According to a report by Grand View Research, Inc., global multi-modereceiver market is anticipated to value USD 1.3 billion by 2025.
Growing requirement for aircrafts equipped with modern technologies attributed
to increasing air passenger traffic is anticipated to propel demand for
multi-mode receiver (MMR). It is likely to enhance positioning, landing, and
navigation capabilities of aircrafts. In addition, installation of MMR can
overcome problems in aircrafts related to multipath interference and support
advanced navigation standards such as GLS CAT II/III and WAAS LPV. This, in
turn, can enhance safety factor in aircrafts.
Capability of MMR to combine
various navigation functionalities into single and compact unit can fuel growth
of market. It can reduce cost of ownership of equipment, power consumption,
weight, and size. Favorable initiatives taken by airlines globally to modernize
their aircrafts is expected to impel market growth over next few years. In
addition, airlines are expected to make sure that their aircrafts can support
latest technologies and emerging required navigation performance (RNP)
navigation approaches. Hence, airlines are likely to invest huge on advanced
navigation systems. This, in turn, can surge demand for MMR over the forecast
period (2018 to 2025).
The multi-mode receiver market
can be segregated on the basis of platform, fit type, and region. Based on
platform, the market can be categorized into rotary wing and fixed wing. In
2016, fixed-wing segment dominated the market and is likely to grow at similar
pace during the forecast period. Commercial aviation sector can primarily use
narrow body aircraft and wide body aircraft to transport passengers and cargo.
Access
Research Report of Multi-mode Receiver Market@ www.grandviewresearch.com/industry-analysis/multi-mode-receiver-mmr-market
On the contrary, rotary wing
aircraft are likely to be used for oil & gas, military, and emergency &
rescue applications, where positioning capabilities and navigation are of
paramount importance. High demand for turbo-powered helicopters globally can
fuel growth of market from 2017 to 2021.
Based on fit type, the market
can be classified into retrofit and line-fit. Continual advancements in
avionics technology coupled with stringent safety regulations are likely to
encourage installation of MMR in aircrafts. Growing number of retrofitting
activities related to equipping aircraft with essential components to enhance
its performance can drive growth of market. The segment is predicted to exhibit
highest CAGR of 5.1% over the forecast period.
On the contrary, line-fit
segment can depend on number of aircraft deliveries as components are installed
on assembly line. The segment is likely to account for higher share as compared
to retrofit segment in coming future as aircraft manufacturers continue to work
on existing order backlogs and new orders simultaneously.
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Regional segmentation includes
Europe, North America, Asia Pacific, South America, and Middle East &
Africa (MEA). In 2016, North America dominated the market and accounted for
largest market share of 43% attributed to high demand for MMR among major
manufacturers such as Boeing and Bombardier. It is expected to exhibit CAGR of
3.9% during the forecast period. The region is likely to be home for numerous
suppliers of aircraft components. According to international trade
administration (ITA), United States (U.S.) exported aircraft parts worth USD
56.2 billion in 2014. U.S. is estimated
to be one of key countries involved in international trade of aerospace
products. In 2014, aircrafts parts accounted for 46% of overall aerospace
exports of United States.
In Asia Pacific, the market is
likely to expand at CAGR of 6.9% during the forecast period. Increasing number
of aircraft deliveries in the region can fuel growth of market. In addition,
rising investments in military aircrafts can fuel market growth over next few
years.
Some of the leading companies
offering multi-mode receiver are Rockwell Collins; BAE Systems, Leonardo
S.p.A.; Honeywell International Inc.; and Thales Group. Most companies are
likely to focus on strengthening their partnerships with aircraft manufacturers
to win new contracts. In addition, these companies can also invest in R&D
activities to develop innovative products and expand their market share.
Moreover, companies can focus on necessary regulatory certifications for newly
developed products to extend their geographical footprint. Strong geographical
presence coupled with long-term contracts between companies involved are likely
to ensure steady growth of market over the forecast period.
Access
Press Release of Multi-mode Receiver Market@ www.grandviewresearch.com/press-release/global-multi-mode-receiver-mmr-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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