DUBLIN–(BUSINESS WIRE)–The “Aircraft Video Surveillance Market Forecast to 2027 – COVID-19 Impact and Global Analysis by System Type, Fit Type, and Aircraft Type” report has been added to ResearchAndMarkets.com’s offering.
According to this report the market was valued at US$ 472.75 million in 2019 and is projected to reach US$ 630.52 million by 2027; it is expected to grow at a CAGR of 4.9% from 2020 to 2027. The report highlights the key factors driving the market growth and prominent players with their developments in the market.
The growth of the aircraft video surveillance market is mainly attributed to increasing investments in the commercial aircraft sector from developed as well as developing nations. Aircraft video surveillance provides enhanced security for passenger and crew; thus, it has major adoption in commercial aircraft fleet. On the back of immense growth in the aircraft technology, each country would witness the launch of more enhanced aircraft video surveillance offering high-quality images.
Airline companies are installing video surveillance systems to monitor the passenger cabin area for disruptive or suspicious activities. The COVID-19 pandemic has had several impacts on the market growth such as slowdown in production and delays in projects of several countries due to unstable economy. Due to COVID-19 pandemic impact, in November 2020, Boeing delivered 7 commercial jets as compared to 24 deliveries in the same month last year. The commercial sector experienced a major setback as domestic as well as international flights were put on hold for a certain period. The airline companies postponed or cancelled the new fleet expansion plans owing to a major economic impact.
Hence, the demand for new aircraft is reduced, which directly affected the procurement of aircraft video surveillance solutions. However, the number of narrow-body aircraft and business aircraft has started to escalate in post-lockdown period as certain flight restrictions are eased. Increasing volume of commercial aircraft in the global market owing to rising number of passengers is expected to be a key factor for the market growth during the forecast period. There is a tremendous demand for video surveillance systems in the region as aircraft manufacturing companies are well aware of newer technologies. For instance, Airbus is offering advanced security and surveillance system in its A320, A330, A350, and A380 series aircraft models.
Surge in Demand from Emerging Countries Provide Business Opportunities to Market Players
The aircraft industry is growing at a faster rate in North America, Europe, and Asia Pacific with an advent of connected cabin technologies. Increasing number of aircraft fleet in commercial sectors is expected to drive the market in the regions. China, India, the US, Germany, and the UK are among are among the leading commercial aircraft and aircraft products manufacturing countries in the regions. Further, rising investments in aircraft manufacturing activities by private companies and governments are bolstering the market growth. For instance, in July 2018, MRJ, a unit of Mitsubishi Aircraft Company, announced a new plan to increase the aircraft production activities in Japan. The company initiated the plan to lead the nation in the aerospace industry and reduce the dependency on other companies, such as Boeing and Airbus.
Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global aircraft video surveillance market. Highlights key business priorities in order to assist companies to realign their business strategies The key findings and recommendations highlight crucial progressive industry trends in the global aircraft video surveillance market, thereby allowing players across the value chain to develop effective long-term strategies Develop/modify business expansion plans by using substantial growth offering developed and emerging markets Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution Market Dynamics
Drivers
Increasing Demand for Enhanced Security in Aircraft Accentuating Volumes of Aircraft Order and Delivery Restraints
Invasion of Privacy Opportunities
Rising Demand for Business Aircraft Future Trends
Advent of Connected Cabins Companies Mentioned
AD Aerospace Plc. Aerial View Systems, Inc. BAE Systems Plc. Cabin Avionics Ltd. Global Eagle Entertainment Inc. Kappa Optronics GmbH Meggit Plc. KID-Systeme GmbH Parker-Hannifin Corporation Collins Aerospace, a Raytheon Technologies Company For more information about this report visit https://www.researchandmarkets.com/r/m5m4dq