What is the future of Aircraft Antenna Market? Know Covid Impact on Size, Share & Forecasts
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aircraft Antenna Market.
It was estimated prior to this unanticipated outbreak that the Aircraft antenna market was likely to witness an impressive CAGR of 7.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. The rising demand for durable and competent aircraft antennas and the growing number of aircraft deliveries are expected to underpin the growth of the global aircraft antenna market. Further, the upsurge in the application of unmanned aerial vehicles in the military sector for critical defense missions and rescue operations is further expected to bolster the aircraft antenna market in the emerging economies.
Aircraft Antenna Market Segment Insights:
By Application Type:
The navigation & surveillance segment was estimated to account for the largest share of the market in 2018. The growth of this segment can be ascribed to the rise in bandwidth and the usage of high frequencies for navigation & surveillance by aircraft.
By Region:
In terms of regions, the North American region was anticipated to be the largest market for aircraft antenna in 2018. Further, the aircraft antenna market is expected to register significant growth in the Asia-Pacific region in the coming five years owing to the rising aviation passenger traffic and the consequent claim for new commercial aircraft. The growing demand for next-generation advanced aircraft antennas from the emerging economies is also estimated to bolster the growth of the Asia-Pacific’s aircraft antenna market during the forecast period. Countries such as China, Brazil, and India have an enormous growth potential for the aircraft antenna market, as governments of these countries have paced up their defense expenditure to boost their civil & commercial and military aircraft fleet.
Some of the major players in the aircraft antenna market are Antcom Corporation, The Boeing Company, Cobham plc, Harris Corporation, Honeywell International Inc., Sensor Systems Inc., and TECOM Group.