Flight Management Systems Market Size | Share, COVID-19 Pandemic Impact, Global Analysis, Top Key Players Review, Industry Penetration and Research Study by Forecast to 2023
Market Synopsis
According to Market Research Future (MRFR), Global Flight Management Systems Market is predicted to acquire significant market value, expanding at a CAGR of 6% during the forecast period from 2020 to 2023.
The rise in aircraft orders due to growing demand to boost customer satisfaction in aviation sector can drive the flight management system market 2020.
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The notable growth in the airline industry at a global level is projected to be another factor that calls for the requirement of efficient flight management systems, which can boost the market.
On the contrary, concerns regarding cyber-attacks and backlogs in aircraft deliveries are predicted to hamper the market growth during the evaluation period. However, the growing demand for advanced surveillance along with the above-mentioned factors can counter the hampering causes and aid the market to grow.
Key Players
Some of the established players of the Global Flight Management Systems Market are Esterline Technologies Corporation (US), Collins Aerospace (part of United Technologies Corporation (US)), Garmin Ltd. (US), Honeywell International Inc. (US), and General Electric Company (US).
Market Segmentation
The segmental analysis of the Global Flight Management Systems Market is done by fit, component, and aircraft type. The fit-based segments of the global flight management systems are line-fit and retrofit. The line-fit segment is anticipated to acquire the maximum market share while the retrofit segment is predicted to witness a significant CAGR during the review period.
The component-based segments of the global flight management systems are flight management computer (FMC), control display unit (CDU), and multi-function display (MFD). The flight management computer segment is likely to procure the maximum market share while the control display unit segment is predicted to experience a higher CAGR during the evaluation period.
The aircraft type-based segments of the global Flight Management Systems Industry are wide-body aircraft, narrow-body aircraft, and others. The narrow-body aircraft segment is projected to account for the largest market share and is likely to witness a notable CAGR during the forecast period.
Regional Analysis
Based on the region, the global Flight Management Systems Industry is segmented into Europe, North America, Asia-Pacific, and the Middle East & Africa. According to the analysis, North America is predicted to dominate the market by acquiring the largest market share during the forecast period. The presence of globally renowned aircraft OEMs like Boeing and Bombardier is likely to be a key factor that can generate decent revenue during the forecast period. Moreover, the increasing deliveries of aircraft in the region are projected to contribute to the regional growth of the market.
APAC region is projected to be the fastest-growing market during the review period owing to the rising air traffic which can increase aircraft production and benefit the market. The participation of developing countries like India, China, and Japan is predicted to be key markets for flight management systems owing to the quick adoption of latest technologies that can grow the regional market.
Europe is predicted to acquire significant market value during the forecast period owing to the rising deliveries of aircraft in the region. The UK and Germany are projected to play a crucial role in expanding the regional market.
The MEA region is likely to acquire the least market share during the forecast period owing to the presence of under-developed nations. The region is likely to lag due to the sluggish development of the region. However, the Middle East countries like Saudi Arabia, Qatar, and others are anticipated to play a significant role due to their economic stability.
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