Commercial Aircraft Video Surveillance Systems Market to Garner $257.02 Million by 2030: Allied Market Research
The need for improved aircraft security, the emergence of advanced & innovative technologies, rise in budgetary expenses for applications related to aerospace, and focus on passenger safety drive the growth of the global commercial aircraft video surveillance systems market. Asia-Pacific accounted for the highest share in 2020, contributing to nearly one-third of the total market share.
Portland, OR, June 23, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global commercial aircraft video surveillance systems market generated $170.82 million in 2020, and is projected to reach $257.02 million by 2030, witnessing a CAGR of 4.3% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The need for enhanced aircraft security, the introduction of advanced & innovative technologies, an upsurge in budgetary expenses for aerospace applications, and enhanced emphasis on passenger safety drive the growth of the global commercial aircraft video surveillance systems market. However, reduced profit margins in aerospace business, deployment of technologically advanced products while maintaining profitability, and aircraft crew opposition to installation of cameras in cockpit restrain the market to some extent. On the other hand, surge in R&D initiatives and increase in focus to improve operational efficiency present new opportunities in the upcoming years.
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COVID-19 Scenario:
The outbreak of the COVID-19 pandemic led to the global lockdown, which, in turn, hampered the overall growth of the global commercial aircraft video surveillance systems market.
The pandemic forced the ban on import-export activities in 2020, which led to sudden fall in demand for air travel and thousands of planes were grounded across the globe.
Owing to lockdown measures, manufacturing facilities of commercial aircraft video surveillance systems were halted partially or completely, thereby impacting the market growth negatively.
The report offers detailed segmentation of the global commercial aircraft video surveillance systems market based on system type, aircraft type, application, and region.
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Based on system type, the cockpit door surveillance system segment held the highest market share in 2020, holding nearly two-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the environmental camera system segment is estimated to register the highest CAGR of 5.1% from 2021 to 2030.
Based on application, the passenger segment held the largest market share in 2020, holding more than four-fifths of the total market share, and is expected to continue its leadership status during the forecast period. However, the cargo segment is projected to register the highest CAGR of 5.4% from 2021 to 2030.
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Based on region, Asia-Pacific contributed to the highest share in terms of revenue in 2020, holding nearly one-third of the total market share, and is estimated to continue its dominant share by 2030. Moreover, this region is projected to manifest the fastest CAGR of 5.3% during the forecast period. Other regions discussed in the report include North America, Europe, and LAMEA.
Leading players of the global commercial aircraft video surveillance systems market analyzed in the research 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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