Altimeters Market is Slated to Expand at an 8.8% CAGR Until 2031: Report from Transparency Market Research, Inc.
The growth of the altimeter market is being accelerated by the rising military and aviation industries, along with increasing government funding and investments
Wilmington, Delaware, United States, Sept. 27, 2023 (GLOBE NEWSWIRE) — TMR predicts the altimeter market is projected to reach US$ 726.7 million by 2031. The market is predicted to expand at 8.8% CAGR through 2031. Altimeters measure altitude, or how high a point is above sea level. For aircraft pilots and spacecraft operators, altimeters are essential navigational instruments. Skydivers and mountaineers to locate themselves in the air or on the ground during a dive also use a GPS altimeter.
Altitude measurement systems are required to meet safety regulations in the aviation industry and aerospace industry. High-quality altimeters therefore play an important role in maintaining safety around the world. Geoscientists, meteorologists, and environmental scientists often use altimeters in their research. With the advent of affordable altimeter technology, many emerging markets and industries will likely be able to make use of these instruments in the near future.
Aviation safety-critical applications like altimeters may be subject to new regulatory requirements and standards. In order to manufacture altimeters, manufacturers will adhere to regulatory requirements.
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|Market Revenue||US$ 289.8 Mn|
|Estimated Revenue||US$ 726.7 Mn|
|Growth Rate – CAGR||8.8%|
|No. of Pages||177 Pages|
|Market Segmentation||By Type, Measurement Range, Application, End-user|
|Regions Covered||North America, Latin America, Europe, Asia Pacific, Middle East & Africa|
|Companies Covered||Honeywell International Inc., BendixKing, Collins Aerospace, FreeFlight Systems, Garmin Ltd., Hyper Tech., Leonardo S.p.A., Meteksan Defence Industry Inc., Sarasota Avionics International, Thales Group, United Instruments, Aerosonic|
Key Findings of the Market Report
- As the aviation and aerospace industries grow, the demand for radio/radar altimeters will also increase.
- With technological innovation and miniaturization, sales of these devices will increase.
- With the growth of the digital market, demand for screens and altimeters will increase.
- The construction of commercial aircraft in numerous regions will increase demand for altimeters.
- Governmental investments into military fields will drive market growth for altimeters.
Global Altimeters Market: Growth Drivers
- Aviation is one of the major drivers of the altimeter market. As flight operations become safer and more efficient, altimeters will be more in demand.
- With the growing popularity of air travel globally, there is an increase in the need for reliable altimeters in the market. For purposes of navigation, surveillance, and target selection, altimeters are vital to the military and defence industries. As military operations become increasingly sophisticated and precise, advanced altimeter technology becomes more important.
- Altimeters are popular with adventure sports enthusiasts, trekkers, mountaineers, and anyone who likes adventure sports. People are increasingly participating in these activities, which drives the market for consumer altimeters.
- As surveyors and geographers perform land surveys and create topographic maps, altimeters become more and more common. As a result, altimeters are also being used as a source of elevation data within the construction industry and the geospatial industry.
- Increasing accuracy and miniaturization of altimeters are driving the growth of the market. Wearable devices, such as smartphones, smartwatches, and altimeters, are incorporating altimeters. As technology advances and artificial intelligence technologies are being incorporated into a variety of smart devices, altimeters are expected to be more popular.
- For monitoring sea-level rise, monitoring changes in elevation of the land, and studying weather patterns, altimeters are used in remote sensing and environmental monitoring applications.
- Altimeters play a crucial role in space exploration as they are used for landings and navigation. A surge in interest in exploring the moon and planets in space in recent years has propelled the demand for these devices.
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Global Altimeters Market: Regional Landscape
- North America is expected to dominate the altimeters market. Increasing weather management and space exploration activities in these regions have contributed to the growth of these devices. The presence of key players in the market has contributed to the market’s growth.
- With the rising number of hikers and explorers in these regions, the need for these devices has increased. Military forces and advanced technological devices in these regions will boost the demand for altimeters.
- Asia Pacific is the second most popular region for altimeters on the market. Developing regions such as India and China have expressed a keen interest in these devices as a way to improve their economies. The growing demand for wearable devices in these countries is anticipated to fuel growth in the market.
- A growing number of naval military forces and the presence of key manufacturers in the market will lead to the market demand for altimeters.
Global Altimeters Market: Key Players
According to TMR’s analysis, several altimeter manufacturers have expanded geographically and updated their product portfolios in order to gain the maximum share of the market. Strategic moves by altimeter companies, segment revenues, and recent developments are evaluated to assess their performance.
Among the players profiled in the recent altimeters market study are
- Honeywell International Inc.
- Collins Aerospace
- FreeFlight Systems
- Garmin Ltd.
- Hyper Tech.
- Leonardo S.p.A.
- Meteksan Defence Industry Inc.
- Sarasota Avionics International
- Thales Group
- United Instruments
- In July 2023, the FAA issued a final policy that demonstrates radio altimeters can operate without interference in areas with 5G C-band signals, rejecting proposals for substantial changes and removing one request.
- In September 2023, Isro-SAC in Ahmedabad developed the key tech to make reusable rockets. Several instruments and technologies played a significant role in the autonomous landing of India’s reusable launch vehicle at Chitradurga, Karnataka, with its RLV technology demonstrator. Two of the instruments were pseudolite navigation systems and radar altimeters.
Partial Table of Content (ToC):
1.1. Market Introduction
1.2. Market and Segments Definition
1.3. Market Taxonomy
1.4. Research Methodology
1.5. Assumption and Acronyms
2. Executive Summary
2.1. Global Altimeters Market Analysis and Forecast
2.2. Regional Outline
2.3. Market Dynamics Snapshot
2.4. Competition Blueprint
3. Market Dynamics
3.1. Macro-economic Factors
3.2. Key Market Indicator
3.3.1. Economic Drivers
3.3.2. Supply Side Drivers
3.3.3. Demand Side Drivers
3.4. Market Restraints and Opportunities
3.5. Technology Trends
3.6. Market Trends
3.6.1. Demand Side
3.6.2. Supply Side
4. Associated Industry and Key Indicator Assessment
4.1. Parent Industry Overview- Aviation Industry
4.2. Supply Chain Analysis
4.3. Technology Roadmap Analysis
4.4. Industry SWOT Analysis
4.5. Porter Five Forces Analysis
4.6. Covid-19 Impact Analysis
5. Global Altimeters Market Analysis, by Type
5.1. Global Altimeters Market Size (US$ Mn and Units) Analysis & Forecast, by Type, 2017–2031
5.1.1. Barometric Altimeters
5.1.2. Radio/Radar Altimeters
188.8.131.52. Continuous Wave Radar
184.108.40.206. Pulse Radar
5.1.4. Laser Altimeter
5.2. Global Altimeters Market Attractiveness Analysis, by Type
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Global Altimeters Market: Segmentation
- Barometric Altimeter
- Radio / Radar Altimeter (Continuous Wave Radar, Pulse Radar, etc.)
- Continuous Wave Radar
- Pulse Radar
- Laser Altimeter
By Measurement Range
- Below 15000 Feet
- 15000-40000 Feet
- Above 40000 Feet
- Commercial Aircraft
- Business and General Aviation Aircraft
- Military Aircraft (Fixed Wings Aircraft, Helicopters)
- Unmanned Aerial Vehicle (UAV)
By End User Base
- Commercial Aviation
- Military & Defense Aviation
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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