Aircraft Flight Control System Market Report 2024 - Aircraft Flight Control System Market Size, Trends, And Demand

"The Business Research Company recently released a comprehensive report on the Global Aircraft Flight Control System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The aircraft flight control system market size has grown strongly in recent years. It will grow from $15.28 billion in 2023 to $16.44 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to increasing air travel demand, military modernization programs, safety regulations and standards, aircraft upgrades and retrofits, commercial aircraft deliveries, global expansion of air cargo.

The aircraft flight control system market size is expected to see strong growth in the next few years. It will grow to $21.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to next-generation aircraft programs, global air travel recovery, green aviation initiatives, expansion of airborne connectivity, focus on pilot assistance systems, market competition and innovation. Major trends in the forecast period include fly-by-wire (fbw) systems, integration of advanced technologies, electric actuation systems, lighter materials and components, digitalization and connectivity, reliability and redundancy.

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Market Drivers and Trends:
The rising defense budgets is expected to propel the growth of the aircraft flight control system market going forward. A defense budget is a financial plan or allocation of funds by a government or nation specifically designated to finance its defense and military activities. Aircraft flight control systems in defense operations offer a range of benefits that can contribute to more cost-effective and efficient military operations, enhance the capabilities of military aircraft, increasing the likelihood of mission success, reducing the need for costly repeat missions, and potentially saving lives. For instance, in April 2023, according to SIPRI (Stockholm International Peace Research Institute), a Sweden-based international organization, in 2022, the total amount spent on military spending worldwide climbed by 3.7% in real terms, hitting a record $2240 billion. China's military budget also increased for the 26th year in a row. Therefore, the rising defense budgets drives the growth of the aircraft flight control system market .

Advancements in fly-by-wire technology are the key trend gaining popularity in the aircraft flight control system market. Major companies operating in the aircraft flight control system market are developing fly-by-wire technologies that offer more safety, advanced features, effective control of highly controllable aircraft, and are more compact to sustain their position in the aircraft flight control system market. For instance, in October 2022, BAE Systems, a UK-based aerospace company, and Supernal, a US-based aerospace company, announced an agreement to design and develop the flight control computer for Supernal's electric Vertical Takeoff and Landing (eVTOL) vehicle. BAE Systems and Supernal collaborate to establish the architecture of a lightweight, fly-by-wire system for its autonomous-capable aircraft. During flight, the aircraft is controlled safely and effectively using fly-by-wire management.

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Major Key Players of the Market:
Honeywell International Inc., Moog Inc., Safran S.A., Collins Aerospace, BAE Systems plc, Saab AB, Parker Hannifin Corporation, Raytheon Technologies Corporation, Liebherr Group, General Atomics, Lockheed Martin Corporation, Nabtesco Corporation, Woodward Inc., Curtiss-Wright Corporation, General Dynamics Mission Systems Inc., Heroux-Devtek Inc., Meggitt PLC, Northrop Grumman Corporation, Thales Group, Astronics Corporation, Crane Co., Eaton Corporation plc, LORD Corporation, HAL Aerospace Division, Technodinamika Holding, MicroNav Limited, Sierra Nevada Corporation, Ultra Electronics Holdings plc, Rabotti S.p.A., Wichita Aircraft Systems LLC, ShinMaywa Industries Ltd.

Aircraft Flight Control System Market 2024 Key Insights:
• The aircraft flight control system market size is expected to see strong growth in the next few years. It will grow to $21.68 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• Elevated Air Travel Demand Fuels Growth In The Aircraft Flight Control System Market
• Fly-By-Wire Advancements Transforming Aircraft Flight Control Systems
• North America was the largest region in the aircraft flight control system market in 2023

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