In a recent report, Grand View Research says the global multi-mode receiver market size is expected to reach $1.3 billion by 2025, recording a 4.4% CAGR during the forecast period. Multi-mode receiver (MMR) plays a role in augmenting navigation and landing capabilities of an aircraft. As a result, the number of aircraft deliveries emerges as a crucial factor for the MMR market. Although worldwide aircraft shipments have dropped from 2,331 in 2015 to 2,262 in 2016 as stated by the General Aviation Manufacturers Association (GAMA), air passenger traffic has increased significantly over the past 10 years, particularly in developing economies such as India and China. This is expected to propel market growth.
Another important factor contributing to market growth is initiatives undertaken by airlines across the world to modernize their fleets. Stringent mandates have been laid down for the aviation sector worldwide. At the same time, new technologies such as Automatic Dependent Surveillance - Broadcast (ADS-B) Out are also emerging. While airlines are undertaking various aircraft modernization programs and upgrading their fleets, they also must make sure their aircraft support latest technologies and evolving Required Navigation Performance (RNP) navigation approaches. As a result, airlines are spending aggressively on advanced navigation systems. However, safeguarding aircraft avionics systems/technologies from cyber-attacks is one of the crucial challenges faced by the aviation industry.
Report Findings Suggest:
- The retrofit segment is expected to exhibit a CAGR higher than that of the line-fit segment, as airlines remain keen on retrofitting their aircraft with latest avionics
- The fixed wing segment is anticipated to register the highest CAGR over the forecast period in line with increasing number of aircraft being delivered in developing economies of Asia Pacific
- The North American region held a market share of 43.0% in 2016 because of strong demand from major aircraft manufacturers such as Bombardier and Boeing
- While MMR helps reduce power consumption, it also happens to be lighter and smaller as compared to receiver solutions available in the market at present. Such favorable factors would ensure steady growth of the MMR market over the forecast period
- Players such as BAE Systems; Honeywell International Inc.; Leonardo S.p.A.; Rockwell Collins; and Thales Group are dominating the market leveraging their technical expertise.
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Grand View Research, Inc