Flight Management Systems Market Is Estimated To Register A CAGR Of More Than 6% During The Forecast Period Of 2018 To 2023.
The global flight management systems market has been segmented based on component, aircraft type, fit, and region.
Based on component, the flight management systems market is divided into control display unit (CDU), flight management computer (FMC), and multi-function display (MFD). The flight management computer segment is estimated to account for the largest market share while the control display unit segment is projected to witness a higher CAGR during the forecast period. The control display unit provides the primary human/machine interface for data entry and information display. It also allows the flight crew to select the various flight management system operating modes.
Based on aircraft type, the flight management systems market is divided into narrow-body aircraft, wide-body aircraft, others. The narrow-body aircraft segment is estimated to account for the largest market share and is projected to witness a higher CAGR during the forecast period. Meanwhile, some major widebody aircrafts include the Airbus A300, A310, A330, A340, A350 and A380; the Boeing B-747, B-767, B-777, and B-787. These aircraft are in demand for the routes with higher traffic, usually connecting international destinations, and primarily used for long haul journey. As of 2016, there were more than 5,000 widebody aircraft across the globe. While it is expected that over 2,500 widebody planes would be delivered to developed regions such as North America and Europe. Emerging regions for flight management systems market, such as Asia, Latin America, and the Middle East have twice the number to be delivered by 2035. As a result, there would be a rapid demand for new aircraft and subsequent demand for flight management systems as well.
Based on fit, the flight management systems market is divided into line-fit and retrofit. The line-fit segment is estimated to account for the largest market share while the retrofit segment is projected to witness a higher CAGR during the forecast period. Aircraft OEMs are responsible for the installation of various aircraft components including flight management systems in the aircraft. Hence, increase in the production of aircraft worldwide is projected to drive the growth of the line-fit segment of this market. Meanwhile, aircraft modernization programs drive the demand for retrofit market of the flight management systems.
Based on region, the market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. In 2017, North America accounted for the largest market share, whereas, Asia-Pacific is projected to be the fastest-growing regional market during the review period. This growth can be attributed to the increase in aircraft production and deliveries in the Asia Pacific region. China, India, and Japan are key markets for flight management systems in this region.
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The key players in the global Flight Management Systems market are Collins Aerospace (part of United Technologies Corporation (US)), Esterline Technologies Corporation (US), Garmin Ltd. (US), General Electric Company (US), Honeywell International Inc. (US), Innovative Solutions & Support Inc. (US), Jeppesen Sanderson, Inc. (part of Boeing (US)), NAVBLUE S.A.S. (part of Airbus (France)), Thales SA (France), and Universal Avionics Systems Corporation (part of Elbit Systems Ltd. (Israel)).