Flight Management Systems Market by Hardware - 2021
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The flight management systems market is projected 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. Various factors, such as 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, and augmented fleet orders globally are expected to drive the flight management systems market.
This market has witnessed a substantial growth in recent years.
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The report analyzes the market on the basis of fit (line fit and retrofit), hardware (visual display unit, control display unit, flight management computers), aircraft type (narrow body aircraft, wide body aircraft, very large aircraft, regional transport aircraft) and maps these segments and subsegments across major regions worldwide, namely, North America, Europe, Asia-Pacific, the Middle East, Latin America, and Africa.
The market is divided on the basis of fit, hardware, aircraft type, and geography. By fit, the flight management systems market has been segmented into line fit and retrofit.
The line fit segment is estimated to have the largest market share in 2016. The growth of this segment is attributed to rise in aircraft orders as well as deliveries worldwide.
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This research report categorizes the flight management systems market based on aircraft type into narrow body aircraft, wide body aircraft, very large body aircraft, and regional transport aircraft. The very large aircraft segment is expected to grow at the highest rate during the forecast period.
The key factors fueling the growth of this segment include the need of long distance travel, rise in demand of higher capacity aircraft, and the rise in air travel worldwide.
The flight management systems market ecosystem comprises of software/hardware/ service and solution providers, manufacturers, distributors, and end users. Some of the key players of the market include 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). These players are adopting various strategies, such as agreements and partnerships, new product developments, contracts, and expansion to strengthen their positions in the flight management systems market.
They are also focusing on the development of new products with higher precision and reduced weight, by investing considerable amount of their revenue into R&D.
Some of the factors, such as limited navigation database capacity, vulnerability of FMS to cyberattacks, and technical complexities in the functioning of advanced FMS limit the growth of this market. The various types of flight management systems offered by different companies in the flight management systems market have been listed in this report.
The recent developments section of the report contains latest and important developments by companies in the market between 2014 and 2016.
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The report also covers competitive developments such as long-term contracts, joint ventures, mergers & acquisitions, new product launches and developments, and research & development activities in the global flight management systems market, in addition to the strategies adopted by key market players.
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