Global Flight Navigation System Market to Grow at a CAGR of 7.61% during 2015
The Global Flight Navigation Market is valued at $10 billion in 2014 and expected to grow at a compound annual growth rate (CAGR) of 7.61%reaching $17.98 billion by 2022. The growing demand for aircrafts across the globe and rise in the air traffic are driving the market growth. The increasing demand for accurate navigation and advancing technologies are also an added advantage to create business opportunities for the key players in this market. Efforts to lessen CO2 emission and environmental awareness are some of the prominent factors influencing this market.
The factors that are hampering the market growth include high costs, complexity of the systems, and their accuracy.
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GPS compatibility is also a considerable challenge for the growth of this market. However, fuel efficiency is expected to provide business opportunities for the existing as well as potential players in this market.
The global flight navigation market is segmented on product types, application, flight instrument and region. Depending on the Product type the market is segmented into two types namely flight navigation system and communication devices. Flight navigator system is further segmented into Radar, Hyperbolic Navigation System, GNSS, Instrument Landing System, Inertial Navigation System, VOR/DME, Automatic Direction Finder, Doppler Navigation System, Flight Management System and Heads up Display. Communication devices are categorized into Aircraft Communication Addressing and Reporting System, Automatic Dependent Surveillance, Portable Avoidance Collision System, Aircraft Transponders. By Application navigator market is segmented into Commercial and it is further divided into two types Fixed Wing, Rotary Wing.
The Flight instrument market is divided into Altimeter, Gyroscope, Autopilot, Magnetic Compass and Sensors. Gyroscope and it is further alienated into Attitude Gyro, Turn Rate Gyro and Directional Gyro. Sensors segment is further segmented as Air Speed Indicator, Vertical Speed Indicator and Pitot tube.
Geographically flight navigation market is segmented into North America, Europe, Asia Pacific and Rest of the World (ROW). The growth expectation of this market will be constant in the North America and European regions. However, the growth expectation for this market will be higher in the Asia-pacific region due to an increasing demand for aircraft deliveries in these regions.
Major players in flight navigation system market include Esterline Technology, Garmin Ltd, Honeywell International Inc., Moog Inc, Northrop Grumman Corp, Raytheon Company, Rockwell Collins, The Boeing Company and Universal Avionics Corporation.
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