NEW YORK, Aug. 8, 2016 /PRNewswire/ -- "The flight management systems market is projected to reach USD 3.13 billion by the end of 2021"
According to the projections in this report, the flight management systems market is estimated to grow from USD 2.31 billion in 2016 to USD 3.13 billion by 2021, at a CAGR of 6.23% during the forecast period. Factors that drive the flight management systems market include demand for next generation flight management systems and advanced required navigation performance, development of glass cockpits resulting in better operational efficiency, significant growth in airline industry worldwide as well as augmented fleet orders globally.
"The line fit segment to lead the flight management systems market"
The need for developing glass cockpits resulting in better operational efficiency as well as rise in the aircraft orders are the key factors fueling the growth of the said market. The retrofit segment is projected grow at a higher CAGR during the forecast period of 2016 to 2021, primarily driven by the demand for technologically advanced flight management systems such as next generation flight management system (NG-FMS) as well as advanced required navigation performance (RNP).
"Visual display unit to lead the flight management system market, by hardware"
The visual display unit segment is expected to hold the highest share of the flight management systems market during the forecast period of 2016 to 2021. This is mainly attributed to the increased demand of lightweight and technologically advanced display computers as it is the primary display unit of the flight management system. Apart from this, the rise in the aircraft orders worldwide is also a key factor fueling the growth of the said market.
"North America is expected to have the largest market whereas Asia-Pacific to grow at the highest rate"
The APAC region is expected to register the highest CAGR in the flight management systems market during the forecast period of 2016 to 2021. This high growth can be attributed to the rise in low-cost carriers and increase in aircraft orders. The need of technologically advanced flight management systems is also a key factor fueling the growth of the said market in the Asia-Pacific region.
Break-up of profile of primary participants for the report has been given below.
- By Company Type: Tier 1 – 45%, Tier 2 – 35%, Tier 3 – 20%
- By Designation: C Level – 50%, D level – 35%, Others – 15%
- By Region: North America – 44%, Europe – 35%, APAC – 15%, RoW – 6%
Flight management systems has evolved over the course of time in terms of technology. The next generation flight management system (NG-FMS), performance-based navigation, wide area augmentation system, adaptive 4D trajectory concept, and electronic flight instrument system are some of the new emerging technologies which are fueling the growth of this market.
The major companies profiled in the report include are Honeywell International Inc. (U.S.), Thales Group (France), General Electric Company (U.S.), Leonardo-Finmeccanica S.p.A (Italy), Rockwell Collins (U.S.), Esterline Technologies (U.S.), Garmin Ltd. (Switzerland), Universal Avionics Systems (U.S.), Lufthansa Systems (Germany), Jeppesen Sanderson, Inc. (U.S.), and Navtech, Inc. (Canada).
Reasons to buy the report:
From an insight perspective, this research report has focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, supply-chain analysis, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the flight management systems market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on flight management systems offered by the top market players
- Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the flight management systems market
- Market Development: Comprehensive information about lucrative emerging markets - the report analyzes the markets for flight management systems across regions
- Market Diversification: Exhaustive information about untapped geographies, recent developments, and investments in the flight management systems market
Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of the leading players in the flight management systems market
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