Portland, OR -- (SBWIRE) -- 06/02/2017 -- According to a new report by Allied Market Research, titled, "Commercial Aircraft Video Surveillance Systems Market : Global Opportunity and Industry Forecast, 2017–2023," the commercial aircraft video surveillance systems (CAVSS) market was valued at $594 million in 2016, and is projected to reach at $860 million by 2023, growing at a CAGR of 5.8% from 2017 to 2023. Cockpit door surveillance system possesses high market potential and is expected to create lucrative opportunities for the industry players.

Commercial aircraft video surveillance systems are used to monitor internal and external security of the aircraft during ground operations and flight time. CAVSS are utilized for various activities, such as aircraft refueling, taxi operations, cockpit & cabin surveillance, passenger safety, and other ground support operations.

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The current business scenario has witnessed surge in the adoption of CAVSS in the developed and the developing regions, owing to the technological innovations in product offerings, rise in adoption of cost-effective solutions, implementation of profitable & low-cost business models, and increase in application areas among end users. In addition, supportive growth through regulatory compliance and increase in aviation expenditure are expected to supplement the commercial aircraft video surveillance systems market growth during the forecast period. Furthermore, need for enhanced security, rise in number of terrorist activities, upsurge in budgetary expenses for aerospace applications, introduction of advanced & innovative technologies, enhanced emphasis on passenger safety, and technological advancements for workflow optimization create lucrative opportunities for market growth. However, reduction in profit margins and security issues & cyber threat are expected to hamper this commercial aircraft video surveillance systems market growth.

The cockpit door surveillance system segment dominated in 2016, with around 73% revenue share of the global market. This is attributed to the improved aircraft infrastructure, increased aviation-related expenditures to cater to the untapped markets among the developing nations, need to implement integrated security solution, and rise in demand for real-time monitoring.

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The line-fit segment dominated the global commercial aircraft video surveillance systems market with around 66% share in 2016, followed by the retro-fit segment. Furthermore, the line-fit segment is estimated to grow at the highest CAGR of 6.4% from 2017 to 2023, owing to upsurge in budgetary expenses for aerospace applications, introduction of advanced & innovative technologies, and enhanced emphasis on passenger safety.

The commercial aircraft video surveillance systems market is categorized based on geography into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor in 2016, accounting for around 44% share in the market. However, LAMEA is projected to grow at the highest CAGR of 7.5% during the forecast period.

According to Pankaj Lanjudkar, Lead Analyst, ICT at Allied Market Research, "Supportive growth through regulatory compliance, need for enhanced security, surge in demand for technologically advanced solutions, demand to integrate surveillance systems, and need to improve passenger safety drive the market growth. In addition, recent innovations and growth in adoption of advanced surveillance systems have further fueled the commercial aircraft video surveillance systems market growth."

The report features the competitive scenario of the commercial aircraft video surveillance systems market and provides the comprehensive analyses of the significant growth strategies adopted by major players. The key players operating in the CAVSS market include CABIN AVIONICS LIMITED, Meggitt PLC., AD Aerospace plc., United Technologies Corporation, Global ePoint, Inc., Strongpilot Software Solutions, Aerial View Systems, Inc., navAero, Inc., Groupe Latecoere SA, and Orbit Technologies Ltd.

KEY FINDINGS OF THE STUDY
- The cockpit door surveillance system segment dominated the global commercial aircraft video surveillance systems market in 2016, and the environmental camera system segment is expected to grow at the highest CAGR from 2017 to 2023.

- The line-fit segment is estimated to provide significant growth opportunities to the key players operating in the global commercial aircraft video surveillance systems market.

- The market in Asia-Pacific is expected to be dominant in terms of commercial aircraft video surveillance systems market size. However, LAMEA is estimated to provide significant growth rate, during the forecast period.