ID: MRFR/A&D/0844-CR | October 2016 | Region: Global | 103 pages
The aircraft synthetic vision system is an aviation technology. It is a database that keeps the record of runaways, terrains, obstacles and flight information. It is a virtual database system with computing capabilities that provides information to pilots. The system is creating situational awareness for the pilot regarding low visibility condition and other environmental conditions.
Also, synthetic vision is an intuitive platform. It offers a natural and clear view of the terrains and the paths to the pilot. It is beneficial technologies that prevent accidents. With the synthetic vision system, the users receive a handy flight bag that contains maps and route planning. The crucial reasons to use synthetic vision technology are to reduce the number of accidents in the air. Today, the synthetic vision system Honeywell is the most popular technology. It helps the pilot to reduce loss of control and uncertainty events. The synthetic- vision system market revenue is estimated to be massive in the forecast year.
The covid 19 pandemic have adversely affected the global markets. The ongoing situation has declined the manufacturing process of synthetic-vision technology. Also, synthetic vision is high-end technology. There is a shortage of raw materials available in this market. There are plenty of challenges in this market due to the pandemic. The key players of the market are trying to manage these challenges. Moreover, the manufacturing process is expected to resume during the forecast period. The market trends remain uniform in the upcoming years. As per the synthetic vision system market analysis, excellent growth opportunities are available to post covid 19. The synthetic-vision market is creating in house raw materials that will benefit the overall market.
Crucial market drivers
The CIFT concept is the crucial driver for the synthetic vision system market. The controlled train into terrains events is raising the overall demand for the synthetic-vision market. The CIFT is an uncertain event where the aircraft crashes into terrain, water and ground. Most of the times, the pilots are unaware of these accidents until it’s too late. The CIFT events have created awareness in the aircraft industry to increase the safety standard. Due to the increased safety standards, the synthetic vision system has high demand in the forecast year.
The lack of awareness about the external factors such as terrain and climatic condition outside the aircraft is causing these accidents. The synthetic vision system offers clear insight into the terrains to the pilot. Also, it is a technology that protects the pilot from these accidents. The increased safety standards are the crucial drivers of this market. The research and development n the synthetic vision market is another crucial driver. It is a factor that enables the performance of the synthetic-vision systems and fuelling the market demand. These crucial drivers will have a positive impact on the profitability of the market.
Global Synthetic Vision System Market, By Segmentation
Market growth opportunities
The future of the synthetic vision system market lies in the advancement of technology. There are plenty of growth opportunities for the market if there are technological advancements. The advancements are crucial in any aircraft. Most of the aircrafts today do not have the synthetic visions system.
However, in the upcoming years, it expects that the adoption rate of synthetic vision technology will be higher. Upgrading the existing aircraft with synthetic vision technology will create plenty of market growth opportunities. This process is required the existing aircraft will quality visibility in even harsh environment. Also, it is a cost-effective process that offers both technology advancement and safety up-gradation to the aircraft. Also, the integration of advanced GPS and surveillance system will offer more growth opportunities for the synthetic vision market.
The market restraints
There are plenty of regulations regarding the deployment of synthetic visions system. These stringent governmental rules can act as a restraint to the market. The synthetic vision system is safety equipment. Due to this, it requires to pass the safety standards of aircraft. These evaluations and policies can slow down the integration of the synthetic vision system. The initial cost of deploying this system is expensive. Upgrading the existing aircraft with the synthetic vision system may require some funds.
The high initial cost is another resistance in the market. With the technology effectiveness, many end-users require cost-effectiveness. The high cost can slow down the demand in the long run. The aircraft is already a sophisticated and expensive technology. The safety systems such as synthetic vision system add up more cost. Also, after integration, maintenance is expenditure for the users. All these make the end-users hesitant to adopt these technologies. A low adoption rate can have adverse effects on market growth.
The market challenges
The synthetic vision system is a high-end safety system made with valuable raw materials. The shortage of raw material is a major challenge during the covid 19. Also, the unavailability of raw materials is declining the production rate. The decline in production can affect the global synthetic visions system demand. Due to the shortage, the raw materials are expensive. It ultimately makes the overall cost of the synthetic vision system expensive. The high cost of the product may decline the growth opportunities and demand in the forecast year.
Cumulative growth analysis
The growth of the synthetic vision system market remains steady during the forecast period. The market has both exceptional growth opportunities and serious limitations. Amidst the restraints, the market growth looks promising. In the upcoming years, the adoption rate of synthetic visions system will be substantial. However, there is a serious need to fix the lack of raw material. Also, there is a serious need to increase in-house raw material production. The key players of the synthetic visions system market are taking cost-cutting measures and creating in-house raw material production facilities. All these aspects provide exceptional growth opportunities for the synthetic visions market.
Value chain analysis
North America holds the largest synthetic vision system market share. North America will continue to dominate the global synthetic vision markets in the forecast year 2023. The high growth rate in this region is due to the top key market players. The well-established players have a top synthetic vision system market that has excellent production and supply facilities. Also, North America is known forts its massive technological developments. The product variation possibilities are available in the forecast year 2023. Also, the adoption rate of this technology is immense in the aerospace sector. The high investments in the aviation industry are another factor that propels market growth.
By display system
By aircraft type
North America will outgrow the synthetic vision system market in the forecast period. The defence and aerospace sector are the crucial drivers of this market. The well-developed market players are taking plenty of measures to improve production. Europe is another region with a significant synthetic vision market share.
In Europe, the government initiative to increase aircraft safety is increasing the market growth. Also, product and technological enhancements are other factors that propel market growth. The Asia Pacific region will witness an exponential growth rate in the forecast year 2023. The market expansion rate is massive in Asia pacific. China, India, Japan and South Korea are contributors to the global market. The entry of new market players will enable more growth opportunities for the market.
The synthetic vision system market is less competitive. It is a high-end technology market with plenty of market developments. During the forecast period, the key players are enhancing portfolio and product awareness. Also, the promotion of underwater synthetic vision system sensor will be more. The arenado synthetic vision system and bombardier synthetic vision system are two crucial products in the landscape. All these strategies will offer plenty of growth prospects to the market.
The key players of the synthetic vision system market are
Frequently Asked Questions (FAQ) :
The types of aircraft listed in the report are Fixed-Wing & Rotary-Wing.
The global aircraft Synthetic Vision System Market is highly competitive. There exists strong rivalry and competition among the existing vendors; in terms of cost, product quality, reliability, and market share. To survive and succeed in such an intensely competitive environment, it is crucial for the vendors to provide cost-effective and high-quality aircraft synthetic vision systems.
A major factor fostering market growth can be the rising acceptance and use of SVS for aviation applications along with the improving regulatory scenario.
Business aircrafts are in the forefront for adoption of the technology. In the present global economy, business jets quickly move personnel from one location to another around the world, anytime, and any place. Therefore, they are gaining high traction in the market in light of rising adoption.
The primary use of the SVS system includes boosting the situational awareness by providing a intuitive and natural view of the external environment, despite low-visibility conditions as well as night time. SVS features help improve the operational capacity of the aircraft at different weather conditions and also help bring down the chances of accidents.
Rising use of military aircraft and rotorcraft across various emerging countries can be a significant market trend in the coming years.