Global aircraft health monitoring systems market to reach $3.9 billion by 2022
The global flight management system market accounted for $6.32 Billion in 2015 and it is expected to reach $10.6 billion by 2022, growing at a CAGR of 7.5%. This is according to a new analysis report from Wise Guy Reports.
High demand for aircraft, emergence of auto-ground collision avoidance systems and development of glass cockpits are the factors driving the market, the report finds. However, security concerns due to cyber-attacks and inflexible safety regulations may hinder the market growth.
The report notes: “The introduction of new aircraft will facilitate airlines to reinforce their existing competitive strategies and may allow them to develop capabilities that enable new ways to grow in the market. Technological advancements for heavy data storage and high operational efficiency may create an opportunity to the flight management system market.”
The visual display unit segment accounted for the largest share of the flight management systems market during the forecast period. This is mainly attributed to the demand for lightweight and technologically advanced displays. North America accounted for the largest share in market owing to the demand for advanced required navigation performance systems and next generation flight management systems.
Asia Pacific is expected to grow at the highest CAGR due to cost-effectiveness and increase in aircraft orders, as well as deliveries in emerging economies such as India and China.