Flight Management Systems Market is likely to witness an impressive CAGR of 7.2% during the forecast period.
Flight Management Systems (FMS) are essential components of modern aircraft, helping to optimize flight routes, manage fuel consumption, and improve safety. FMS technology has evolved significantly in recent years, with new features and capabilities being added to enhance efficiency and safety. The flight management systems market has been growing in recent years, driven by the increasing demand for air travel and the ongoing development of new aircraft.
One of the key drivers of the flight management systems market is the increasing demand for air travel, particularly in emerging markets such as Asia-Pacific and the Middle East. As more people travel by air, airlines are looking for ways to improve the efficiency and safety of their operations, and FMS technology is a critical component in achieving these goals.
Another factor driving the growth of the flight management systems market is the ongoing development of new aircraft, particularly in the commercial and business jet markets. As new aircraft are introduced, they are often equipped with the latest FMS technology, which helps to enhance their performance and capabilities.
Key Players
Some of the major players in the flight management systems market are-
Esterline Technologies Corporation, Garmin Ltd., General Electric Company, Honeywell International Inc., Jeppesen Sanderson, Inc., Leonardo-Finmeccanica Spa, Lufthansa Systems GmbH & Co. Kg, Navtech, Inc., Rockwell Collins, and Thales Group.
Regional Analysis
In terms of regions, the North American and the European flight management system markets held the largest market share in 2018, and are expected to command the global market during the forecast period. Asia-Pacific is estimated to be the fastest-growing market, driven by the growth of commercial low-cost carriers in the region. The need for technologically advanced flight management systems along with the increase in aircraft orders and deliveries are the prime drivers for the growth of the flight management systems market in this region. China and India are the growth engines of the region.
