MicroMarket Monitor World’s 1st Real Time Market Intelligence Forecasts North America Flight Management Systems Market is Estimated to Reach USD 168.77 Million by 2019
The North America flight management systems market is projected to grow to USD 168.77 million by 2019 at a CAGR of 7.23% during the forecast period of 2014 to 2019.
Passenger traffic and aircraft orders in North America are on the rise which is leading to increasing demand for flight management system. New product launches as well as partnerships and collaborations are the key strategies adopted by market players to ensure there is higher growth in the flight management system market.
The demand for Next Gen avionics is majorly driven by the trends in aviation industry where aircraft deliveries and aircraft in operation have always influenced the industry. The expected deliveries for narrow body lead among the type of aircrafts and so the market share of narrow body during the forecast period.
The flight management systems market worldwide is driven by factors such as enhanced capability of avionics systems for NextGen aircraft, improvisation in operational planning airlines, need for efficient fuel management, and the way forward for line-fit and retrofit.
Growth in this market will continue to depend largely on passenger travel as increase in passenger number will increase the number of aircraft and flight management system in aircraft. However, slow economic growth dampening the near term prospects, aircraft backlogs, and limited data storage capacity are the key restraints of the FMS market.
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