The demand for next generation flight management systems and advanced required navigation performance, development of glass cockpits resulting in better operational efficiency, and significant growth in airline industry worldwide are expected to drive this market.
Seattle, WA -- (SBWIRE) -- 07/24/2017 -- The report "Flight Management Systems (FMS) Market by Hardware (Control Display Unit, Visual Display Unit, Flight Management Computer), Aircraft Type (NBA, WBA, VLA, RTA), Fit (Line Fit, Retrofit) and Region - Global Forecast to 2021".
The flight management systems market is expected to reach USD 3.13 Billion by 2021, at a CAGR of 6.23% during the forecast period. The demand for next generation flight management systems and advanced required navigation performance, development of glass cockpits resulting in better operational efficiency, and significant growth in airline industry worldwide are expected to drive this market.
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Line Fit is expected to grow at the highest rate in the flight management systems market
The global flight management systems market has been segmented and analyzed in terms of two types, namely, line fit and retrofit, wherein, the line fit segment dominates the overall market in terms of market size, and is expected to exhibit a similar trend during the next five years owing to the rise in aircraft orders and deliveries worldwide. It has also been noticed that in emerging countries such as India and China, there has been an increase in passenger travel, giving rise to low-cost carriers.
The flight management computers segment is expected to exhibit the highest growth during the forecast period
The global flight management systems market, by hardware has been segmented into visual display unit, control display unit, and flight management computers. The flight management computers segment is estimated to register the highest CAGR owing to the increase in demand of technologically advanced as well as lightweight flight management computers. The market for flight management computer hardware is largest in North America and Europe, owing to the rise in the demand for next generation flight management systems and advanced required navigation performance systems.
The market in the APAC region is expected to grow at the highest rate during the forecast period
The market in APAC is expected to grow at the highest CAGR between 2016 and 2021 owing to the increase in aircraft orders as well as deliveries in emerging economies such as India and China. The rise in low-cost carriers as well as the need of technologically advanced flight management systems is also an important factor which is the fueling the growth of the market in this region.
Honeywell International Inc. (U.S.) is one of the key players in the flight management systems market. The other major players in this market include Thales Group (France), General Electric Company (U.S.), Leonardo-Finmeccanica S.p.A (Italy), Rockwell Collins (U.S.), Esterline Technologies (U.S.), Garmin Ltd. (Switzerland), Universal Avionics Systems (U.S.), Lufthansa Systems (Germany), Jeppesen Sanderson, Inc. (U.S.), and Navtech, Inc. (Canada).
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