According to a recently published report by Research Nester on “Maritime Patrol Aircraft System Market: Global Demand Analysis & Opportunity Outlook 2027″delivers detailed overview of the global maritime patrol aircraft system market in terms of market segmentation by application, by type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
The global maritime patrol aircraft system market is anticipated to record a CAGR of around 4% during the forecast period i.e. 2019-2027 owing to increasing demand for solutions to avoid aircraft causalities. There is an estimate that one-third of the deaths are caused due to improper landing as a result of the inappropriate pilot judgment, for instance, aircraft speed, runway mapping, and other factors. Runway excursions are one of the major reasons for the accidents resulting in around a loss of 1 billion dollars a year.
The increasing accidents and flight crash incidents resulting in high human life and financial losses owing to improper landing have upsurged the demand for aircraft landing solutions. The IT integration has made it possible to procure, store and analyze the data gathered using various sensors and 3D imaging to get situational awareness in case of adverse climatic conditions.
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The market is segmented by type and application. The type segment is further segmented into single takeoff & landing guiding system and complete air traffic solution kits, out of which the single takeoff & landing guiding system is expected to have leading shares on the back of improvement in landing gear systems and IT integration coupled with constant investments made by the key market players.
The market is segmented into passenger, cargo, private aircraft, defense, and government on the basis of the application, out of which, the passenger segment is expected to have leading market shares owing to the huge amount passengers that travel by aircraft. It was recorded by World Bank that around 3.979 billion passengers traveled in 2017, which is expected to increase during the forecast period owing to low airfares and increasing disposable income.
On the regional basis, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, out of which North America is anticipated to have leading shares on the back of the presence of key market players and stringent government regulations followed by Europe which is expected to witness significant market growth owing to the increasing investment in the aircraft operations and equipment. Furthermore, Asia- the Pacific is expected to showcase significant growth on the account of expansion in the aviation sector of developing countries.
Government and Airline Investments to Boost the Market Growth
The constant government investments and airline initiatives to develop the high-end landing solutions so as to provide required resources for precise landing and take-off coupled with safety benefits attained through the use of these systems by using intuitive display, presentation methods, and improved situation recognition speed at the time of loss of terrain awareness, loss altitude awareness, runway incursions, spatial disorientation, and many others are expected to drive the market growth.
The low airfares and improved individual purchasing power have resulted in increasing demand of flights for traveling purposes which has indeed triggered the increased adoption of safety measures to retain the customers and acquire new customers.
The high costs associated with the development, usage and professional training coupled with comparative low return on investment is expected to act as a key restraint in the growth of the global maritime patrol aircraft system.
This report also provides the existing competitive scenario of some of the key players of the global maritime patrol aircraft system which includes company profiling: BAE Systems, Boeing, Dassault Aviation, Embraer, Harbin Aircraft Company, Lockheed Martin, Leonardo S.p.A, Saab, Textron Inc, Thales Group
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global maritime patrol aircraft system that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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