Enhanced Vision System Market: Manufacturers Focus on Developing Newer Products to Bolster Positions, says TMR
The global enhanced vision system market is on a growth trajectory on account of radical improvements in the aerospace sector for aircraft safety. Top notch aircraft manufacturers are opting for hi-tech avionics and navigation systems to raise alarm in the event of a possible danger. Enhanced vision systems help to provide a detailed view of the terrain along with monitoring of various obstacles that may pose a challenge to the safety of aircraft.
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Some of the key factors driving the global enhanced vision system market are the dire need to enhance aircraft safety, especially in limited visibility environments. This is because enhanced vision system collects information from various aircraft based sensors, which includes near-infrared cameras to give complete view of the terrain, especially in extreme weather conditions.
Apart from this, in developed countries, regulation and policies in place necessitate aircraft to be equipped with advanced vision systems in the interest of pilot and passenger safety.
A report by Transparency Market Research forecasts the global enhanced vision system to expand at a CAGR of 4.4% between 2017 and 2025. At this rate, the global enhanced vision system market is expected to peg an opportunity of US$312.4 mn by 2025 increasing from US$211.1 mn in 2016.
Easy Application of Synthetic Vision System Pushes Adoption
The global enhanced vision system market can be divided upon system into synthetic vision system and enhanced vision system. Of the two, the segment of synthetic vision leads the market on the back of its low cost and its easy application in aircraft. However, advanced vision system is expected to surpass in terms of revenue over the forecast period.
In terms of component, the market has been segmented into sensors, cameras, display screen, and others. In 2016, display screen and camera led the growth of this market revenue-wise. These segments are expected to display strong growth amongst other segments due to technological advancements that have led to the installation of advanced screens and camera for an enlarged view of the terrain. Sensors also form an important segment of the market.
The application segments into which the global enhanced vision system market is divided are aerospace and defense and others. For 2016, aerospace and defense led the market followed by others. The dominance of aerospace and defense application segment is attributed to the increasing measures to enhance aircraft safety. Enhanced vision system captures radiation emitted from different sensors to help in landing or during extreme weather conditions thereby boosting the growth of this application segment.
Safety Regulations Propel Growth of North America Market
The key regional segments into which the enhanced vision system market is divided are North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. North America and Europe, amongst all, are key regional segments that collectively contribute more than 50% revenue to the global market. The growth of the aerospace sector along with regulations that necessitate aerospace companies to deploy enhanced vision systems in both fixed and rotary wings aircraft have been key factors boosting growth in these regions.
Asia Pacific and Latin America are other key regional segments contributing to the growth of global enhanced vision system market. Asia Pacific stood as one of the rapidly growing regional markets in 2016 with China, Japan, India, and South Korea contributing majorly to this regional market.
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Leading players operating in the global enhanced vision system market include Honeywell International Inc., United Technologies Corporation, Rockwell Collins Inc., Astronics Corporation, FLIR Systems Inc., Thales Group, Safran, HCL Embraer SA, and Elbit Systems Ltd. among others.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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