CHICAGO, Aug. 17, 2022 /PRNewswire/ — Electronic Flight Instrument (EFIS) Market size is projected to grow from USD 618 Million in 2022 to USD 720 Million by 2027, at a CAGR of 3.1% from 2022 to 2027, according to a new report by MarketsandMarkets™. The deployment of EFIS is driven by the rising demand for aircraft modernization to improve operating safety and fuel economy, consequently lowering operational costs. Advance EFIS and other digital avionics are already present in newer generation aircraft. To improve operational efficiency and safety, airline operators are rapidly updating their aircraft outdated electronics systems.
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The commercial aviation segment is estimated to account for the largest share of the electronic flight instrument system (EFIS) market during forecast period.
Based on Platform, commercial aviation segment is projected to lead the electronic flight instrument system (EFIS) market during the forecast period. Over the last ten years, there has been a rise in air passenger traffic throughout the world. To fulfil this demand, airline companies are strengthening their aircraft fleet sizes, which is fuelling the market for commercial aviation. Additionally, to improve the safety and operating profile of the aircraft, the emerging safety regulations necessitate the adoption of digital avionics equipment like EFIS.
The flight attitude segment is estimated to dominate market share in the electronic flight instrument system (EFIS) market during the forecast period.
Based on application, the flight attitude segment is projected to lead the market during the forecast period. The integration of advanced avionics suites that monitor the orientation at the aircraft is one of the primary drivers of the flight attitude segment of the market. The market for flight attitude factors is being driven by the integration of sophisticated avionics technology that manages aircraft movement.
The line-fit segment is estimated to dominate market share in the electronic flight instrument system (EFIS) market during the forecast period.
Based on Fit, the line-fit segment is projected to lead the electronic flight instrument system (EFIS) market during the forecast period. More aircraft deliveries are being done to effectively service the steadily increasing passenger demand. Since older generation aircraft lack the electrical design element to retrofit large screens and other EFIS technologies, new regulatory mandates are anticipated to drive the line-fit segment of the market.
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North America is projected to lead the market during the forecast period.
North America accounted for the largest market share in 2022, and Latin America is projected to witness the highest CAGR during the forecast period. The market for EFIS in these regions commercial and business aviation sectors is expected to benefit from the growing demand for air travel, while the race for military superiority is intensifying due to the widening of the geopolitical rift, as evidenced by increased spending and investments in the modernization of various defence equipment by nations like the US.
Major players operating in the electronic flight instrument system (EFIS) market are Honeywell International Inc. (US), Raytheon Technologies Corporation (US), General Electric Company (US), Thales SA (France), BAE Systems PLC (UK), Astronautics Corporation of America (US), Garmin Limited (US), and L3Harris Technologies Inc. (US).
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