The global Aircraft Interface Device market is accounted to US$ 159.8 Mn in 2018 and is expected to grow at a CAGR of 18.6% during the forecast period 2019 - 2027, to account US$ 678.7 Mn by 2027
NEW YORK, Nov. 11, 2019 /PRNewswire/ --
The global Aircraft Interface Device market is accounted to US$ 159.8 Mn in 2018 and is expected to grow at a CAGR of 18.6% during the forecast period 2019 - 2027, to account US$ 678.7 Mn by 2027. The global Aircraft Interface Device market is experiencing steady growth during the forecast period. Owing to the continuously growing disposable income among the population, the need for air travel is also increasing at a similar pace. The commercial air traffic is anticipated to rise at a decent growth rate in near future, despite different challenges such as rising fuel costs, technical faults causing accidents and others. However, an increasing number of aircraft across the globe and strict governmental regulations are directly impacting on the growth of Aircraft Interface Device market in the current scenario.
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A key trend which will predominantly affect the Aircraft Interface Device market in the coming years is the advancement in technologies, and thus, the aircraft manufacturer is focusing on the development of wireless Aircraft Interface Devices.Pertaining to the fact that, wired Aircraft Interface Devices is gaining prominence in both the commercial and military aviation sector, the manufacturers are developing technologically robust Aircraft Interface Devices.
The wireless Aircraft Interface Devices are much lighter in weight as compared to wired Aircraft Interface Devices and also omit the risks associated with loose interconnection and timely wiring maintenance.This factor is attracting several commercial airlines to adopt the advanced Aircraft Interface Devices and enhance the fleet operations in recent times, which pose a significant opportunity for the industry players operating in the Aircraft Interface Device market.
These factors are anticipated to gain traction in the coming times having a substantial impact of the Aircraft Interface Device market.
Aircraft Interface Device market by fit type is segmented into line fit and retrofit.Retrofit holds the highest market share.
Retrofitting or aircraft modification is one of the key trend among the commercial airlines and military sector.The aircraft component manufacturers are expanding their product and service portfolios rapidly and therefore, the commercial airlines and defense authorities are increasingly upgrading their existing fleets with advanced technologies to keep up with the latest technologies.
This factor has positively impacted on the Aircraft Interface Device manufacturer's businesses, which is anticipated to drive the Aircraft Interface Device market for retrofit in the coming years.
The overall Aircraft Interface Device market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Aircraft Interface Device market.
Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Aircraft Interface Device industry.
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