Report: Commercial Aircraft Video Surveillance Systems Market to Grow 5% CAGR by 2020
The introduction of stringent policies by regulatory bodies is seen to necessitate the incorporation of video cameras for surveillance inside aircraft.
ELMHURST, Ill. – Market research firm Technavio is forecasting the global commercial aircraft video surveillance market will grow at a compound annual growth rate (CAGR) of approximately 5% by 2020.
The growing emphasis on passenger safety is predicted to bolster the demand for surveillance systems during the forecast period, 2016-2020. Moreover, the introduction of stringent policies by regulatory bodies is seen as necessitating the incorporation of video cameras for surveillance inside an aircraft.
The augmented demand for cost-effective surveillance equipment is the key driver for the growth of this market, according to Technavio. Recently, it has been observed that numerous airline companies are looking to reduce their total cost of operation by using the latest avionics systems in their aircraft. Such systems allow centralized monitoring and help to control a large number of interconnected and electrically powered equipment and subsystems in the cabin.
Segmentation by aircraft type and analysis of the commercial aircraft video surveillance systems market include narrow-body, wide-body and regional jets. Technavio analysts have anticipated the narrow-body aircraft segment to account for more than 67% of the total market share by 2020. The recent increase in the demand for narrow-body aircraft from organizations across the globe is predicted to result in this segments high market share during the forecast period.
The research firm estimates the Americas to be the highest revenue-generating segment during the predicted period. The recent increase in air passenger traffic in the Americas is predicted to necessitate the development of automated systems, which are capable of capturing passenger behavior and enhancing the safety and security of passengers. This increase in air passenger traffic is estimated to result in the Americas generating a capacity of more than $60 million by 2020.
The leading vendors in the market include AD Aerospace, Cabin Avionics, Meggitt, Orbit and United. The global market for commercial aircraft video surveillance systems is highly fragmented due to the presence of numerous large and small-sized players. To gain traction in the market, many vendors are increasing their capital for infrastructure development and R&D, according to Technavio.
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