Aviation IoT Market Growth & Trends
The global aviation IoT market size is anticipated to reach USD 22.51 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 21.4% from 2021 to 2028. The aviation industry is tectonically shifting toward automated and intelligent systems in line with the continued advances in technology. At this juncture, IoT (internet of things) devices are emerging as crucial devices for the incumbents of the aviation industry to gather real-time data and derive actionable insights.
The aviation industry is continuously adopting a digital ecosystem and is subsequently set to generate large volumes of data. The development of a more recent version of the Internet Protocol (IP), Internet Protocol version 6 (IPv6), has already improved the data handling capability and the overall functionality. The introduction of low-power terrestrial networks in L-band to support 5G connectivity is expected to further enhance the data transfer capacity, thereby encouraging the deployment of IoT-compatible devices in the aviation industry.
IoT is expected to play a critical role in weather forecasting as well as monitoring various systems of the aircraft in real-time. Monitoring the weather using advanced sensors and analyzing the gathered weather data can help airlines in making crucial decisions in real-time and choosing alternative flight routes. Similarly, deploying IoT sensors and devices inside the aircraft can help in monitoring engine performance and subsequently reducing fuel consumption and improving the profit margins.
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Aviation IoT Market Report Highlights
- Enhancement of passenger experience and modernization of the existing airport infrastructure are expected to be the crucial factors responsible for the surging deployment of IoT-compatible solutions across the aerospace industry
- Development of an advanced Aircraft Health Monitoring System (AHMS) for monitoring aircraft operation helps predict maintenance and identify the failure of components in advance to reduce the risks and downtime of aircraft maintenance
- Key airline operators are utilizing cloud computing technology to store the large volumes of data generated from numerous sensors, thereby opening opportunities for intercontinental airline operators to analyze the data for deriving insights
- IoT-enabled aircraft cabins can potentially offer personalized entertainment content and some of the prime airline operators have already adopted such IFE modules to increase passenger loyalty and enhance ancillary revenues
Aviation IoT Market Segmentation
Grand View Research has segmented the global aviation IoT market by application, end-use, and region:
Aviation IoT Application Outlook (Revenue, USD Million, 2016 - 2028)
- Ground Operations
- Passenger Experience
- Aircraft Operations
- Asset Management
Aviation IoT End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Airline Operators
- Aircraft OEM
Aviation IoT Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
List of Key Players of Aviation IoT Market
- Honeywell International, Inc.
- Tata Communication
- Cisco Systems, Inc.
- Huawei Technologies Co. Ltd.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.