Commercial Aircraft Video Surveillance Systems Market Size Expected to Reach $257.02 Million by 2030
Supportive growth of commercial aviation industry through regulatory compliance and need for enhanced security are expected to drive the commercial aircraft video surveillance systems industry during the forecast period. However, increase in security issues & cyber threat hampers the growth of the market. Moreover, technological advancements are expected to offer lucrative opportunities for the market in future
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North America dominates the market, in terms of revenue,
followed by, Asia-Pacific, Europe, and LAMEA. U.S. dominated the global
commercial aircraft video surveillance systems market share in in North
America, owing to increase in demand for air travel in the U.S. and rapid
adoption of flight safety mandates in the country. Asia-Pacific is expected to
grow at a significant rate during the forecast period, owing to rise air
passenger traffic across several Asian nations, for instance, China, India,
Japan, and South Korea
By system type, cockpit door surveillance system segment
accounted for the highest revenue in 2020, owing to high demand for video
surveillance to ensure high safety required for cockpit area.
Depending on aircraft type, narrow body segment accounted
for the highest revenue in 2020, owing to high demand for narrow body
commercial aircraft across the globe.
As per the application, passenger segment was the highest
revenue contributor in 2020, owing to high demand for commercial aircraft video
surveillance systems for air travel by passengers globally.
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COVID-19 Impact Analysis
- The
COVID-19 impact on the commercial aircraft video surveillance systems
market is unpredictable and is expected to remain in force for a few
years.
- The
COVID-19 outbreak forced governments across the globe to implement
stringent lockdown and ban import–export activities for most of 2020 &
few months in 2021. This led to sudden fall in demand for air travel and
thousands of planes were grounded across the globe.
- Moreover,
nationwide lockdown forced commercial aircraft video surveillance systems
manufacturing facilities to partially or completely shut their operations.
- Adverse
impacts of the COVID-19 pandemic have resulted in delayed activities and
initiatives regarding development of commercial aircraft video
surveillance systems components across the globe.
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KEY FINDINGS OF THE STUDY
- By
system type, the environmental camera system segment is expected to
register a significant growth during the forecast period.
- By
aircraft type, the freighter segment is anticipated to exhibit significant
growth in future.
- Depending
on application, the cargo segment is anticipated to exhibit significant
growth in future
- Region
wise, Asia-Pacific is anticipated to register the highest CAGR during the
forecast period.
The key players that operate in the global commercial
aircraft video surveillance systems market include Aerial View System Inc., AD
Aerospace, Avionics Services, Eirtech Aviation Services, Global ePoint Inc.,
Kappa Optronics Gmbh, KID Systeme Gmbh, Meggitt Plc., Ontonomy Aviation, and
Raytheon Technologies Corporation
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