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More and more people in developing countries are flying on airplanes, so there's a greater need for systems that control these planes. Also, because countries are trading more with each other, there are more planes flying around. This means the market for airplane systems is going to get much bigger in the future.
There are a few reasons why this market is growing. People want things to be done automatically, and there's more money being spent on research and development. The demand for airplane systems is also increasing in countries that are still growing. But, there are some problems too, like the cost of automatic pilot systems and challenges with certain materials.
The global market for airplane systems is expected to grow by about 5.05% every year. In 2016, North America had the biggest share of the market at 29.40%, followed by Asia-Pacific and Europe with shares of 25.10% and 22.90%, respectively.
The worldwide market for airplane systems has been divided into different types, kinds of airplanes, and regions. Hydraulic systems made up the biggest part of the market in 2016, with a share of 41.70%, valued at USD 260.0 million. It's expected to grow by 4.94% each year. Among all types of airplanes, narrowbody aircraft had the largest market share in 2016 at 45.30%, valued at USD 282.5 million. It's expected to grow by 5.35% each year.
To sum it up, as more people in developing countries choose air travel, the demand for airplane control systems is rising. Increased international trade is also contributing to more flights, indicating significant growth in the airplane systems market.
Various factors are propelling this market growth, such as the desire for automated systems, higher investments in research and development, and increased demand in growing economies. However, challenges like the cost of autopilot systems and issues with certain materials are expected to slow down this growth.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 4.10% (2022-2032) |
Aircraft Landing Gear Repair Overhaul Market Highlights:
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