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The global airplane machmeter market size was USD 50.10 million in 2020. The market is projected to grow from USD 55.44 million in 2021 to USD 87.83 million in 2028 at a CAGR of 6.8% during the 2021-2028. The global impact of COVID-19 has been unprecedented and staggering, with witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -36.0% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over.
An airplane machmeter is an instrument that indicates the mach number (M), which is the ratio between the aircraft's true airspeed (TAS) and the local speed of sound (LSS). This ratio, equals one, and the TAS is equal to the speed of sound, is crucial in aircraft operating at high speed. Alternatively, the machmeter may be combined with the airspeed indicator (ASI), often referred to as a combined speed indicator (CSI). The conventional machmeter derives mach numbers from a set of mechanical components and is displayed on a dial. The modern generation equipped with fly-by-wire systems and glass cockpit has replaced these conventional or analog mach meters with air data computers. The mach number reading is displayed on the upper right corner of primary flight displays.
The airplane machmeter holds a limited share in the overall cost of single aircraft as flight instruments, such as altimeter and airspeed indicator, are interrelated. This measure is taken to minimize errors in flight parameters that will eventually reduce the operation and maintenance costs of aircraft instruments. This market is anticipated to project a higher growth rate due to the demand for advanced avionics systems. This high demand will eventually propel the growth of airplane machmeter market during the forecast period.
Cancelled New Aircraft Orders and Unexpected Decline in Aircraft Delivery Rates During COVID-19 to Impede Market Growth
The market witnessed significant uncertainties and devastating financial losses due to the large impact of COVID-19 on aviation industry and other several industries. The overall reduction of air passenger traffic in 2020 compared to 2019 has severely impacted the growth of aviation industry. The outspread of COVID-19 results in temporary shutdown in high growth economies. Also several airlines across the globe have canceled orders for new aircraft due to financial burden and reducing capacity at unparalleled rates in the absence of meaningful passenger demand.
Moreover, the COVID-19 pandemic led to a severe decline in avionics equipment production, leading to billions of dollars in losses to the airline sector during 2020.
Adoption of Integrated Flight Displays to Favor Market Growth
The conventional airplane machmeters used to have a dial and different mechanical setup. These separate dials consume space and create deflections such as position errors. To solve this problem, the key players involved in developing flight instruments and cockpits got together and developed primary and secondary flight displays showing every flight parameter on a single screen with minimum error. A primary flight display (PFD) presents information about primary flight instruments, navigation instruments, and the flight's status in one integrated display. Some systems include power-plant information and other system’s information in the same display. These integrated displays' markets projected a significant growth rate due to the need for technology advancements in aircraft instruments and cockpit systems.
Increasing Demand for Advanced Aircraft Fitted with Modern Avionics to Propel Market Growth
The demand for modern aircraft has increased due to technological advancements and high degree of accuracy. Besides, the growing demand for aircraft expansion due to the growing trend of low-cost and ultra-low-cost carrier has created an unexpected rise in orders for narrow body and wide body aircraft, which is expected to propel this market and associated instruments. Furthermore, several countries' increasing spending on military aircraft to strengthen defense capabilities is also expected to aid the growth of the market in the coming years.
High Development and Maintenance Cost of Flight Instruments to Hinder Market Growth
High development cost associated with the manufacturing of advanced flight data instruments is a primary factor hampering market growth. Aircraft instruments consist of static & dynamic probes and highly programmed air data computers, which incur high cost of manufacturing. These devices are comparatively sensitive electronically and have high maintenance cost. The high maintenance cost is associated with the precision and skilled workforce required. Thus, these factors should be considered that will eventually hamper the market growth during the forecast period.
