Market Research Report
Aircraft Synthetic Vision Systems Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||597197|
|Published||Content info||97 Pages
Delivery time: 2-3 business days
|Aircraft Synthetic Vision Systems Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 97 Pages||
The aircraft synthetic vision systems market is expected to register a CAGR of more than 6%, during the forecast period.
General Aviation Segment to Experience the Highest CAGR during the Forecast Period
The general aviation segment is growing fast, and the operations of business jets have increased primarily in the emerging economies, like India, China, Brazil, and Russia. Unlike the commercial aircraft operated by the airlines, business jets and charter jets operate without a schedule and sometimes even in low visibility conditions. Thus, there is a necessity for general aviation aircraft to incorporate more systems that gather flight navigation information. In general aviation, the Synthetic Vision Systems come preinstalled in most of the new aircraft. Shipments of general aviation are growing constantly. Almost 2,443 general aviation aircraft shipments were done globally in 2018, which was more than a 5% increase, when compared to that of 2017. Most of the general aviation aircraft come with synthetic vision systems recently, and the ones that do not come with inbuilt ones are now being upgraded, thereby, driving the share of the segment.
Asia-Pacific to be the Fastest Growing Segment in the Years to Come
The market is currently high in North America, due to the regulations that necessitate the airlines and aircraft owners to deploy these vision systems in their aircraft. Procurements of new aircraft and the presence of a large number of aircraft, which use these systems are another reason for the high market share of North America. The commercial aircraft fleet in the United States is around 7,400, which is about 2.8% more than that of 2017. Thus, the increased number of aircraft in the United States is one of the main reasons for the high market share of North America. However, the market has begun to saturate in North America, and the Asia-Pacific market is expected to rapidly grow, during the forecast period. Countries, like China, India, Japan, and South Korea are contributing majorly in this region, with both China and India procuring aircraft on large scales. China estimates that the number of aircraft will surpass 5,000 by 2020, and is expected to become the largest aviation market by 2023. The aviation industry is also growing at a great pace in India, and many aircraft procurement plans are underway in the country. Indian carriers plan to increase their fleet size to 800 aircraft by 2020. On account of all these factors, the Asia-Pacific region, on a whole, is projected to show high growth in the foreseeable future.
Major players in the aircraft synthetic vision system market are Cobham PLC, Garmin Ltd, Honeywell International Inc., Thales Group, and Collins Aerospace (United Technologies Corporation). As synthetic vision systems (SVS) become more mainstream, the players in the market are refining their products to appeal to a broader range of customers. Along with general aviation operators, key targets of the players include the rotorcraft and commercial aviation markets. However, for commercial and general aviation, in addition to providing situational awareness, players must also provide systems, keeping in mind the potential for economic returns of using synthetic vision systems. The systems must be such that there will be less need for frequent upgrades and maintenance, which may attract new customers for the players, thereby, helping them gain a higher market share.