Newark, March 21, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the electronic flight bag market will grow the USD 3.59 billion in 2023 and reach USD 8.25 billion by 2031. In just eight years, the rising price of fuel, increasing air traffic, and substantial economic development are also helping to drive market growth. Further, the rising demand for fuel-efficient aircraft and the increasing per capita income is also anticipated to drive the market growth during the forecast period.
Request PDF Brochure: https://www.thebrainyinsights.com/enquiry/sample-request/13254
Key Insight of the Electronic Flight Bag Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the electronic flight bag market. Key factors favouring the growth of the electronic flight bag market in North America include technical advancements, the launch of efficient EFB systems, improving economy, and the increasing air passenger traffic are helping to propel the market growth in this region. Moreover, the rising GDP and the increased spending on the advancement of the cockpit are also driving the market growth in this region over the forecast period.
The commercial segment is expected to augment the electronic flight bag market during the forecast period.
The commercial segment held the largest market share in 2023 and is expected to continue during the forecast period owing to the rising demand for fuel-efficient aircraft and relentless advancements in aviation technology, including using lightweight carbon composites for aircraft manufacturing. Further, by 2031, the military segment will likely dominate the market due to the growing number of military aircraft.
The portable segment market size is 1.94 billion in 2023
The portable segment is anticipated to dominate the market over the forecast period owing to the rising general aviation and military aircraft deliveries and their fleet size worldwide.
The hardware segment is anticipated to dominate the market by 61.08% in 2031
The hardware segment is anticipated to dominate the market in the forthcoming years, owing to the rapid development of hardware for the systems. Further, by 2031, the software segment will likely dominate the market due to the increasing deployment of EFBs and the rising upgrades of an old-existing commercial aircraft fleet.
Advancement in market
For example, on August 30, 2021, Collins Aerospace, a Raytheon Technologies company, signed a definitive contract to develop privately held FlightAware, a significant provider of worldwide flight-tracking solutions, analytics, predictive technologies, and decision-making instruments.
For example, in February 2021, Uganda National Airlines Company awarded an agreement to IFS (a Copenhagen-based EFB Software Platform SaaS provider) to supply a Paperless Flight Bag solution.
Procure Complete Report (230 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.thebrainyinsights.com/buy-now/13254/single
Market Dynamics
Driver: The growing importance of electronic flight bags in efficient operations of aircraft:
The increasing importance of electronic flight bags in the efficient operations of aircraft propels market growth. Further, the growing demand from bodybuilders and athletes, along with the rising demand for air travel plays, are driving the market growth. However, the increasing inclination towards electronic flight bags over conventional pilot’s flight bags to operate aircraft among pilots is also helping to propel the market growth. Additionally, the advanced EFB instruments and data communication allows aircraft connectivity and distribution and reduce flight plan production and storage costs by entirely digitizing the flight briefing process.
Restraint: The lack of experience among pilots:
The inexperience of pilots about the functionality of a new electronic flight bag due to the scarcity of training can result in missing important information, and loss of position awareness is expected to hamper the market growth. Moreover, the problems associated with the operations of an electronic flight bag due to a faulty battery, overheating connectors or wires can result in smoke or fire on the flight deck. However, the low awareness concerning the data limitations of electronic flight bags can result in over-reliance on an electronic flight bag, leading to the defeat of crosschecking the electronic flight bags. Thus, these factors are hampering the market growth.
Opportunity: The rapid digitalization of the aviation sector:
The growing focus on enhanced flight crew operational efficiency is an opportunity for market growth. Further, the digitalization of the aviation sector and the ever-increasing availability of an effective Wi-Fi range to connect electronic flight bags are driving factors of the market growth. Moreover, deploying portable EFB systems across general aviation and military transport aircraft carriers will also propel market growth. Also, the increasing safety concerns & real-time access to information are helping to drive market growth over the forecast period. Apart from this, the growing demand for next-generation aircraft and the increasing aircraft deliveries in emerging economies are helping to drive market growth over the forecast period.
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.thebrainyinsights.com/enquiry/buying-inquiry/13254
Some of the major players operating in the electronic flight bag market are:
• Astronautics Corporation of America
• Airbus SAS
• Collins Aerospace
• CMC Electronics Inc.
• Esterline CMC Electronics
• DAC International Inc.
• International Flight Support
• Flightman
• Teledyne Controls LLC
• Honeywell International Inc.
• Lufthansa Systems
• Rockwell Collins Inc.
• L3Harris Technologies Inc.
• The Boeing Company
• Thales Group
• Navarro AB
Key Segments cover in the market:
By Application:
• Military
• Commercial
• Personal
• Others
By Type:
• Installed
• Portable
By Component:
• Software
• Hardware
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
For more information in the analysis of this report, speak to research analyst: https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13254
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: http://www.thebrainyinsights.com
