Advancements in technologies, various government initiatives, and a rise in number of airlines and aircraft fleet are among the factors propelling the overall economy of the region, driving it from a developing to developed phase. APAC is estimated to register the fastest CAGR in the APAC aircraft video surveillance market during the forecast period. This can be attributed to factors such as increasing investments in the commercial aircraft sector, rising number of new aircraft, and integration of new systems in the existing aircraft.
APAC has a strong import of advanced commercial aircraft over the past few years owing to the rising number of domestic and international flights. Increased international and domestic travelers from countries, such as India, China, Japan, and Taiwan are creating demand for additional flights. The commercial aircraft fleet in the region is expanding and generating demand for advanced security solutions such as video surveillance systems. The new regulation to improve security level in aircraft generating demand video surveillance solutions, such as cargo and cabin surveillance systems, and cockpit door surveillance systems. For instance, in December 2020, AirAsia India expanded their aircraft fleet with three new A320 neo planes. The company is further increasing its fleet by purchasing two more A320 neo planes by 2021. Further, the increasing aftersales services for aircraft in the region is supplementing the market growth. For instance, Singapore has more than 120 aerospace companies providing maintenance, repair, and operations (MRO) services.
According to the GMF AeroAsia, 2017, the MRO sector in Indonesia is predicted to grow by 10% annually over the next decade. Besides, according to the Boeing aviation market forecast, APAC countries would require 16,930 more airplanes by 2037 to accommodate the increasing number of travelers. The region is expected to account for ~40% of future airline production to suffice the aircraft demand. The rising count of passengers would create the need for additional aircraft, thereby propelling the need for video surveillance systems in the aircraft.
Rising investments in aircraft manufacturing activities by private companies and governments are bolstering the market growth. For instance, in July 2018, MRJ, a unit of Mitsubishi Aircraft Company, announced a new plan to increase the aircraft production activities in Japan. The company initiated the plan to lead the nation in the aerospace industry and reduce the dependency on other companies, such as Boing and Airbus. Similarly, the Government of India initiated “Make in India” campaign, under which new policies and regulations are introduced to support domestic aircraft manufacturers. Within a year, around 500 start-ups have begun to manufacture and provide service to aerospace industry. Therefore, the increasing number of airlines, aircraft manufacturers, and passengers is the key factor driving the demand for aircraft video surveillance systems in APAC.
Asia Pacific is adversely affected by the COVID-19 pandemic. According to the IATA, airlines in the Asia Pacific has witnessed the largest revenue drop, which is around US$ 113 billion in 2020 compared to 2019. Such a drop in revenue pressurized the airline companies to delay the ongoing expansion or aircraft purchase, which hinders the market growth during the COVID-19 pandemic situation.
Market Overview and Dynamics
The Aircraft Video Surveillance market in APAC is expected to grow from US$ 91.79 Mn in 2019 to US$ 133.55 Mn by 2027; it is estimated to grow at a CAGR of 6.1% from 2020 to 2027. The boon in demand for enhanced security in aircraft in developed countries has led to increase in the adoption aircraft video surveillance. Countries with high GDP are vigorously carrying out large-scale industrialization and infrastructure developments. Moreover, rising volumes of aircraft order and delivery are further expected to bolster the market growth.
Key Market Segments
The market for aircraft video surveillance market is segmented into system type, fit type, aircraft type and country. Based on system type, the market is segmented into cockpit door surveillance systems, cabin surveillance systems, and environmental cameras system. In 2019, the cockpit door surveillance systems held the largest share APAC aircraft video surveillance market. Based on fit type the aircraft video surveillance market is divided into retrofit andLine-fit. Similarly, based on aircraft type, the market is bifurcated into wide body aircraft andnarrow-body aircraft. The narrow-body aircraft segment contributed a substantial share in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the APAC aircraft video surveillance market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Some of the key companies listed in the report are AD Aerospace Ltd., Cabin Avionics Ltd., Kappa-Optronics GmbH, Global Eagle Entertainment Inc. Meggit Plc, Collins Aerospace, Parker Hannifin Corp., BAE Systems Plc, and KID-Sys among others.
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APAC Aircraft Video Surveillance Market SEGMENTATION
APAC Aircraft Video Surveillance Market – By System Type
APAC Aircraft Video Surveillance Market – By Fit Type
APAC Aircraft Video Surveillance Market – By Aircraft Type
APAC Aircraft Video Surveillance Market – By Country
Company Profile