Global flight management system market is estimated to witness a CAGR of 4.98% to reach US$5,092.296 million from US$3,803.571 million in 2018. The flight management system is an interface between the flight crew and flight desk system, so it is one of the main components in avionics systems as it performs different in-flight operation automatically. Rising demand for modern aircraft owing to the growing air travel is significantly driving the market of flight management system market; this is also the main reason for the growing need for advanced navigation and surveillance technologies in airlines which will further augment the demand for flight management systems worldwide.
The next advanced flight management technology will reduce the workload of the pilot, improve the security and fuel efficiency of the plane. Furthermore, the increasing airlines across the globe with an increase in the demand of the airplane and Technological advancements are also going to result in the growth of the Flight Management System market as per the forecasted period. However, the vulnerability of flight management systems to cyber attacks and the costly maintenance is restraining the growth of flight management system market.
Increasing demand for the next generation aircraft.
Growing airline industry
Maintenance and implementation cost is high.
Vulnerability to cyber attack
In May 2017, General Electric delivers the Flight management system as it readies the Boeing 737, Max.
In May 2018, Universal Avionics said that there was a rise in LPVs Spurs 40% growth in FMS Upgrade.
The major players in this market are General Electric Company, Rockwell Collins, Honeywell International Inc., Universal Avionics System Corporation, and Thales Group.
The flight management system market has been analyzed through the following segments:
By Aircraft Size
Middle East and Africa