Flight Management System Market Size, Share, Opportunities, And Trends By Aircraft Size (Small, Medium, Large, Extra Large), By Components (Hardware, Software), And Geography - Forecasts From 2019 To 2024

The global flight management system market is estimated to witness a CAGR of 4.98% to reach US$5,092.296 million from US$3,803.571 million in 2018. The flight management system is an interface between the flight crew and flight desk system, so it is one of the main components in avionics systems as it performs different in-flight operations automatically. The rising demand for modern aircraft owing to the growing air travel is significantly driving the market for flight management systems market; this is also the main reason for the growing need for advanced navigation and surveillance technologies in airlines which will further augment the demand for flight management systems worldwide.

The next advanced flight management technology will reduce the workload of the pilot, and improve the security and fuel efficiency of the plane. Furthermore, the increasing number of airlines across the globe with an increase in the demand for the airplane and Technological advancements are also going to result in the growth of the Flight Management System market as per the forecasted period. However, the vulnerability of flight management systems to cyber-attacks and the costly maintenance is restraining the growth of the flight management system market.

DRIVERS
Increasing demand for the next generation aircraft.
Growing airline industry

RESTRAINTS
Maintenance and implementation cost is high.
Vulnerability to cyber attack

INDUSTRY UPDATE
In May 2017, General Electric delivers the Flight management system as it readies the Boeing 737, Max.
In May 2018, Universal Avionics said that there was a rise in LPVs Spurs 40% growth in FMS Upgrade.

The major players in this market are General Electric Company, Rockwell Collins, Honeywell International Inc., Universal Avionics System Corporation, and Thales Group.

Segmentation

The flight management system market has been analyzed through the following segments:

By Aircraft Size
Small
Medium
Large
Extra Large

By Components
Hardware
Software

By Geography
North America
USA
Canada
Mexico

South America
Brazil
Argentina

Europe
Germany
France
United Kingdom
Spain
Others

Middle East and Africa
Saudi Arabia
Israel
Others

Asia Pacific
China
Japan
South Korea
India
Others