Global Flight Navigation System Market is valued approximately at USD 14.7 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 7.1% over the forecast period 2020-2027. Flight navigation system is usually used for navigation in planning, recording and monitoring the movement of aircraft. It further offers the information concerning the suitable requirements of the aircraft precisely to the central computer or autopilot. The flight navigation system generally consists of navigation and operation aspects of the aircraft. Further, the growth in the flight navigation system market is significantly rising due to the fact that the integration of advanced navigation systems in the fleet to make aircraft safe as well as efficient. Moreover, the rise in demand for aircraft deliveries, growing passenger traffic and growing need for precision or accuracy in aircraft navigation are the few other factors responsible for the CAGR of the market during the forecast period. According to the Boeing, there will be 7,290 deliveries of airplane made in North America between 2014 and 2033. Also, as per the source, it is estimated that there will be around 41,030 commercial aircraft deliveries will made during the years of 2017-2036. Likewise, in 2018, U.S.-based Boeing, an aircraft manufacturer, stated that Chinese airlines will procure almost 7,690 new planes valued at USD 1.2 trillion over the next two decades. Likewise, as per the International Air Transport Association (IATA), the air passenger travelers observe two-fold increase from today’s level to reach around 8.2 billion air travelers by the year 2037 with a growth rate of 3.5%. This, in turn, is expected to strengthen the demand for flight navigation system, making a significant impact on the market growth around the world. However, the stringent government regulations and issues pertaining to navigation system & parts are the few factors impeding the market growth over the forecast period of 2020-2027.
The regional analysis of the global Flight Navigation System market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rise in aircraft production along with the presence of a significant number of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the growing demand for commercial and military aircraft fleet followed by rising military expenditure in developing countries, such as China and India, would create lucrative growth prospects for the Flight Navigation System market across the Asia-Pacific region.
Major market player included in this report are:
Honeywell International Inc.
Rockwell Collins, Inc.
Northrop Grumman Corporation
The Boeing Company
Universal Avionics Systems Corporation
Esterline Technologies Corporation
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 eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available 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:
By Flight Instrument:
Flight Control Systems
Communication, Navigation & Surveillance (CNS) Systems
Flight Management Systems
Civil and Commercial Aviation
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Flight Navigation System Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers