PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1269654
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1269654
Global Flight management systems Market is valued approximately USD 3.07 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.90% over the forecast period 2022-2029. A flight management system is a dedicated computer system that performs a full range of in-flight tasks, thereby significantly reducing the load of the crew. The Flight management systems market is expanding because of factors such as increasing awareness regarding safety & security and growing number of passengers by aircraft.
Flight management systems is an integrated system of communication and information management that provides guidance and assistance in navigation, trajectory prediction, and performance evaluation. Its prevalence has progressively increased during the last few decades. According to the Statista, in 2021, the number of aircraft departures performed by U.S. carriers amounted to approximately 7.9 million, an increase of around 29.1 percent compared to the previous year's take-offs. Furthermore, in 2020 the number aircraft accidents worldwide, North America accounts 11 substantial damage in that year. Another important component driving space increase in number of passengers by aircraft. As per Statista, China had the largest commercial air travel market in 2020, with over 417.2 million passengers boarding planes registered to Chinese air carriers. followed by United States with 370 million passengers, while the Europe ranked third, with almost 190 million passengers. In addition, in 2022, the market share of airlines across India passenger carrier, IndiGo was the leader in the segment with around 55 percent in the market. Also, rising aircraft orders and deliveries and growing technological advancement would create a lucrative growth prospectus for the market over the forecast period. However, the high cost of Flight management systems stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Flight management systems Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the presence of key market players in the region. According to the Statista, in 2019, North America accounted for over 1.2 billion U.S. dollars in the global flight data monitoring market. In that same year, the global flight data monitoring market was worth more than 3.8 billion U.S. dollars. Furthermore, Europe is expected to grow with a highest CAGR during the forecast period, owing to increasing technological advancement, and active participation of government organizations in order to precise functioning of airport operations in the market space.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
List of tables and figures and dummy in nature, final lists may vary in the final deliverable
List of figures
List of tables and figures and dummy in nature, final lists may vary in the final deliverable