According to a new market research report, the global altimeter system and pitot tube market for the aerospace and defense industry is expected to grow rapidly in the Asia-Pacific and the Middle East regions.
The global altimeter system and pitot tube market for the aerospace and defense industry is estimated to be $2.30 billion in 2014 and is expected to reach $2.62 billion by 2019. The altimeter system and pitot tube market can be divided mainly into two segments: altimeter systems and pitot tube. The altimeter system market is estimated to cover the maximum share, while the pitot tube market is presumed to grow rapidly over the next five years. The altimeter system market can be furthermore segmented into pressure, radio, laser, and GPS, based on products. The pitot tube market is segmented into S Shaped, L Shaped, and Straight, by type
The growth prospect of this market will be constant in the North American and European regions with no significant changes in the market share due to the decrease in revenue from military expenditure. However, the growth prospect for this particular market will be higher in the Asia–Pacific, Middle Eastern, and African regions.
The increase in demand for aircraft orders and regulations by the aviation industry will remain as the key drivers of this market. Meanwhile, the changing climatic conditions and the risk of product failure pose as the major challenges.
Garmin International Inc. (Switzerland), MEMSCAP AS (Norway), Honeywell Aerospace (U.S.), Aspen Avionics Inc. (U.S.), Aerosonic Corporation (U.S.), and Dynon Avionics (U.S.) are the key industry players of the altimeter system and pitot tube, globally.
Altimeter System and Pitot Tube Market for Aerospace and Defense Industry, by Product, by Platform, by Geography (North America, Europe, Asia-Pacific, the Middle-East, Latin America, ROW) - Forecasts & Analysis to 2014 - 2020
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