PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424437
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1424437
The air data indicator market size is expected to reach US$ 2,139.0 million by 2030, from US$ 961.2 million in 2023, at a CAGR of 12.1% during the forecast period.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023/2024: | US$ 961.2 Mn |
Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023/2024 to 2030/2031 CAGR: | 12.10% | 2030/2031 Value Projection: | US$ 2,139.0 Mn |
The global air data indicator market has been gaining significant traction over the recent years owing to the increasing use of air data indicators in aircraft for critical flight parameter measurement applications. An air data indicator is an instrument that is used to measure and display an aircraft's airspeed, altitude, and vertical speed. It plays a vital role for the pilots to maintain the safety of aircraft and its operations. The continuous growth of aircraft fleet across various regions and stringent regulatory norms regarding aircraft safety have been primarily augmenting the demand for advanced air data indicators. Moreover, the rising adoption of glass cockpit avionics and digitization of critical parameters are expected to propel the sales of air data indicators in the coming years. Meanwhile, high maintenance and upgrading costs associated with air data indicators may limit their widespread adoption.
The global air data indicator market is projected to witness robust growth during the forecast period owing to several factors such as rising aircraft deliveries, upgradation of existing fleet, increasing focus on aircraft modernization, and stringent regulatory standards for flight safety. Additionally, boosting investments by prominent manufacturers in advanced technologies, such as solid-state air data sensors and integrated avionics, are further fueling the market growth. However, high costs associated with air data indicator upgrade and maintenance may hamper the revenue generation of market players to some extent. Moreover, political uncertainties, geopolitical tensions, and fluctuations in crude oil prices pose challenges for the aircraft industry, thereby restraining the demand for air data indicators. Meanwhile, the ongoing miniaturization of components and the development of multi-functional integrated systems present significant opportunities in the Air Data Indicator Market.