Northbrook, IL 60062 -- (SBWIRE) -- 08/18/2022 -- The electronic flight instrument system (EFIS) market size is projected to grow from USD 618 million in 2022 to USD 720 million by 2027, at a CAGR of 3.1% from 2022 to 2027.
The adoption of EFIS is driven by the increasing demand for aircraft modernization to enhance operational safety and fuel efficiency, thereby reducing operational costs. While the new generation aircraft are factory-fitted with modern EFIS and other digital avionics, the airlines and other end users are undertaking fleet modernization initiatives to retrofit their older generation fleet with such systems to match the service offering of the new generation aircraft.
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Based on Platform, the commercial aviation segment is projected to dominate market share due to the increasing passenger traffic driving the demand for new aircraft. Furthermore, the emerging safety regulations mandate the use of digital avionics systems such as the EFIS to enhance the safety and operational profile of the aircraft, which will even drive the retrofit aspect of the market as the airlines are anticipated to resort to fleet modernization to save costs associated with new aircraft procurement.
Based on the Application, the flight attitude segment of the market is projected to dominate market share as the demand for associated subsystems such as multi-function display (MFD) is anticipated to grow at a rapid pace. Since MFDs can display a variety of operational parameters of an aircraft, they reduce the need to install multiple displays for each subsystem and rather facilitate the integration of several signal inputs in a single unit that can be controlled via an attached control panel.
Based on Fit, the linefit aspect of the market dominates market share on account of the increasing number of deliveries to effectively cater to the rapidly growing passenger traffic. Furthermore, most older generation general aviation aircraft featured electromechanical gauges and did not have the provision for retrofitting with digital EFIS systems. With the regulatory framework that focuses on the installation of EFIS to enhance situational awareness of the pilot, more models of general aviation aircraft are supporting EFIS and other such digital systems, which renders a positive outlook for the existing market players.
Based on Region, North America accounted for the largest market share in 2022, and Latin America is projected to witness the highest CAGR during the forecast period. The market for EFIS in the commercial and business aviation sectors in these regions is expected to benefit from the rising demand for air travel while the escalation of global geopolitical rift is driving the race for superiority in terms of military capabilities, evident from enhanced defense expenditure and investments in the modernization of various defense equipment of countries such as the US.