Regional Terrain Awareness And Warning System Market Is Eyeing For A Valuation Of USD 295.65 Million By 2023 At A Meteoric CAGR Of 4.97% During The Forecast Period.
Terrain Awareness and Warning System (TAWS) Market Information Report: Information by System (Class A, Class B, Class C), Aircraft Type (Turbine Engine Powered, Piston Engine Powered), Application (Commercial Aircraft, Military Aircraft, and Others), and by Region – Global Forecast to 2023
The global terrain awareness and warning system (TAWS) market is eyeing for an unprecedented USD 295.65 million by 2023 with a CAGR of 4.97% during the forecast period (2018–2023). Market Research Future (MRFR) in its report envelops segmentations and drivers for a better glimpse of the market in the coming years. TAWS provides the flight crew with crucial information and alerts regarding potentially hazardous terrain situation. It assists the flight crew in taking effective actions to prevent the incidence of controlled flight into terrain (CFIT).However, high installation cost can adversely impact the market growth.
Prominent players profiled in the TAWS market include Aspen Avionics Inc. (US), Collins Aerospace (US), Elbit Systems Ltd (Israel), Garmin Ltd (US), Genesys Aerosystems (US), Honeywell International Inc (US), L3 Technologies Inc (US), Mid-Continent Instrument Co. Inc. (US), Sandel Avionics Inc (US), and Thales Group (France). Merger, acquisition, collaboration, and other methods are strategies these companies employ to stay ahead of the rest.
In March 2018, Genesys Aerosystems partnered with XP Services for UH-60 Black Hawk Helicopter avionics modernization.
In July 2018, Aspen introduced a new line-up of display systems that features redesigned electronics and new glass. These new features enable the display systems to be brighter, faster, smarter, and more colorful than the older versions.
Extensive research of the TAWS market segments the market by system, aircraft type, and application.
Based on the system, the TAWS market can be segmented into Class A system, Class B system, and Class C system. The Class A segment is dominating the market with a valuation of USD 131.31 million in 2018 and can go up to USD 181.3 million by 2023. Meanwhile, the Class B system segment is gaining fast popularity and can attain the highest CAGR of 3.96% during the forecast period.
Based on aircraft type, TAWS market comprises turbine engine powered and piston engine powered. The turbine engine powered segment is in the leading position and is valued at USD 170.93 million in 2018, which can go up to USD 218.55 million by 2023. The segment is expected to beat others at 5.04% CAGR during the forecast period.
Application-based segmentation of TAWS market comprises commercial aircraft, military aircraft, and others. Commercial aircraft segment holds the maximum market share and enjoys a valuation of USD 150.7 million in 2018. It can rise to USD 195 million by 2023. The segment is expected to grow with the fastest CAGR of 5.29% during the forecast period.
Geographic analysis of TAWS market spans across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Europe is leading the market with its market valuation pinned at USD 68.17 million in 2018. The regional market value can go up to USD 87.11 million by 2023 with an impressive 5.02% CAGR during the forecast period. Increase in the number of aircraft positively impacts the need for aircraft safety, thereby, creating a requirement for new terrain awareness and warning systems. Furthermore, increasing defense expenditure by countries, such as Russia and the UK, is bolstering the market growth.
Asia-Pacific has the second largest market share. Large-scale investments by aircraft manufacturers in improving aircraft operations and enhancing the overall passenger experience are expected to create new opportunities for the market growth in Asia-Pacific region. The regional market has a valuation of USD 58.89 million in 2018 which is expected to scale and exceed USD 81.08 million by 2023 at a 5.57% CAGR during the forecast period.
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