Flight Management Systems - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Flight Management Systems Market is accounted for $2.77 billion in 2019 and is expected to reach $5.21 billion by 2027 growing at a CAGR of 8.2% during the forecast period. Some of the key factors propelling the growth of the market are the development of glass cockpits, rising fleet orders, and significant growth in the global airline industry. However, stringent safety regulations are the restraining factors for the growth of the market.
The flight management systems are the main component of the avionics systems of a modern aircraft. It is a special computerized system that automatically performs different in-flight operations. Its main function includes in-flight management and flight planning, through the use of different sensors such as global positioning systems (GPS) and inertial navigation systems (INS).
By aircraft type, the narrow-body aircraft segment is expected to grow at a significant market share during the forecast period as it can fly over short routes and thus suited to cater the budget travellers. Based on geography, North America is anticipated to hold considerable market share during the forecast period which is attributed to the increased deliveries of commercial aircraft to cater to the growing passenger traffic in the US and Canada.
Some of the key players in Flight Management Systems Market include General Electric Company, Honeywell International Inc, Rockwell Collins, Thales Group, Lufthansa Systems GmbH & Co. Kg, Universal Avionics Systems Corporation, Esterline Technologies Corporation, Leonardo-Finmeccanica Spa, Jeppesen Sanderson Inc, Navtech Inc, and Garmin Ltd.
Aircraft Types Covered:
• Wide-Body Aircraft
• Narrow Body Aircraft
• Turboprop Aircrafts
• Regional Transport Aircraft
• Very Large Aircraft
• Line Fit
Aircraft Sizes Covered:
• Extra Large
End Users Covered:
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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