Flight Management Systems Market
20 Jan
2020
Press Release

According to the latest report by IMARC Group titled, “Flight Management Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ 2.6 Billion in 2018. A flight management system (FMS) is an onboard computer system that uses an extensive database to pre-program and feed routes into the system through a data loader. In-flight management and flight planning through sensors such as inertial navigation systems (INS) and global positioning systems (GPS) are some of the key functions of FMS. It significantly reduces flight crew workload and eliminates the need for onboard flight engineers or navigators. Presently, small private aircraft as well as large commercial jetliners are equipped with FMS or similar systems. Looking forward, the market is expected to reach a value of US$ 3.5 Billion by 2024, exhibiting a CAGR of around 5 % during 2019-2024.

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The growing demand for next-generation aircraft features is a significant factor driving the market growth. Fuel-efficiency and flight security are some of the key features of the FMS, which is driving its demand in the aviation industry. Moreover, affordable air tickets have resulted in growing air commutation and increasing numbers of airlines across the globe. This has led to a need for enhanced aircraft monitoring and surveillance, and technologically advanced in-flight services, thus facilitating the widespread incorporation of FMS. Other factors contributing to the market growth include lower power consumption, reduced weight, enhanced navigation and better operational facilities.

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Key Market Segmentation:

Breakup by Fit:

1. Line Fit
2. Retrofit

Breakup by Aircraft Type:

1. Narrow Body Aircraft
2. Wide Body Aircraft
3. Very Large Aircraft
2. Regional Transport Aircraft

Breakup by Hardware:

1. Visual Display Unit
2. Control Display Unit
3. Flight Management Computers

Regional Insights:

1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America

Competitive Landscape:

The report has also examined the competitive landscape of global flight management systems market. Some of the major players in the market are Honeywell International Inc., Thales Group, General Electric Company, Rockwell Collins, Esterline Technologies Corporation, Garmin Ltd., Universal Avionics Systems Corporation, Jeppesen Sanderson, Inc., Navtech, Inc., Lufthansa Systems GmbH & Co. Kg, Leonardo-Finmeccanica Spa, General Electric Company, etc.

Key highlights of the report:

1. Market Performance
2. Market Outlook
3. Porter’s Five Forces Analysis
4. Market Drivers and Success Factors
5. SWOT Analysis
6. Value Chain
7. Competitive Structure
8. Profiles of Key Players

Browse More Research Report in Aerospace and Defense:

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This post was originally published on Stock Markets News

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IMARC Group is a leading market research company that provides market and business research intelligence across the globe. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. We make an effort to fulfill specific and niche requirements of the industry while balancing the quantum of quality with stipulated time and trace major trends at both the domestic and global levels. The information products and services provided by IMARC cover major technological, scientific and economic developments in industrial, pharmaceutical and high technology organizations.