Flight Navigation System Market is expected to have a compound annual growth rate (CAGR) of 7% during the forecast period of 2021 – 2026 values at 15.68 billion US dollars in the year 2021 which is expected to increase the growth by 20.39 billion US dollars by the end of 2026.
Driving Factors:
Growing demand for passenger and aircraft safety, increasing of air passenger traffic are some of the major driving factors which propels the growth of the flight navigation systems market.
Increasing of investments and private funds for the R & D activities are some of the driving factors for the growth of the Flight Navigation System market.
Increasing aircraft manufacturing and modernization are some of the driving factors which help the growth of the market of Flight Navigation Systems across the globe.
An increase in aircraft deliveries and orders is also a major driving factor that helps the growth of the market of Flight Navigation System across all the regions.
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Growth of developing economies and enabling capacity of avionics systems with the gen-next aircraft, and increase in operational efficiency are some of the major driving factors of Flight Navigation Systems market revenue rate during the forecast period.
Factors such as an increase in inflight passengers and air freight movement are also helping the market to grow further.
Challenges:
The high initial costs associated with systems are impeding the growth of the market of Flight Navigation System revenue rate.
Stringent regulations from government regulations are also limiting the growth of the market of Flight Navigation System.
Lack of a skilled workforce is some other major restraints to the growth of the Flight Navigation System market.
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Flight Navigation System Market Segmentation:
The Flight Navigation System market is segmented on the basis of product, on the basis of application, on the basis of flight instrument and on the basis of geography.
On the basis of product, the Flight Navigation System market is segmented into flight management systems, flight control systems and navigation, communication and surveillance systems. The flight navigation system is further bifurcated into flight instrument, product, application. Among these segments, the flight control systems segment holds the major share of the market owing to the growing demand for advanced and accurate navigation systems as these systems will help to assist in governing the altitude of an aircraft by following the flight path of the aircraft. This segment is anticipated to hold the dominance of the market during the forecast period.
On the basis of application, the market of Flight Navigation System is bifurcated into fixed-wing, narrow-body aircraft, wide-body aircraft, very large aircraft, regional aircraft and rotary wing. Among these segments, the fixed-wing aircraft segment holds a major share of the market among others and is expected to hold dominance during the forecast period. The narrow-body aircraft segment is expected to increase market value in the coming years.
On the basis of flight instruments, the market of Flight Navigation System is bifurcated into autopilot, altimeter, gyroscope, sensors and magnetic compass. Among these segments, the altimeter segment holds a major share of the market owing to the demand for enhanced accuracy and passenger safety drives the need for altimeters.
Regional Analysis:
The Flight Navigation System market is elaborated in various regions all around the world such as North America (US, Mexico, Canada and rest of North America), Asia Pacific region (Japan, India, China, Australia and rest of Asia Pacific), Europe region (Germany, Spain, Italy, UK, France and rest of Europe).
Key Market Players:
Some of the key market players in the Flight Navigation System market are Raytheon Company (U.S.), Northrop Grumman Corporation (U.S.), and The Boeing Company (U.S.). Other players operating in this market include Moog Inc. (U.S.), Sagem (France), Universal Systems Avionics Corporation (U.S.), Garmin Ltd. (Switzerland), Honeywell International Inc. (U.S.), Rockwell Collins (U.S.), and Esterline Technologies Corporation (U.S.), among others.
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