Dublin, Aug. 13, 2021 (GLOBE NEWSWIRE) -- The "Electronic Flight Bag Market by Component (Hardware and Software), End User (OEM, Aftermarket), Application, Platform (Commercial Aviation, Business and General Aviation and Military Aviation), and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The electronic flight bag (EFB) market is estimated to grow from USD 2.4 Billion in 2021 to USD 3.3 Billion by 2026, at a CAGR of 6.2% from 2021 to 2026.
Some of the major factors driving this market include reduction in aircraft weight through EFB incorporation, increase in aircraft deliveries, real-time data sharing through EFBs, and the use of EFBs for helicopters and eVTOL vehicles.
Thales (France), Astronautics Corporation of America (US), Boeing (US), Honeywell (US), and Ramco Systems (India) among others, are some of the leading players operating in the EFB market.
These players have adopted various organic and inorganic growth strategies to strengthen their position in the market. These include new product developments, contracts, partnerships, agreements, acquisitions, and research & development (R&D) activities further to expand their presence in the market.
The COVID-19 pandemic has impacted the end-use industries adversely, resulting in a sudden dip in 2020 aircraft orders and deliveries. This is expected to negatively impact the EFB market in the short term, with slow recovery expected in Q1 of 2021.
The Commercial Aviation segment is projected to witness a higher CAGR during the forecast period.
Based on Platform, the commercial aviation segment is projected to grow at the highest rate. The commercial aviation sector has witnessed strong growth over the last few years, driven by increasing air travel, a rise in disposable income of the middle-class population, and increased trade and tourism across the globe. Strong growth in this sector has resulted in an increased number of aircraft orders to address the increasing air passenger traffic.
The Software segment is projected to witness the highest CAGR during the forecast period.
Based on component, the software segment is projected to be the highest CAGR rate for the EFB market during the forecast period. EFB software enables the independent performance of calculations required for the operation of the aircraft, the display of aeronautical charts without actual aircraft position, and the use of electronic checklists.
It uses the Internet and aircraft operational communication links, displays weather information, or facilitates aircraft video camera surveillance displays. This type of software is typically used by business & general aviation aircraft or by commercial carriers with older fleets that lack advanced avionics or hardware.
The Aftermarket segment is projected to witness the highest growth during the forecast period
Based on End Users, the aftermarket segment is projected to grow the highest. Aftermarket companies offer services related to the maintenance, upgrade, or replacement of EFBs. Increasing aircraft fleet sizes is one of the most significant factors contributing to the demand for aircraft retrofitting, thereby driving the growth of the aftermarket segment.
Airlines buy aircraft EFBs as per their requirements and install them in aircraft. Installation during this stage is majorly done by the supplier of aircraft systems, an in-house airline installation crew, or by a third party
The North American market is projected to contribute the largest share from 2021 to 2026
Based on Region, North America is projected to hold the highest market share during the forecast period. The US is expected to lead the North American electronic flight bag market in 2021.
The growth of the market in this region can be attributed to the presence of several EFB manufacturers such as Boeing (US), Collins Aerospace, (US) and Honeywell International, Inc (US), among others. These major market players continuously invest in R&D to develop EFB systems for aircraft applications with improved efficiency and reliability.
Companies Mentioned
- Astronautics Corporation of America
- The Boeing Company
- Thales Group
- Honeywell International Inc.
- Ramco Systems
- Viasat Inc
- Teledyne Technologies
- Sita
- Cmc Electronics Inc
- Dac International
- Collins Aerospace
- Flightman
- Universal Avionics
- Anuvu
- Bytron Aviation Systems
- Ultramain Systems
- International Flight Support
- Apprimus Informatik Gmbh
- Smart4Aviation
- Afsys
- Skypaq
- Lufthansa Systems
- Scandinavian Avionics
- Moving Terrain
- Avplanefb
For more information about this report visit https://www.researchandmarkets.com/r/bybkob
