Market Research Report
Flight Navigation System Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||910359|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Flight Navigation System Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 80 Pages||
The flight navigation system market is anticipated to grow at a CAGR of above 6% during the forecast period.
Civil and Commercial Aviation Segment to Experience the Highest Growth During the Forecast Period
Civil and Commercial Aviation segment of the market currently has the highest share and is expected to grow at the highest CAGR during the forecast period. The major driver for the segment is the growing orders and deliveries of commercial aircraft, that are generating demand for new and advanced navigation and control systems for aircraft. Airbus and Boeing have recorded 800 and 806 deliveries in 2018 with approximately more than 7500 aircraft in order backlogs. Another major growth factor is the mandated regulations by the regulatory bodies of commercial aviation are making the airlines integrate advanced systems for safety purposes. The development of new systems like ACAS X may further boost the growth of the segment during the forecast period.
Asia Pacific Region is Expected to Generate the Highest Demand During the Forecast Period
Asia Pacific region is expected to generate the highest demand for the flight navigation system market during the forecast period. This growth in the market follows the growth of the avionics market in the Asia-Pacific region, which, in turn, is due to the growing commercial and military aircraft fleet in the region. China and India are leading the aviation industry (military and commercial) followed by Japan, Australia, South Korea, Indonesia, and the Philippines among others. There are huge aircraft order backlogs of various countries for various aircraft manufactured by Airbus, and Boeing, which will drive the demand for flight navigation systems in this region. Also, the new aircraft programs like COMAC C919 and C929, Mitsubishi SpaceJet (MRJ), KAI KF-X (IA IF-X), J-31, and AG600 among others are currently in development stages. Such developmental projects are anticipated to generate demand for new positions and navigation systems.
The flight navigation system market is fragmented with many suppliers who provide various types of instruments like antennas, gyroscopes, altimeters, sensors, etc. Some of the prominent players in the flight navigation system market are Collins Aerospace (United Technologies Corporation), Honeywell International Inc., Northrop Grumman Corporation, Garmin Ltd., and Thales Group. Collins Aerospace and Honeywell International Inc. are two major companies that offer aircraft navigation aids to commercial segments whereas BAE Systems plc, Raytheon Company, and Northrop Grumman Corporation among others are some of the prominent companies that provide navigation equipment to military aircraft. The development of new and advanced positioning systems to accurately locate and navigate the aircraft to its destinations is anticipated to support the company's long-term growth. However, the faulty parts and components manufactured by the companies may lead to accidents and risk the lives of people on board aircraft. Such situations might hamper the partnerships of the OEMs and component or system providers.