Aircraft Synthetic Vision Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Aircraft Synthetic Vision Systems Market is forecasted to grow at a CAGR of more than 2.8% during the forecast period (2021-2026).

The global aviation sector is undergoing an unprecedented disruption due to the COVID-19 pandemic. Though the sector is projected to recover in 2021, the recovery is expected to be uneven across the two constituent sectors. For instance, the commercial aviation sector has been significantly affected by the pandemic, resulting in a drastic reduction in passenger traffic, which in turn, has negatively affected aircraft demand. As a result, the commercial aviation sector is expected to recover slowly, as travel demand is projected to normalize to pre-COVID levels by 2023. However, the military aviation sector is expected to remain stable, and even grow as most of the countries have not reduced their defense budget and remain committed to sustaining their military capabilities. Nevertheless, due to the widespread disruption in the supply chain, some of the military aircraft programs could face minor cost escalations and delays in the short term.

Synthetic Vision Systems are designed to improve aircrew situational awareness, particularly during the approach and landing phase of flight. They are also very effective in improving flight safety, specifically regarding reducing the incidence of controlled flight into terrain (CFIT) events.

The aircraft synthetic vision systems market is driven by the increasing demand for new aircraft as part of the fleet expansion and modernization programs initiated by respective end-users in the military, commercial, and general aviation sectors. However, the inherent capital-intensive nature of the aviation electronics industry due to the high associated cost of R&D, and the recent COVID-19 induced disruption in the global electronics supply chain are some of the factors that hinder the growth of the market in focus during the forecast period.

Scope of the Report

A Synthetic Vision System is an aircraft installation designed to improve the situational awareness of the flight crew by combining 3D data into intuitive displays even in low visibility conditions using moving maps, artificial vision and route planning hardware and software. The system also presents a computer-generated view of the external environment with a database of relevant information about the terrain, flight plan information and runways to reduce the probability of an accident caused due to loss of control, runway incursion, and CFIT.

The Aircraft Synthetic Vision Systems Market is segmented based on Type, End-user, and Geography. By Type, the market is segmented into Primary Flight Display, Navigation Display, Heads-up and Helmet-mounted Display, and Others. By End-user, the market is segmented into Military, Commercial, and General Aviation, and by Geography into North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa.

The report also covers the market sizes and forecasts for the Aircraft Synthetic Vision Systems Market across major regions. For each segment, the market sizing and forecasts have been done based on value (USD million).

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Key Market Trends

Military End-user to Witness Higher Growth During the Forecast Period

The emerging geopolitical rift among rival nations has fostered the need for the induction of advanced military assets, including aircraft. The subsequent increase in defense expenditure also aims to accelerate ongoing and new procurement programs for new generation platforms. For instance, in May 2021, the US Air Force awarded a USD 14 billion contract to Lockheed Martin Corporation to produce 128 Block 70/72 jets on behalf of Bahrain, Slovakia, Bulgaria, Taiwan, and Morocco. Similarly, in January 2021, the Indian Ministry of Defense (MoD) cleared the purchase of 83 LCA MK1A Tejas light combat aircraft for USD 6.5 billion. Also, in July 2021, the UK MoD signed a USD 347 million agreement with Team Tempest to provide digital and physical infrastructure to develop the aircraft. Similar procurement initiatives are being undertaken by other nations across the globe. Since these new-generation military aircraft feature state-of-the-art synthetic vision systems that enable the pilot to have 360-degree situational awareness, the demand for new-generation military aircraft is expected to create a parallel demand for synthetic vision systems.

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