IoT in the aerospace and defense market is expected to witness significant growth as defense systems get more sophisticated. This information was shared by a Fortune Business Insights report, titled “IoT in Aerospace & Defence Market Size, Share and Global Trend By Components (Software Platforms & Service), By End User (Space Systems, Ground Vehicles, and others) and Geography Forecast till 2026”. The report provides crucial information on the factors influencing growth in the global market. The information is aimed at encouraging more players and stakeholders to enter the market and aid its growth. Internet of Things (IoT) refers to a combination of hardware and software that makes management more efficient and economical.
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The relevance of IoT today has gotten a huge boost due to the wide array of services it enables, particularly in the areas of equipment maintenance, health monitoring, inventory management, advanced analytics, and others. In case of IoT in aerospace and defense Market, its tools can be applied for unscheduled aircraft maintenance, sensory inputs, reliable & secure communications, tail allocation, and cloud application development services, thus enabling military commanders to make optimal decisions based on real-time reporting, using devices such as satellite communication, ISR and GPS. Countries like China are raising their defense budgets to integrate IoT into their existing technologies.
Deeper Internet Penetration to Give Fillip to the Market
Greater and more extended use of the internet, along with better infrastructure and automation, has been one of the primary reasons for reduced costs in the aerospace and defense sector. This has happened mainly because the factors mentioned above have reduced the need to have physical tools and equipment such as sensors and controllers. Moreover, as governments in developed and developing countries of North America, Asia Pacific, and Europe get more internet savvy, the market is only going to grow in the forecast period.
Top Players List:
- AeroVironment, Inc.
- AT & T
- Elbit Systems
- FreeWave Technologies
- General Atomics Aeronautical Systems
- Honeywell International Inc.
- Northrup Grunman
- Prox Dynamics
- Textron Systems
Promising IoT Market Fuels Competition Among Major Industry Players
The IoT market holds a lot of potentials and this can be seen by rising competition among notable players in the industry. Some of the players are Freewave Technologies, AeroVironment, Inc., Elbit Systems, General Atomics Aeronautical Systems, Prox Dynamics, AT & T, Radisys, and Textron Systems among others. For example, in January 2018, AeroVironment announces a joint venture with HAPSmobile to fund development and production of solar-powered high-altitude unmanned aircraft systems in a contract of US$ 65 Mn.
Furthermore, in 2018, IoT was deployed in building ‘Smart Airports’ for various purposes like providing real-time data to passengers. Heathrow Airport of London adopts IoT technology to reduce nitrogen dioxide emissions in order to improve the local air quality. Thus, in both sectors, competitors seem to be upping the ante.
North America Leads the Global Market in Adoption of IoT
The inherently innovative and competitive market in North America coupled with its existing advanced technology made the region the highest revenue generator in IoT in 2016. However, markets in Asia-Pacific have also gained traction in the IoT in the aerospace and defense market in recent years. Evidence can be found in the doubling of defense budgets by India and China and greater investments in technological upgrades such as industrial infrastructure evolution to a smart environment and integration of blockchain and cryptographic processes across IoT security services.
For example, the Indian government, under the Digital India scheme, plans to establish Centres of Excellence (CoEs) for research, digital manufacturing, training, and skilling in Robotics AI, big data analytics, quantum communication, and IoT. These developments are expected to propel the global Iot market in the forecast period.
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