FMS: Key market research findings
- Need for automation and improved safety drives market growth
- Introduction of the autopilot landing systems in the market
- Key vendors—Honeywell, Lufthansa, Rockwell Collins, Thales Group, and Universal Avionics
According to the market research analysts at Technavio, the global FMS market is likely to grow at a CAGR of more than 7% between 2016 and 2020. Factors such as the growing demand for automation and enhanced safety are the primary drivers for growth in the market. Commercial aircraft can achieve improved operational safety and efficiency through automation, besides cutting down on operational costs. A flight management system (FMS) functions as a safety aid in conditions such as clouds, low visibility, or airspace congestion. In 2015, the APAC region occupied almost 37% of the market space to dominate the global FMS market. The growing air traffic in the region and the subsequent rise in the number of aircraft incidents are some of the factors fueling growth in the FMS market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the FMS segments by aircraft type.
“The introduction of the autopilot landing system is a significant trend in the FMS market across the globe. An autopilot landing system enables secure landing of the aircraft even during harsh climatic conditions and low visibility and is used vastly in airports that have dense snow, rain, or fog. Heading, altitude, airspeed, and distance can be adequately monitored and measured by the autopilot to ensure the safety of the aircraft through a flight management computer, i.e., a computer incorporated in the landing system,” says Abhay Kumar Singh, Lead Analyst, Aerospace & Defense, Technavio Research.
The narrow-body segment dominated the global FMS market in 2015 with around a 56% stake in the market. The emergence of airlines such as AirAsia, Tata Vistara, Qantas, Etihad Airways, Qatar Airways, Tigerair, Lion Air, and Jetstar Airways in the APAC and Middle Eastern countries is causing an upsurge in the requirement for low-cost and full-service carriers. This increase in the number of aircraft is prompting airline operators and third-party companies to make significant investments in the development of advanced flight systems.
The key vendors in the global FMS market include Honeywell, Lufthansa, Rockwell Collins, Thales Group, and Universal Avionics. The global FMS market is highly competitive with the vendors competing on the basis of product quality, reliability, cost, and aftermarket service. To be able to sustain and thrive in the market, it is essential for vendors to provide efficient and high-quality FMS systems with latest the technology and materials. The emergence of such advanced FMS systems and the increasing number of M&As will aid in the growth of this market during the forecast period.
A more detailed analysis is available in the Technavio report, Global FMS Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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