Press release
Terrain Awareness Warning System Market 2019-2023 | Challenges, Drivers, Outlook, Segmentation - Analysis to 2023
Terrain Awareness Warning System Market
The key players of global TAWS market are Aspen Avionics Inc. (US), Collins Aerospace (US), Elbit Systems Ltd (Israel), Garmin Ltd (US), Genesys Aerosystems (US), Honeywell International Inc (US), L3 Technologies Inc (US), Mid-Continent Instrument Co. Inc. (US), Sandel Avionics Inc (US), and Thales Group (France).
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Overview
The global terrain awareness and warning system (TAWS) market is eyeing for an unprecedented USD 295.65 million by 2023 with a CAGR of 4.97% during the forecast period (2018–2023). Market Research Future (MRFR) in its report envelops segmentations and drivers for a better glimpse of the market in the coming years. TAWS provides the flight crew with crucial information and alerts regarding potentially hazardous terrain situation. It assists the flight crew in taking effective actions to prevent the incidence of controlled flight into terrain (CFIT).
However, high installation cost can adversely impact the market growth.
Competitive Analysis
Prominent players profiled in the TAWS market include Aspen Avionics Inc. (US), Collins Aerospace (US), Elbit Systems Ltd (Israel), Garmin Ltd (US), Genesys Aerosystems (US), Honeywell International Inc (US), L3 Technologies Inc (US), Mid-Continent Instrument Co. Inc. (US), Sandel Avionics Inc (US), and Thales Group (France). Merger, acquisition, collaboration, and other methods are strategies these companies employ to stay ahead of the rest.
In March 2018, Genesys Aerosystems partnered with XP Services for UH-60 Black Hawk Helicopter avionics modernization.
In July 2018, Aspen introduced a new line-up of display systems that features redesigned electronics and new glass. These new features enable the display systems to be brighter, faster, smarter, and more colorful than the older versions.
Segmental Analysis
Extensive research of the TAWS market segments the market by system, aircraft type, and application.
Based on the system, the TAWS market can be segmented into Class A system, Class B system, and Class C system. The Class A segment is dominating the market with a valuation of USD 131.31 million in 2018 and can go up to USD 181.3 million by 2023. Meanwhile, the Class B system segment is gaining fast popularity and can attain the highest CAGR of 3.96% during the forecast period.
Based on aircraft type, TAWS market comprises turbine engine powered and piston engine powered. The turbine engine powered segment is in the leading position and is valued at USD 170.93 million in 2018, which can go up to USD 218.55 million by 2023. The segment is expected to beat others at 5.04% CAGR during the forecast period.
Application-based segmentation of TAWS market comprises commercial aircraft, military aircraft, and others. Commercial aircraft segment holds the maximum market share and enjoys a valuation of USD 150.7 million in 2018. It can rise to USD 195 million by 2023. The segment is expected to grow with the fastest CAGR of 5.29% during the forecast period.
Regional Analysis
Geographic analysis of TAWS market spans across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Europe is leading the market with its market valuation pinned at USD 68.17 million in 2018. The regional market value can go up to USD 87.11 million by 2023 with an impressive 5.02% CAGR during the forecast period. Increase in the number of aircraft positively impacts the need for aircraft safety, thereby, creating a requirement for new terrain awareness and warning systems. Furthermore, increasing defense expenditure by countries, such as Russia and the UK, is bolstering the market growth.
Asia-Pacific has the second largest market share. Large-scale investments by aircraft manufacturers in improving aircraft operations and enhancing the overall passenger experience are expected to create new opportunities for the market growth in Asia-Pacific region. The regional market has a valuation of USD 58.89 million in 2018 which is expected to scale and exceed USD 81.08 million by 2023 at a 5.57% CAGR during the forecast period.
The regional terrain awareness and warning system market is eyeing for a valuation of USD 295.65 million by 2023 at a meteoric CAGR of 4.97% during the forecast period.
Key questions addressed by the report
• What was the historic market size (2017)?
• Which segmentation (Component / Solution/ Industry) is driving the market?
• What will be the growth rate by 2024?
• How are the key players in this market?
• What are the strategies adopted by key players?
Key Developments
• In February 2019, Garmin International, Inc., a unit of Garmin Ltd. developed the G1000 NXi integrated flight deck for the Cessna Citation Mustang. The G1000 NXi offers several new, and enhanced features and benefits comprise of wireless cockpit connectivity, SurfaceWatch, and split-screen capability
• In April 2017, Collins Aerospace signed a contract to modify Pakistan Air Force’s C-130 aircraft fleet with Flight2 avionics suite. The firm would also provide modern digital autopilot, navigation sensors, safety and surveillance systems, SATCOM communications, weather radar, traffic collision avoidance systems, terrain awareness, digital map, and warning system
• In June 2015, Elbit Systems Ltd. launched SuperVision, an advanced vision system, which presents pilots with an intuitive, conformal image of the world outside the cockpit, enabling them to fly in any terrain and under all visibility conditions
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