LONDON, Aug. 19, 2014 /PRNewswire/ -- In 2013, for the third year in a row, the annual global production of commercial aircraft crossed 1,000 aircraft per year. In the next 20 years, the aerospace industry is expected to have an additional 34,000 commercial aircraft. The frenzied activity in this industry is expected to ripple into the sensor market. Sensor manufacturers have been developing technologically superior sensors to keep pace with airlines, which are updating their fleets with new fuel-efficient aircraft in order to stay competitive.
New analysis from Frost & Sullivan, Analysis of Sensor Market in the Global Aerospace Industry, finds that the market earned revenues of $1.24 billion in 2013 and estimates this to reach $2.44 billion in 2020. The aerospace industry has been segmented into commercial and general aviation.
"The increase in fuel costs is driving the demand for fuel-efficient aircraft with next-generation engine technology and new jet power plants," said Frost & Sullivan Measurement & Instrumentation Senior Industry Analyst Sankara Narayanan. "These innovations are compelling sensor manufacturers to develop advanced sensors that offer compactness, low cost, reduced complexity, interoperability and ability to communicate with other sensors."
Delivering cutting-edge sensors for aircraft requires highly skilled employees and extensive coordination and integration with suppliers. As the design and production of aircraft is complex, the sensors have to be equally sophisticated. The aerospace industry has always been a trailblazer in sensor technology development and a new wave of technology awareness is spurring research in more advanced sensors for numerous aircraft applications.
"The measurement of critical parameters such as level, temperature, vibration, pressure, flow and position will remain critical for a safe flight," noted Narayanan. "Therefore, as long as airlines continue to build and fly aircraft, there will be a demand for sensors in the aerospace industry."
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Analysis of Sensor Market in the Global Aerospace Industry is part of the Sensors & Instrumentation (http://www.sensors.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Sensors Market in Shale Gas Industry, Global Wireless Sensor Networks Market, Sensors in Test and Measurement, and Strategic Analysis of the World Optical and Image Sensors Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of Sensor Market in the Global Aerospace Industry
SOURCE Frost & Sullivan