Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "Aircraft Cockpit Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Aircraft Cockpit Systems Market is anticipated to witness a CAGR of over 5.8% during the forecast period.
The COVID-19 pandemic had a significant effect on the Aircraft Cockpit Systems Market. The onset of COVID-19 led to lockdowns in various countries, and this led to restrictions in terms of travel or trade between countries, leading to shortages in the end components for manufacturing aircraft cockpit systems and delays in terms of manufacturing of the end product by the original equipment manufacturers (OEMs).
Moreover, the pandemic led to supply chain disruptions and production-related issues in the military aircraft segment.
On the other hand, though the orders and deliveries of general aviation aircraft witnessed a decline in 2020 compared to 2019, there is a growth in demand for helicopters and business jets to transport medical supplies, cargo charter operations, and VIP transport. This is expected to help the growth of the aircraft cockpit systems market.
Though there were supply chain disruptions and production-related issues in the military aircraft segment, military aircraft demand has not been affected as countries did not postpone or cancel their procurements due to the criticality and tactical importance of the requirements. Thus, the advancement in terms of manufacturing aircraft cockpit systems using advanced technologies will lead to the growth of the aircraft cockpit systems market during the forecast period.
Aircraft Cockpit Systems Market Trends
Growing Adoption Of Multi-Functional Displays System
The adoption of multi-functional displays has been increasing in military aircraft, as they offer several advantages to pilots.
Modern military aircraft cockpits feature all-glass, large-format multi-functional displays for improving video and imaging options so that the pilots can view multiple video sources ranging from external display processors and video sensors, including FLIR, radar, weapons, and cameras, based on their requirements. Newer-generation military aircraft are incorporating various types of multi-functional displays to enhance pilot situational awareness.
Asia-Pacific Is Expected to Dominate the Market During the Forecast Period
Asia-Pacific has become a significant hub for the aviation industry over the years. The emerging economies in the region, like India and China, are experiencing a massive surge in their respective civil aviation markets due to an increased demand for air travel.
Hence, the revenues from Asia-Pacific are projected to witness a high growth rate during the forecast period. The Boeing Company delivered 91 aircraft in the Asia-Pacific region last year, while 30% of the deliveries of Airbus were in Asia-Pacific in the same year.
China is leading the recovery of global commercial aviation due to great domestic demand, helping the airlines witness financial recovery. It has become a major hub for the aviation industry over the years due to high demand from civilian and military customers. Commercial aviation has been a key contributor to China's aviation industry over the years.
On the other hand, the Indian carrier, IndiGo, took delivery of a record 36 Airbus planes between January and November 2021. Overall, IndiGo has ordered 730 A320-A321 families of aircraft so far. India is also a critical military aircraft market, as the country has been modernizing its aerial capabilities by procuring new aircraft and indigenously developing military aircraft.
Similarly, other countries like Japan, South Korea, Australia, and Southeast Asian countries are also experiencing a growth in the aviation sector demand, thereby bolstering the region's market prospects.
Aircraft Cockpit Systems Market Competitor Analysis
The Aircraft Cockpit Systems Market is a consolidated market. Some of the most prominent players in the Aircraft Cockpit Systems market include Elbit Systems Ltd, Northrop Grumman Corporation, Honeywell Aerospace Inc., Airbus SE, and Diehl Aerospace.
The development of advanced aircraft cockpit systems is now the primary concern of the players in the market. Moreover, designing aircraft cockpit systems with lightweight materials and catering to high safety standards are necessary for the players to compete in such a competitive environment.
A selection of companies mentioned in this report includes
- Elbit Systems Ltd
- Northrop Grumman Corporation
- Honeywell Aerospace Inc.
- Airbus SE
- Diehl Aerospace
- Esterline Technologies Corporation Garmin Ltd
- Thrustmaster
- Infineon Technologies
- Thales
- L-3 Communication Holdings Inc.
For more information about this report visit https://www.researchandmarkets.com/r/davnpc
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