Market Size of Flight Navigation System Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 6.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Flight Navigation Systems Market Analysis
The flight navigation system market is anticipated to witness a CAGR of above 6% during the forecast period (2022 - 2027)
The outbreak of COVID-19 has massively impacted the growth of the market. For most of 2020, most international flights were grounded, and domestic flights were operating at half their capacity. Although the situation improved in 2021, the traffic was well below the pre-pandemic levels. This has forced several airlines to postpone their aircraft procurement plans in the commercial sector, thereby hindering market growth.
Moreover, the increasing procurements of aircraft in the general aviation sector, along with the rebound in passenger traffic and increasing military spending of several countries globally, are anticipated to drive the growth of the market during the forecast period.
The mandates made by the regulatory bodies of commercial aviation are making the airlines integrate advanced systems in their fleet to create safe and efficient airspace. For instance, the FAA mandated the use of ADS-B Out on the aircraft operating in most controlled US airspace by January 2020. Such regulations may propel the demand for flight navigation systems during the forecast period.
The development of advanced autonomous aircraft and regional satellite navigation systems is anticipated to boost the growth of the flight navigation systems market in the future.
