5G in Aviation Market to Reach USD 4.2 Billion by 2026 |
Pune, India, Oct. 18, 2021 (GLOBE NEWSWIRE) — The introduction of 5G in this industry is aimed at establishing a robust connectivity infrastructure that would facilitate seamless communication between aircraft and their ground control systems. Additionally, high-speed internet on airplanes would allow people to conduct business while they fly, saving them valuable time and energy. More importantly, 5G will be instrumental in furthering the integration of Internet of Things (IoT) technology in aviation, a feat that would be difficult to achieve with 4G LTE. This would significantly increase 5G aviation market growth till 2026.
The Global 5G in aviation market size is expected to reach USD 4.2 billion, growing at a CAGR of 53.46% during the forecast period. The growing need to replace 4G LTE with 5G technology in aviation is expected to be one of the major growth drivers for this market. The aviation industry is growing at breakneck speed and 5G technology is expected to play a crucial role in planning its development.
The market value stood at USD 0.2 billion in 2019. The report shares deep insights into different drivers, dynamics and other factors that will shape the development of this market during the forecast period. In addition to this, the report also provides a detailed overview of the overall industry outlook which will influence the market as well. Finally, the research contained in the report will help companies to make important strategic decisions in an informed manner.
The list of companies covered by 5G in the aviation market is:
- Eagle World Entertainment
- Smart networks
- Airmobile communications
- Go Go
- Inseego Corp.
- Nokia Company
- Cisco Systems
- Panasonic Avionics Corporation
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Growing utility of 5G technology in aviation to drive growth prospects
Growing demand for 5G connectivity in flight operations is expected to be one of the major trends in the 5G aviation market. Indeed, 5G can be used in a wide range of applications. For example, 5G technology may prove essential in drone operations, as high-speed connectivity can provide crucial real-time data for any type of military activity.
Additionally, 5G in aviation can increase the safety and security quotient of aircraft, as pilots will be able to quickly communicate with air traffic control towers in times of distress. One of the most important benefits of 5G aviation is real-time monitoring of aircraft health, which can be achieved through predictive maintenance tools and techniques. These advantages are expected to accelerate 5G revenue in the aviation market in the near future.
North America leading the pack; Asia-Pacific to follow
With a revenue generation of USD 0.9 billion in 2019, North America is poised to dominate the 5G aviation market share over the forecast period. Major forces propelling the market in the region include growing demand for better in-flight experience, increasing air travel, and a thriving aviation industry. The development of smaller regional airports and growing investments by inflight entertainment service providers such as GoGo in 5G will also play a pivotal role in driving the market in North America.
In Asia-Pacific, the rapid expansion of aviation infrastructure and the growing adoption of 5G technology in aviation, especially in China, will be the two main drivers of growth in this region. China is said to be an early adopter of 5G technologies at airports. Moreover, Japan, Australia and South Korea are doubling their investment in 5G infrastructure development, which bodes well for the Asia-Pacific market.
Cautious partnerships to stimulate competition
The 5G Aviation Market Forecast by Fortune Business Insights paints a dynamic picture of the competition in this market owing to the increase in strategic collaborations among competitors. These collaborations aim to consolidate the grip of the players on the market by expanding their service offerings.
Key Industry Developments:
- October 2019: Gogo has partnered with Airspan Networks to develop a new 5G air-to-ground (ATG) network. It will be designed for business aircraft, small mainline jets and commercial regional jets operating along the border areas between the United States and Canada.
- September 2019: Vodafone has installed its 5G network at Gatwick Airport in London. This is part of Gatwick Airport’s five-year digital transformation program which will make Gatwick one of the first smart airports in the UK.
Browse Detailed Abstract of Research Report with TOC:
Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Major Industry Developments – Major Contracts and Agreements, Mergers, Acquisitions and Partnerships
- Latest technological advances
- Analysis of the five forces of carriers
- Value Chain Analysis/Supply Chain Management
- Global 5G in Aviation Market Analysis, Outlook and Forecast, 2019 – 2026
- Main results/summary
- Market Analysis, Insights & Forecasts – By Platform
- Market Analysis, Outlook and Forecast – By Technology
- Market Analysis, Outlook and Forecast – By Communication Infrastructure
- Market Analysis, Outlook and Forecast – By 5G Services
- Airport operations
- Flight operations
- Market Analysis, Outlook and Forecast – By Region
- North America
- Asia Pacific
- Middle East
- Rest of the world
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