The global multi-mode receiver market size is expected to reach USD 1.3 billion by 2025
The global multi-mode receiver market size is expected to reach USD 1.3 billion by 2025
NEW YORK, May 21, 2018 /PRNewswire/ -- Multi-mode Receiver (MMR) Market Size, Share & Trends Analysis Report By Platform (Fixed Wing, Rotary Wing), By Fit Type (Line-fit, Retrofit), By Region, Competitive Landscape, And Segment Forecasts, 2018 - 2025
Read the full report: https://www.reportlinker.com/p05399308
The global multi-mode receiver market size is expected to reach USD 1.3 billion by 2025, according to a new study by Grand View Research, Inc., recording a 4.4% CAGR during the forecast period. Multi-mode receiver (MMR) plays a crucial role in augmenting navigation and landing capabilities of an aircraft. As a result, the number of aircraft deliveries emerges as a crucial factor for the MMR market. Although worldwide aircraft shipments have dropped from 2,331 in 2015 to 2,262 in 2016 as stated by the General Aviation Manufacturers Association (GAMA), air passenger traffic has increased significantly over the past 10 years, particularly in developing economies such as India and China. This is expected to propel market growth.
An MMR integrates multiple functionalities into a compact unit, thereby reducing the weight and space factor of an aircraft.It also assists the pilot in positioning, navigating, and landing the aircraft, even in unfavorable conditions.
These factors are likely to work in favor of the MMR market.
Another important factor contributing to market growth is initiatives undertaken by airlines across the world to modernize their fleets.Stringent mandates have been laid down for the aviation sector worldwide.
At the same time, new technologies such as Automatic Dependent Surveillance - Broadcast (ADS-B) Out are also emerging.While airlines are undertaking various aircraft modernization programs and upgrading their fleets, they also have to make sure their aircraft support latest technologies and evolving Required Navigation Performance (RNP) navigation approaches.
As a result, airlines are spending aggressively on advanced navigation systems. However, safeguarding aircraft avionics systems/technologies from cyber-attacks is one of the crucial challenges faced by the aviation industry.
At present, a handful of market players holding expertise in manufacturing MMR systems are dominating the market.Strong geographical presence of these incumbents, coupled with existing long-term supply contracts, will ensure steady growth of the MMR market over the forecast period.
Market players are also adhering to strategies aimed at new product development and expansion in order to strengthen their foothold in the market. For instance, in 2017, Honeywell International Inc. developed a new integrated MMR that complies with GLS CAT-III navigation standards.
Further key findings from the study suggest:
-- The retrofit segment is expected to exhibit a CAGR higher than that of the line-fit segment, as airlines remain keen on retrofitting their aircraft with latest avionics
-- The fixed wing segment is anticipated to register the highest CAGR over the forecast period in line with increasing number of aircraft being delivered in developing economies of Asia Pacific
-- The North American region held a market share of 43.0% in 2016 as a result of strong demand from major aircraft manufacturers such as Bombardier and Boeing
-- While MMR helps reduce power consumption, it also happens to be lighter and smaller as compared to receiver solutions available in the market at present. Such favorable factors would ensure steady growth of the MMR market over the forecast period
-- Players such as BAE Systems; Honeywell International Inc.; Leonardo S.p.A.; Rockwell Collins; and Thales Group are dominating the market leveraging their technical expertise.
Read the full report: https://www.reportlinker.com/p05399308
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