The Flight Management System market is projected to grow at a CAGR of 2.03% during the forecast period. Rising demand for modern aircrafts owing to the growing air travel is significantly driving the growth of flight management system market. Growing need for advanced navigation and surveillance technologies in airlines is further augmenting the demand for flight management systems worldwide. Technological advancements will continue to propel the growth of flight management system market during the forecast period. However, vulnerability of flight management systems to cyber attacks is restraining the growth of flight management system market. Geographically, flight management system market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. APAC will witness a significant market growth due to rising air traffic, both passenger and cargo in countries like China and India.
DRIVERS
Rising air traffic
Increasing demand for modern aircrafts
RESTRAINTS
Vulnerability to cyber attacks
INDUSTRY UPDATE
In 2018, autonomous-aviation startup Xwing announced that it has raised $4 million in a seed round led by Eniac Ventures.
In April 2018, Elbit Systems completed the acquisition of Universal Avionics Systems Corporation to enhance its position in the commercial aviation market.
The major players profiled in the Flight Management System market include Honeywell International Inc., Jeppesen, General Electric, Esterline Technologies Corporation, Lufthansa Systems, Leonardo, and Universal Avionics Systems Corporation.
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
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
Australia
India
Others
Target audience
Manufacturers
Suppliers
Distributors
Service Providers
Government Agencies
Research Organizations
Consultants