Flight Navigation System Market Prognosticated To Escalate With a Staggering CAGR

April, 2020 Market Research Future research report on Flight Navigation System Market

Global Flight Navigation System Market  OverviewThe global flight navigation system market predicted to be  value at USD 13,622.93 million by 2030 and is projected to grow at 7.0% CAGR during the forecast period, 2022 to 2030.

The global flight navigation system market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of flight navigation system market will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2030, which will be a surplus growth at a moderate CAGR during the projected period (2022 -2030).  

The high demand for flight navigation system market is due to the growth in the aircraft navigation technology. This increases in the participation of manufacturers in the field of flight navigation system market. Moreover, the revolution to GPS navigation and the pace of modern electronic development that satisfy the demand for the navigation system. The rapid technology advancement along with the increased focus of OEMs on providing navigation system is expected to result in an increase in aircraft expenses and as well as it is expected to add to the growth of the market. However, cyber-attack, the high cost of autopilot system, and automation safety issue act as a barrier to the growth of flight navigation system market.

The flight navigation system market is completely dependent on the expansion of aircraft sector. Thus, the increasing or decreasing demand for the aircraft directly has an impact on the market. Moreover, the factor responsible for the growth of flight navigation system market is demand for avionics system with gen-next aircraft, demand for accurate flight navigation, capability of handling more air traffic, collision avoidance systems, gyroscopes, and integration of early warning radar. This is the primary factor that drives the growth of the global flight navigation system market and has gained prevalence in the recent times, with the usage of best in class technologies in defense. Thus, the growth of the flight navigation system market is expected to go hand in hand with the growth of investment in the defense.

Although there is widespread approval of the autopilot system, the high cost associated with it becomes a major challenge for the military aircraft. In 2010, the widely approved autopilot system was priced at more than USD 10,000, excluding installation charges. In 2014, the price had doubled and with the installation of additional features such as autopilot landing and ground collision avoidance systems, the costs of the autopilot were more than USD 40,000. In addition, when the components of autopilot systems become obsolete, the repair and overhaul costs become higher and downtime increases, which makes maintenance of the systems questionable. To enhance safety, the organization encourages the development and installation of autopilots in the aircraft. As a result, autopilot manufacturers are investing in the creation of new digital smart autopilots that is compatible with a variety of aircraft without additional certifications bearing high costs.

Industry/ Innovation/ Related News:

April, 2018 – Rockwell signed a contract with U.S. Air Force to support Global Air Traffic Management components on the entire KC-135 tanker fleet. 

February, 2018 –Honeywell signed three long-term contracts with the Singapore Airlines Group to help improve the operational capabilities of the group's Singapore Airlines (SIA), SilkAir and Scoot carriers. The airlines have contracted a variety of services and equipment including weather radar, navigation systems.

Global Flight Navigation System Market – Segmentation

The global Flight Navigation system market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Flight Instrument             : Comprises Altimeter, Gyroscope, Autopilot, Sensors and Magnetic Compass

Segmentation by Product                             : Comprises Flight Control System, Communication, Navigation & Surveillance and Flight Management System

Segmentation by Application                       : Comprises Fixed Wing and Rotary Wing

Segmentation by Regions                            : Comprises Geographical regions - North America, Europe, Asia-Pacific, Middle East & Africa and South America.

Global Flight Navigation System Market Regional Analysis

European region is dominating the market of global flight navigation system market due to high demand for advanced navigation systems. The market in the European countries is largely driven by new routes, ventures and business models, which helps in growth of global flight navigation system Market.

North America market is referred to as the second-largest flight navigation market due to factors such as growing investment in automation of surveillance technology have fuelled the demand for global flight navigation system market.