Flight navigation takes place through various methods that are used by the pilots to guide the plane in the present day airspace system. These navigation systems consist of navigation database made of all the vital components of the flight. It integrates the aircraft operations and manages the functions that a plane takes place from the time of take off to landing. According to the experts, the global flight navigation system market is expected to witness growth at a steady rate. This growth is mainly attributed to the strong growth in the global aviation sector. Rising demand for this industry from the emerging economies is also expected to create potential investment opportunities for the key players in the market.
Segmentation in FNS Market
The global flight navigation system market is segmented on the basis of the types of products, components and their applications. Researchers also consider basic geographic regions of the market to analyze the growth trends and revenue forecasts for the key industry players. Basic components in the market are categorized into altimeters, GANS, GPS, gyroscope, autopilot and such other components. The types of products in the market are categorized into VOR/DME, Doppler navigation systems, instrument landing system, hyperbolic navigation system and automatic navigation systems. Commercial and military are the basic application segments of the market. Analysis of all these segments provides information about the growth trends, revenue forecasts, and major drivers and restraints for the industry.
Major Drivers, Restraints and Forecasts
According to the experts, the global flight navigation system market is expected to witness growth at a steady CAGR during the forecasting period. Major driving factors for the market included rising demand for aircrafts from around the world and rise in the air traffic since the recent past. Rising demand for accurate navigation and advancing technologies are also projected to create business opportunities for the key players in this market. Efforts to lower CO2 emission and environmental awareness are also significant factors influencing this market over the next few years.
According to the researchers, cost and complexity of the systems and their accuracy are expected to restrain the growth of the market. GPS compatibility is also a significant 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. As per the latest research reports, the flight navigation system market is expected to grow at a steady CAGR of over 7% from 2014 to 2020. At the estimated growth rate, the market is aiming to become worth $15687.22 million by 2020.
Asia Pacific and Europe are expected to emerge as the most potential growth region for the global market. Technological advancements are expected to provide growth opportunities for the market players.
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