The Connected Aircraft Market was is valued to reach USD 7.16 Billion by 2022, growing at CAGR 16.02% during forecast period 2020–2026. Rising aircraft deliveries, growing emphasis on reliability and safety of aircraft and passengers and increasing need for operational efficiency are the factors augmenting the market.
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The report provides in-depth market intelligence regarding the market dynamics and major factors influencing the growth of the connected aircraft market (drivers, opportunities, and industry-specific challenges), along with an analysis of micromarkets, with respect to individual growth trends, prospects, and their contribution to the overall market. The report also covers competitive developments, such as long-term contracts, new product launches, agreements, and research & development activities in the connected aircraft market, in addition to business and corporate strategies adopted by key market players.
Market Trends, Drivers, Restraints and Opportunity:
- The surge in number of passengers for international flights in the recent years and improvement in the quality of service is likely to propel the market growth in the forthcoming years. Moreover, technological advancements in the aircraft industry is incumbent in the following years and subsequently beneficial for the resultant market growth
- High maintenance and greater connectivity followed by continuous monitoring of aircraft components is likely to enhance the overhead costs and enable a faster process for lead time which in turn impels the market growth
- Moreover, dynamics in the airline industry such as availability of connected flights, quality of service (QOS) and investments is likely to propel a high market growth in the following years and also create growth opportunities
- On contrary, fluctuation in the fuel prices for long distance flights probably plummets the demand for connected flights in the following years