forecast period.
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The key players in the global connected aircraft industry are Airbus SAS (France), BAE Systems PLC (UK), Cobham PLC (UK), Gogo Inc. (US), Honeywell International Inc. (US), Inmarsat PLC (UK), Panasonic Avionics Corporation (US), S&T AG (Austria), SITA (Switzerland), Thales Group (France), Apple Aviation (UK), Global Eagle Entertainment Inc. (US), IBM Corporation (US), and Viasat Inc. (US)
- In February 2018, Thales Group signed a contract with Garuda Indonesia to equip the airline’s 14 A330neo aircraft with the AVANT IFE system.
- In November 2017, Thales Group signed a contract with The Emirates Group to equip its Boeing 777X fleet with next-generation broadband in-flight connectivity using the Inmarsat GX global network, starting in 2020.