Digital Machmeter Segment held Dominant share in 2020
Based on type, the market is segmented into analog and digital machmeter. The digital segment is expected to dominate the market due to high adoption of glass cockpit. The induction of glass cockpit and data computers in the aviation industry has made airplane machmeters and other flight instruments more precise and digital. The digital machmeter reading dial is located on the top left corner of the primary flight display. These digital types give the exact reading concerning sound. All the modern generation military and commercial aircraft are fitted with these digital mach meters, and will witness a substantial demand, owing to the high rates of commercial and military aircraft deliveries.
The analog segment is expected to witness sluggish growth due to the lower demand for these analog instruments as they always produce some amount of error, which eventually leads to some incidents and accidents of airplanes. Thus, lower growth numbers are anticipated for this segment during the forecast period.
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Commercial Aircraft Segment is anticipated to grow at Highest CAGR during Forecast Period
Based on application, the market is divided into commercial aircraft, general aviation, business jets, and military aircraft.
The commercial aircraft segment has witnessed strong growth over the past few years. This growth can be attributed to factors such as passenger air traffic, increased regional connectivity, and increased international trade and tourism across the globe. Strong growth in this segment has resulted in an increased number of aircraft orders. Manufacturers are currently focusing on avionics components to develop more reliable, accurate, and efficient products. Continuous advancements in aircraft instrument software and hardware have led to high segment growth during the forecast period.
The military aircraft segment is expected to significantly modify the ongoing surveillance, electronic warfare activities, and combat. Military jets use modern warfare technologies, including large-scale machmeters and radars for numerous military applications. The main reason for using modern-day aircraft instruments for military purposes is that these aircraft possess extensive properties and a high degree of precision and accuracy. Thus, higher growth numbers are anticipated from the military segment in the market in future.
North America Airplane Machmeter Market Size, 2020 (USD Million)
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By region, the global airplane machmeter market share is broken down into North America, Asia Pacific, Europe, and The rest of the World.
The market size in North America reached USD 18.41 million in 2020 and will continue to witness substantial growth through 2028. The growth is attributable to major airlines with a large fleet size and high defense budget 2020. Known airline operators, such as Delta and the American airlines, hold one of the largest fleets. Furthermore, key players, such as Aersonic Corporation, Honeywell Corporation, and United Instrument Inc., drive the market growth during the forecast period.
Asia Pacific is expected to show remarkable growth during 2021-2028 as major manufacturers in the avionics market are setting up plants in this region. Countries such as China and Japan are expected to remain the major players in this region, whereas India, due to its rapid growth in the commercial aircraft sector, is emerging as the fastest-growing market over the projected period.
Europe machmeter market is anticipated to grow significantly, owing to the presence of prominent OEMs such as United Aircraft Corporation, Leonardo Spa, and Airbus. These companies hold potential customers worldwide and among the top companies profiled in the region. There's a clear and urgent need to invest in developing new technologies to recover global leadership for Europe's aviation industry.
The rest of the world will showcase moderate growth during the forecast period. The Middle East is expected to show significant growth potential as Emirates, Etihad Qatar Airways, Air Arabia, Fly Dubai, and many more emerging airlines are looking to invest in modern aircraft technologies.
Technologically Advanced Aircraft Instruments to Propel Market
The competitive landscape of this market depicts the domination of selected players such as Honeywell International Inc., Aerosonic Corporation, and Thomas Global. These companies focus on designing and developing advanced airplane instruments, including machmeters, airspeed indicators, and gyros. Moreover, these companies are expanding their geographic reach in Asian countries.
An Infographic Representation of Airplane Machmeter Market
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The airplane machmeter market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading product applications. Besides this, the report offers insights into the market growth trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the market growth over recent years.
Value (USD Million)
Fortune Business Insights says that the global market size was USD 50.10 million in 2020 and is projected to reach USD 87.83 million by 2028.
The market will exhibit steady growth of 6.8% CAGR during the forecast period (2021-2028).
The commercial aircraft segment is expected to be the leading segment during the forecast period.
Aerosonic Corporation is the leading player in the global market.
North America dominated the market share in 2020.
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