DUBLIN--(BUSINESS WIRE)--The "Flight Navigation System Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global flight navigation system market is anticipated to grow at a CAGR of above 6% during the forecast period.
- The increasing procurements of aircraft in commercial and military aviation sectors with growing passenger traffic and increasing military spending of the countries respectively are anticipated to drive the growth of the market during the forecast period.
- The mandates made by the regulatory bodies of commercial aviation are making the airlines integrate advanced systems in their fleet to create safe and efficient airspace. For instance, the FAA mandated the use of ADS-B Out on the aircraft operating in most controlled US airspace by January 2020. Such regulations will propel the demand for flight navigation systems in the forecast period.
- The development of advanced autonomous regional satellite navigation systems is anticipated to boost the growth of flight navigation systems market in the coming years.
- The failure of parts and components of flight navigation systems might lead to the grounding of aircraft and in some cases may lead to accidents endangering the lives of passengers. Such situations are anticipated to hamper the growth of companies as they may lose their long-standing partnerships.
Major Market Trends
Civil & Commercial Aviation Segment to Experience the Highest Growth During the Forecast Period
Civil and Commercial Aviation segment of the market currently has the highest share and is expected to grow at the highest CAGR during the forecast period. The major driver for the segment is the growing orders and deliveries of commercial aircraft, that are generating demand for new and advanced navigation and control systems for aircraft. Airbus and Boeing have recorded 800 and 806 deliveries in 2018 with approximately more than 7500 aircraft in order backlogs.
Another major growth factor is the mandated regulations by the regulatory bodies of commercial aviation are making the airlines integrate advanced systems for safety purposes. The development of new systems like ACAS X may further boost the growth of the segment during the forecast period.
Asia-Pacific Expected to Generate the Highest Demand During the Forecast Period
Asia Pacific region is expected to generate the highest demand for the flight navigation system market during the forecast period. This growth in the market follows the growth of the avionics market in the Asia-Pacific region, which, in turn, is due to the growing commercial and military aircraft fleet in the region. China and India are leading the aviation industry (military and commercial) followed by Japan, Australia, South Korea, Indonesia, and the Philippines among others.
There are huge aircraft order backlogs of various countries for various aircraft manufactured by Airbus, and Boeing, which will drive the demand for flight navigation systems in this region. Also, the new aircraft programs like COMAC C919 and C929, Mitsubishi SpaceJet (MRJ), KAI KF-X (IA IF-X), J-31, and AG600 among others are currently in development stages. Such developmental projects are anticipated to generate demand for new positions and navigation systems.
The flight navigation system market is highly fragmented with many suppliers who provide various types of instruments like antennas, gyroscopes, altimeters, sensors, etc. Some of the prominent players in the flight navigation system market are Collins Aerospace, Honeywell International Inc., Northrop Grumman Corporation, Garmin Ltd., and Thales Group.
Collins Aerospace and Honeywell International Inc. are two major companies that offer aircraft navigation aids to commercial segments whereas BAE Systems, Raytheon Company, and Northrop Grumman Corporation among others are some of the prominent companies that provide navigation equipment to military aircraft.
The development of new and advanced positioning systems to accurately locate and navigate the aircraft to its destinations is anticipated to support the company's long-term growth. However, the faulty parts and components manufactured by the companies may lead to accidents and risk the lives of people onboard aircraft. Such situations might hamper the partnerships of the OEMs and component or system providers.
Key Topics Covered
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1.1 Civil and Commercial Aviation
5.1.2 Military Aviation
5.2 Flight Instrument
5.2.5 Magnetic Compass
5.3.2 Instrument Landing Systems
5.3.3 Inertial Navigation Systems
5.3.4 Collision Avoidance System
5.3.6 Global Navigation Satellite System (GNSS)
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 Rest of Asia-Pacific
5.4.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Collins Aerospace
6.2.2 Honeywell International Inc.
6.2.3 Northrop Grumman Corporation
6.2.4 Garmin Ltd.
6.2.5 Thales Group
6.2.6 Cobham PLC
6.2.7 CMC Electronics Inc.
6.2.8 Raytheon Company
6.2.10 BAE Systems PLC
6.2.11 L3 Harris Technologies
6.2.12 General Electric
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/k9auuk