(MENAFN- EIN Presswire) IoT in Aviation
OREGAON, PORTLAND, UNITED STATES, May 2, 2023 /einpresswire.com / -- According to a new report published by Allied market Research, titled,“iot in Aviation market ," The iot in aviation market was valued at $1.3 billion in 2021, and is estimated to reach $8.6 billion by 2031, growing at a CAGR of 20.5% from 2022 to 2031.
IoT in Aviation Market by Component (Hardware, Software, Services), by End User (Airline, Airport, MROs, Manufacturers), by Application (Ground Operations, Passenger Experience, Asset Management, Air Traffic Management): Global Opportunity Analysis and Industry Forecast, 2021-2031
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Few countries have started to implement IoT enabled smart baggage trolley system at the airport in their region, which is boosting the growth of the market during the forecast timeframe. For instance, in November 2020, in India, GMR Hyderabad International Airport (GHIAL) has introduced an Internet of things (IoT)-enabled smart baggage trolley system for tracking and maintaining the availability of baggage trolleys in real time across the airport. Under the Airport Baggage Trolley Project, the entire fleet of 3,000 baggage trolleys have been installed with the LoRa (Long Range) platform. This project will reduce passenger waiting times and ensure adequate availability of the trolleys in real time.
MRO in aviation referred to maintenance, repair and overhaul. MRO focuses on inspection and correcting problems in aircraft components. Use of internet of things (IoT) in MRO related activities results in greater efficiency and less downtime for aircraft fleets. Aircraft companies in numerous countries are utilizing IoT to enhance their operational efficiency. For instance, Lufthansa has developed AVIATAR open platform for predictive maintenance. This aircraft IoT solution enables airlines to consistently monitor performance of aircrafts through sensors installed throughout the aircraft. If the system detects any malfunction in any part of aircraft during the flight, then a message is sent to ground crews to have necessary equipment for the repair or replacement upon arrival.
Aircraft manufacturers have also started to utilize internet of things (IoT) to develop powerful analytical techniques which will boost operational effectiveness. In addition, IoT aids the manufacturers to develop aircraft effectively and efficiently. Aircraft manufacturers have started adopting IoT-enabled smart meters in aircraft manufacturing in order to gain insight related with the energy usage throughout the entire production period. These smart meters analyze energy usage & propose energy-saving measures by exploiting advanced analytics algorithms.
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COVID-19 Impact Analysis :
The COVID-19 pandemic impacted the IoT in aviation market in a negative manner owing to international lockdowns with reduction in traffic through major transport hub, which in turn resulted in drop in the number of operational aircrafts and planes. However, post pandemic, rise in demand for air traffic solutions is arising from emerging nations, which is expected to supplement the growth of iot in aviation market, during the forecast period. For instance, India is planning to open additional 100 airports by the end of 2024.
KEY FINDINGS OF THE STUDY :
By component, the hardware segment is anticipated to exhibit significant growth in the near future.
By end user, the airport segment is anticipated to exhibit significant growth in the near future.
By application, the passenger experience segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Key players operating in the global IoT in aviation market include Cisco Systems, Inc., Globeranger Corporation, Honeywell International Inc., Huawei Technologies Co., Ltd., IBM Corporation, Microsoft Corporation, SAP SE, Sita, Tata Communications Ltd., and Wind River Systems, Inc.
David Correa
Allied Analytics LLP
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