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Increasing number of commercial aircrafts is major driving factor for growth of the altimeter market
Altimeter is very important device for determination of altitudes, hence it is primarily used in every type of aircraft. The market for commercial airlines are flourishing globally. Traveling anywhere across the globe has become easier and less time consuming due to aviation industry. Hence, there has been a substantial increase in the number of air passengers. For instance, according to International Civil Aviation Organization (ICAO), the total number of air passengers increased to 3.8 billion in 2016, which was 6.8% higher than 2015, which is propelling demand for introduction of more number of aircrafts in order to expand the network for air travel, which in turn is propelling demand for Altimeter. Therefore, increase in the number of aircrafts is driving growth of the altimeter market.
Increasing government investment in fighter aircrafts is accelerating growth of the market
Increasing investment by government of various countries for fighter aircrafts plays a major role for the growth of the market. For instance, in 2017, the government of Canada announced to purchase 88 advanced fighter aircraft for Canadian safety and security. Furthermore, in April 2018, the Indian Air Force announced acquire a fleet of 110 fighter jets. The use of altimeters is very primary in Air Force air crafts or Navy jets, for pilot monitoring. The typical type of altimeters used in military aircrafts are the radar altimeters to fly quite low over the land and the sea to avoid radar detection and targeting by anti-aircraft guns or surface-to-air missiles. A related use of radar Altimeter technology is terrain-following radar, which allows fighter bombers to fly at very low Altitudes.
Altimeter Market: Regional Insight
On the basis of region, altimeters market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Asia Pacific is expected to be the fastest growing region in altimeters market over the forecast period. India, China, Japan are some of the major countries driving growth of the market in Asia Pacific. As per the April 2018, press release by International Air Transport Association (IATA), Asia pacific had the highest market share of 33.7% of the total air passenger traffic across the global, in the month of February 2018. Thus, the growth for altimeter market is majorly driven in the Asia Pacific region pertaining to the increasing demand for air crafts to handle increasing number of air passengers. Furthermore, introduction of emerging airlines in India have accelerated growth of the market in Asia Pacific. For instance, some of the new entry airlines in India are Air Deccan (2017), Vistara (2015), TruJet (2015), Luwang Air (2018), Quikjet Airlines (2016), and Fly Divine (2017).
North America held the dominant position in the market in 2017 and is projected to retain its dominance throughout the forecast period. The U.S. and Canada are major countries driving growth of the market in this region, owing to presence of major aircraft manufacturing companies such as Boeing Company, Lockheed Martin, United Technologies Corporation, General Dynamics Corporation in United States. Altimeters is important device for pilot monitoring in fighter planes, which is driving growth of the market in the North America.
Altimeter Market: Competitive Insight
Key players operating in altimeter market include Garmin International Inc., Aerocontrolex Group Inc., Honeywell Aerospace, UTC Aerospace Systems, Thales Group, Rockwell Collins, Transdigm Group, and United Technologies.
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