IoT in Aerospace & Defence Market Size, Share and Global Trend By Components (Software Platforms & Service), By End User (Space Systems, Ground Vehicles, and others) and Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
IoT in Aerospace & Defence Market comprises of various tools and services enabling better management of the industry. It includes various activities such as fleet management, equipment maintenance, health monitoring, inventory management, advanced analytics, and others. IoT in aerospace & defence offers unscheduled aircraft maintenance, tail allocation, sensory inputs, reliable & secure communications, and cloud application development services and enables military commanders to make optimal decisions based on real-time reporting, using devices such as satellite communication, ISR and GPS. The increase in the defence budgets of many countries including China, India etc. are expected to contribute in the global aerospace and defence market. China raises its defence budget by 7.5% to reach an amount of US$ 177.6 Bn in 2019. India also raised its defence budget to reach US$ 44.6 Bn in 2019.
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The increase in internet penetration, infrastructure, growth in demand for automation and analytics are the factors that reduce the cost of powerful sensors and controllers used in the aerospace & defence sector. Furthermore, growth in information, communication, & technology (ICT) and expenditure by governments in the several developed and the developing regions including North America, Europe, and Asia-Pacific have also contributed
KEY PLAYERS COVERED
The key players operating in the global IoT in aerospace & defence market include AeroVironment, Inc., AT & T, Elbit Systems, FreeWave Technologies, General Atomics Aeronautical Systems, Honeywell International, Inc., Northrup Grunman, Prox Dynamics, Radisys, and Textron Systems.
SEGMENTATION
Segmentation | Details |
By Components | · Software Platforms · Service |
By End Use | · Space Systems · Ground Vehicles · Airframes, Aircraft Fleets and MROs · Naval Systems |
By Geography | · North America (USA and Canada) · Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe) · Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific) · Latin America (Brazil, Mexico and Rest of Latin America) · Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa) |
Government initiatives in upgrading the defence and aerospace sector in several developing regions is expected to act as an opportunity for the growth of global IoT in the aerospace and defence market. Currently, emerging markets such as China, Brazil, and India, have doubled their defence expenditure as compared to the earlier investment.
REGIONAL ANALYSIS
North America generated the highest revenue in the global market in 2016, owing to technologically equipped infrastructure, high adoption of Internet of Things (IoT), and growth in demand for IoT in aerospace & defence tools. Moreover, the market in Asia-Pacific is also expected to grow rapidly owing to rise technological upgrades including industrial infrastructure evolution to a smart environment and integration of blockchain and cryptographic processes across IoT security services. Asia-Pacific is anticipated to witness a significant growth rate during the forecast period, owing to emerging economies, such as China and India, increase in urbanization, and other factors. The Indian government plans to establish Centres of Excellence (CoEs) for research, digital manufacturing, training and skilling in Robotics AI, Big Data Analytics, quantum communication and IoT.
Key Industry Developments |
· In 2018: The development of smart airports brought a revolution in the IoT in the aerospace market to extract meaningful real-time data for passengers. · In January 2018: AeroVironment Announces Joint Venture with HAPSmobile to fund development and production of solar-powered high-altitude unmanned aircraft systems in a contract of US$ 65 Mn. |
- Ongoing
- 2023
- 2019-2022
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