Aircraft flight control system market is expected to grow to US$ 40.2bn by 2034, says Future Market Insights, Inc.
04.03.2024 - 08:01
/ traveldailynews.com
/ Vicky Karantzavelou
The growing popularity of air travel in all countries remains the key factor for the growth and development of aircraft or aerospace flight control systems. Improved safety protocols for the aviation sector in numerous countries are likely to drive the market further in the coming days.
The global aircraft flight control system market value in 2019 was US$ 10.4 billion. In the following five years (2019 to 2023), the demand for aircraft flight control systems increased at an annual growth rate of 11.2%. By 2023 end, the total value of the market was US$ 15.8 billion.
In 2024, the worth of the aircraft flight control system industry is estimated to be around US$ 17.5 billion. Over the next ten years, the sales of aircraft flight control systems are projected to rise at an 8.7% rate. The total valuation of the market is forecast to reach up to US$ 40.2 billion by the end of this forecast period.
“Modernization of military aviation with higher investment in China and the United States has played a crucial role in the advancement of flight control technology. Advancement in connectivity and data Integration solutions have also improved aircraft capabilities through flight control systems that easily interface with data networks and communication platforms” says Nikhil Kaitwade, Associate Vice President at Future Market Insights, Inc.
The overall market is highly concentrated as manufacturers are providing more than half of the global demand for aircraft flight control systems. However, substantial government support and investment in developing economies trying to strengthen their military aviation sector is likely to diversify the market in the coming days.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
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