IoT in the aerospace and defense market is expected to witness significant growth as defense systems get more sophisticated. This information was shared by a Fortune Business Insights report, titled “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 Geography Forecast till 2026”. The report provides crucial information on the factors influencing growth in the global market. The information is aimed at encouraging more players and stakeholders to enter the market and aid its growth. Internet of Things (IoT) refers to a combination of hardware and software that makes management more efficient and economical.
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The relevance of IoT today has gotten a huge boost due to the wide array of services it enables, particularly in the areas of equipment maintenance, health monitoring, inventory management, advanced analytics, and others. In case of IoT in aerospace and defense Market, its tools can be applied for unscheduled aircraft maintenance, sensory inputs, reliable & secure communications, tail allocation, and cloud application development services, thus enabling military commanders to make optimal decisions based on real-time reporting, using devices such as satellite communication, ISR and GPS. Countries like China are raising their defense budgets to integrate IoT in their existing technologies.
Key Market Driver –
- Enhanced internet penetration, decreased cost of powerful sensors & controllers.
Key Market Restraint –
- Slow data transmission speeds in flight and complex technology.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/iot-in-aerospace-defence-market-100305
Top Players List:
- AeroVironment, Inc.
- AT & T
- Elbit Systems
- FreeWave Technologies
- General Atomics Aeronautical Systems
- Honeywell International Inc.
- Northrup Grunman
- Prox Dynamics
- Textron Systems
Promising IoT Market Fuels Competition Among Major Industry Players
The IoT market holds a lot of potential and this can be seen by rising competition among notable players in the industry. Some of the players are Freewave Technologies, AeroVironment, Inc., Elbit Systems, General Atomics Aeronautical Systems, Prox Dynamics, AT & T, Radisys, and Textron Systems among others. For example, in January 2018, AeroVironment announces a joint venture with HAPSmobile to fund development and production of solar-powered high-altitude unmanned aircraft systems in a contract of USD 65 Mn.
Furthermore, in 2018, IoT was deployed in building ‘Smart Airports’ for various purposes like providing real-time data to passengers. Heathrow Airport of London adopts IoT technology to reduce nitrogen dioxide emissions in order to improve the local air quality. Thus, in both sectors, competitors seem to be upping the ante.
1. By Components
- Software Platforms
2. By End Use
- Space Systems
- Ground Vehicles
- Airframes, Aircraft Fleets and MROs
- Naval Systems
3. 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)
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Key Industry Developments
- 2018– The development of smart airports brought a revolution in the IoT in aerospace market to extract meaningful real-time data for passengers.
- 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 USD 65 Mn.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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