Connected Aircraft Market Overview
Connected Aircraft Market 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 connected aircraft market in Latin America is expected to reach a valuation of USD 299.8 million by 2024 at a CAGR of 13.85% during the review period. The increase in air passenger traffic in countries such as Colombia and Brazil is propelling the regional market growth.
Connected Aircraft Market Segmental Analysis
The global connected aircraft market has also been segmented by type, aircraft type, connectivity, application, frequency band, and region.
Based on type, the market has been divided into systems and solutions. The solutions segment dominated the market with a valuation of USD 2,649.6 million in 2018 and is expected to reach USD 6,479.1 million by 2024. The systems segment is projected to exhibit a higher CAGR of 17.09% during the forecast period.
On the basis of aircraft type, the global connected aircraft market has been classified as fixed-wing and rotary-wing. The fixed-wing segment was larger, valued at USD 523.3 million in 2018; it is projected to reach USD 6,302.1 million by 2024. The rotary-wing segment is expected to register a higher CAGR of 17.57% during the forecast period.
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Connected Aircraft Market Competitive Analysis
The key players in the global connected aircraft market 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)
Connected Aircraft Market Key Developments
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.