Portland, OR, June 23, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the CCTV systems for commercial aircraft market generated $170.82 million in 2020 and is expected to reach $257.02 million by 2030, growing at a CAGR of 4.3% from 2021 to 2030. The report provides a detailed analysis of changing momentum of the market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.
The need to improve aircraft safety, the introduction of advanced and innovative technologies, an increase in budgetary expenditure for aerospace applications and the increased emphasis on passenger safety are driving the growth of global commercial aircraft video surveillance systems market. However, shrinking profit margins in aerospace activities, deployment of technologically advanced products while maintaining cost effectiveness, and opposition from aircraft crews to the installation of cockpit cameras are limiting the market to some extent. On the other hand, the increase in R&D initiatives and the focus on improving operational efficiency present new opportunities in the coming years.
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- The outbreak of the COVID-19 pandemic has led to the global lockdown, which in turn has hampered the overall growth of the global commercial aircraft video surveillance systems market.
- The pandemic forced a ban on import-export activities in 2020, leading to a sudden drop in demand for air travel and thousands of planes grounded across the world.
- Due to the lockdown measures, commercial aircraft CCTV systems manufacturing facilities have been partially or completely shut down, which has negatively impacted the growth of the market.
The report offers a detailed segmentation of the global commercial aircraft video surveillance systems market on the basis of system type, aircraft type, application, and region.
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Based on system type, the cockpit door monitoring systems segment held the highest market share in 2020, holding nearly two-fifths of the total market share, and is expected to maintain its leading status during of the forecast period. However, the environmental camera system segment is estimated to register the highest CAGR of 5.1% from 2021 to 2030.
Based on the demands, the passenger segment held the largest market share in 2020, holding more than four-fifths of the total market share, and is expected to maintain its leading status during the forecast period. However, the freight segment is expected to register the highest CAGR of 5.4% from 2021 to 2030.
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Based on region, Asia-Pacific contributed the highest share in terms of revenue in 2020, holding nearly a third of the total market share, and is expected to maintain its dominant share by 2030 Moreover, this region is expected to manifest the fastest CAGR of 5.3% during the forecast period. Other regions covered in the report include North America, Europe and LAMEA.
Key players of global commercial aircraft video surveillance systems market analyzed in the research include Aerial View System Inc., AD Aerospace, Avionics Services, Eirtech Aviation Services, Global ePoint Inc., Kappa Optronics GmbH, KID Systeme GmbH, Meggitt Plc. , Ontonomy Aviation and Raytheon Technologies Corporation.
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