In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The aircraft synthetic vision system is the computer based reality system that provides the real time situational awareness to the pilot by providing a clear understanding of the outer environment in form of 3D imaging. A typical system uses sensors and the databases coupled with IOT integration so as to provide greater operational capabilities to the pilot and thereby lower the chances of an accident.
Synthetic Vision System provides the pilot operating the aircraft with situational awareness by using terrain, obstacle, geo-political, hydrological and other databases. It was developed by NASA and the U.S. Air Force in support of advanced cockpit research and as a part of the Aviation Safety Program.
The global aircraft synthetic vision system market is anticipated to record a CAGR of around 7% over the forecast period, i.e. 2019-2027. The market is observing vibrant growth owing to the ability of aircraft synthetic vision system to provide enhanced operational capabilities to reduce the chances of accidents and other life threatening events. The ability of the system to provide better situational awareness owing to the 3D imaging facility and increasing controlled flight into terrain events (CFIT) is expected to drive the market growth.
The market is segmented by application into general aviation aircraft, business jets, rotorcraft and commercial transport, out of which, the business jets segment is anticipated to have leading shares on account of increasing use of the vehicle for business purposes. The jets are capable of moving the small group of people from one place to another around the globe in no time, thus it is required that the jets are able to cross over terrains, able to operate in low visibility and are efficient. Thereby, the new business jets are preinstalled with aircraft synthetic vision systems in order to improve the aircraft operations.
The aircraft type segment is further segmented into fixed wing and rotary wing, out of which, the fixed wing segment is expected to have leading shares during the forecast period on the back of their versatile use and huge application area. The low operational and maintenance cost coupled with ability to accommodate a large number of passengers and huge fuel capacity are expected to drive the market growth.
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The ability of the system to provide tactical advantage to the pilot by providing a 3D view of the surrounding inside the cockpit in order to overcome the degraded visual environmental situations have resulted in the introduction of these systems in the military operations. The various developments of integrating data storage, procurement and real time sensors with the existing military facilities and navigation capabilities are expected to drive the market growth during the forecast period.
The safety benefits provided by the system to reduce the accidents by using its intuitive display, presentation methods and improved situation recognition speed at the time of loss of terrain and altitude awareness, run-way incursions, spatial disorientation and many other are expected to drive the market growth. Additionally, the operational and economic benefits owing to implementation of these systems coupled with ability to serve the national airspace system capacity by providing improved visual operations are anticipated to boost the market growth.
The various government and private sector research efforts going on to provide better aircraft facilities are expected to drive the market growth. The initiatives by NASA in business and general aviation aircrafts funded by the Aviation Safety and Security Program and joint Army-NASA projects are anticipated to support the market growth. Additionally, several university and industrial researches for instance, research by Rockwell Collins and BAE systems coupled with research by Christopher Wickens University, Thomas Schnell University and many others are expected to drive the market growth.
The aircraft synthetic vision systems are quite expensive and are not affordable to all. Additionally, in some low income economies there is a limited military budget which restricts the adoption of these devices.
Our-in depth analysis of the global aircraft synthetic vision system market includes the following segments:
On the basis of regional analysis, the global aircraft synthetic vision system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to have leading market shares during the forecast period owing to the recent developments going on in the synthetic vision systems. The region also has the key market players coupled with a huge aircraft market in terms of sales and operations. The recent increasing research and development activities to provide better aircraft facilities, for instance, next generation aircrafts and others, are expected to drive the market growth.
Middle East & Africa is estimated to witness a significant growth in market share on the back of recent developments and expansion of synthetic vision system in Israel, various manufacturers are getting involved in product development and market expansion by integrating IT with conventional aircraft systems, and enabling to operate better in low visibility areas as well as in adverse environmental conditions.
The global aircraft synthetic vision system market is further classified on the basis of region as follows: