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The global flight navigation system market is seeing remarkable growth, with a significant CAGR forecasted throughout the period up to 2032. The flight navigation system is a set of instruments in a cockpit that assists pilots in navigating the aircraft during the flight. The system typically includes the tools and techniques that help pilots determine their position, course and altitude to plan and execute flight paths.
The demand for air transport will increase by around 4.3% per annum for the next 20 years. The growing demand is attributed to the expansion of aircraft fleet by airlines worldwide. The airlines have been ordering aircraft in bulk to expand their fleet. Recently, in February 2023, Air India ordered 470 Boeing and Airbus aircraft, the highest in the world. This substantial increase in aircraft is expected to drive the flight navigation system market.
The global economies also showed interest in procuring military aircraft also. This is due to the significant increase in defense expenditure of developed and developing economies to strengthen the military powers. This rise in demand is also predicted to fuel the flight navigation system Industry. Furthermore, the rising adoption of unmanned aerial vehicles (UAVs) for military and non-military applications is also anticipated to propel the market growth.
The rising standards and stringent regulations to enhance aircraft safety are expected to restrain the market growth. Additionally, the high cost of sophisticated flight navigation equipment, integration, maintenance, and frequent calibration is predicted to hinder market growth.
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North America is expected to lead the flight navigation system market during the forecast period. The market dominance is because of significant innovation and the presence of many key players in the flight navigation system Industry space. The region is also a home for major aircraft manufacturers. Europe is expected to have a significant market share, followed by Asia Pacific. The Asia Pacific is expected to grow significantly due to the increasing investments in the in-house development and production of aircraft equipment and the promotion of emerging aircraft component manufacturers in South Asian economies like India and China.
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