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.
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.
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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