Flight Management Systems Market
Flight Management Systems Market Size Valued at USD 7.01 Billion, market Grow at a CAGR Of 7.24% by 2020 -2030
Flight management systems are an important part of the avionics systems on modern planes. This is a special computerized programme that performs various in-flight operations, such as reducing the burden of the aircraft crew's navigators or flight engineers. The flight management system's primary function is in-flight control and flight planning, which is accomplished through the use of various sensors such as global positioning systems (GPS) and inertial navigation systems (INS), among others. Furthermore, the manufacturing economy of flight management systems would benefit greatly from the demand for efficient fuel control and falling crude oil prices.
Secondary research is used to collect data on key vendor revenues, which is then used to approximate and forecast the Flight Management Systems Market. In order to segment the market, the vendor offerings are also taken into account. The revenue of the key market players was used to calculate the overall revenue potential using the bottom-up procedure. After determining the overall market size, the total market was divided into several segments and sub-segments, which were then verified through basic research, which also included conducting extensive interviews with key people such as CEOs, vice presidents, directors, and executives, among others.
The engine and airframe controls are used to maintain the vertical, horizontal, and navigational elements of each aircraft flight. Thousands of scheduled flights with predetermined operating parameters are stored in the FMC's database and can be selected and executed. The FMS can use integration NAV-COM aids to change radio frequencies as the flight plan is executed. FMS includes BITE, just like the monitoring systems. During operation, the FMC continuously monitors all of its systems and inputs for faults. The flight management computer (FMC), automatic flight control system (AFCS), aircraft navigation system, and electronically controlled instrument system are the four main components.
Furthermore, rising investment in research & development efforts, as well as rising demand for modern aircraft, are allowing the Flight management systems market to expand. The government, as well as private enterprises, are investing in R&D activities in order to develop more innovative and advanced Flight Management Systems, and the government has also implemented policies that encourage investment in the aircraft industry.
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 signficant 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 Flight management systems 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 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.
Some of the established Flight Management Systems Market Players 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).
Based on the region, the global Flight management systems market 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 Flight management systems 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 underdeveloped 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.
For A400M customers, Thales and Airbus have introduced a new Flight Management System (FMS) Training Service. This service offers pilots a complete solution for comprehending all tactical aspects of the FMS in order to ensure mission readiness and success.
Flight Management Systems Market by Component (Control Display Unit, Flight Management Computer and Multi-Function Display), by Fit (Line-Fit and Retrofit), by Aircraft Type (Narrow-Body, Wide-Body and Others), and by Region — Global Forecast till 2030
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