April 29, 2021
According to the research report titled ‘Global Flight Navigation System Market Size study, by Flight Instrument (Autopilot, Altimeter, Gyroscope, Sensors, Magnetic Compass), by Product (Flight Control Systems, Communication, Navigation & Surveillance (CNS) Systems, Flight Management Systems), by Application (Civil and Commercial Aviation, Military Aviation) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global flight navigation system market was appraised at USD 14.7 billion in 2019 and is projected to reach USD 25.4 billion by 2027, growing at an annual rate of 7.1% throughout.
Integration of modern navigation technologies in the fleet to enhance safety and efficiency of aircrafts is a key factor proliferating global flight navigation system market. Moreover, increasing passenger traffic, rising demand for aircraft deliveries, and emphasis on precision in aircraft navigation will also bolster the industry share.
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According to the International Air Transport Association, air passenger travelers are poised to multiply by 3.5%, totaling 8.2 billion by the year 2037.
For the unversed, flight navigation system is mainly used to plan, record, and monitor the movement of an aircraft. It provides information regarding suitable requirements of aircraft accurately to the autopilot or central computer.
While the above-mentioned attributes increase the demand for system, strict government regulations & issues related to the product & its parts will hinder the global flight navigation system industry expansion.
Based on flight instruments, the market is bifurcated into autopilot, altimeter, gyroscope, sensors, and magnetic compass. Speaking of product spectrum, worldwide flight navigation system industry is divided into flight control systems, flight management systems, and communication, navigation & surveillance (CNS) systems. Moving on to application scope, the market is segregated into military aviation, and civil & commercial aviation.
Regionally, North America held majority of worldwide flight navigation system market share in the recent past, due to surge in aircraft production, and presence of many leading companies in the region.
Meanwhile, Asia Pacific market is speculated to showcase lucrative growth trends over the analysis period, owing to rising demand for commercial and military aircraft fleet, and growing military expenditure in emerging economies like India and China.
Leading players influencing global flight navigation system market dynamics are The Boeing Company, Garmin Ltd., Honeywell International Inc., Moog Inc., SAGEM, Rockwell Collins Inc., The Raytheon Company, Universal Avionics Systems Corporation, Northrop Grumman Corporation, and Esterline Technologies Corporation.