According to a new market research report published by Credence Research “Enhanced Vision Systems Market ((System- Enhanced Vision System and Synthetic Vision System), (Component- Sensors, Camera and Display Screen), – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall enhanced vision systems market worldwide was valued at US$ 225.7 Mn in 2018 and is set to grow with a CAGR of 4.1% during the forecast period.
Rising concerns towards aircraft safety and increased technology in aircraft industry are the major factors for the enhanced vision systems market growth. The global aerospace industry was valued at around US$ 830.0 Bn in 2018 and growing at a CAGR of nearly 4% in years to come. Growing technological advancement in aircraft industry is also one of the major factor for the market growth. The enhanced vision system provides real-time exterior surrounding images with the help of sensors even in the low light. Increased government investments for aerospace and defense industry is another factor driving the growth of enhanced vision systems market. Thus, we estimate that the enhanced vision systems market will show substantial growth throughout the forecast period.
Based on system, the enhanced vision systems market is segmented into enhanced vision system and synthetic vision system. In 2018, the synthetic vision system segment was the highest value contributor. Synthetic vision system segment has more than 55% of the revenue contribution in the same year. Easy application and low cost are the major factors for the dominance of the synthetic vision system segment. On the other hand, we expect that the enhanced vision system will be the fastest growing segment and surpass the synthetic vision system segment during the forecast period. Clearer visibility in low light is leading the penetration of enhanced vision system in aircrafts is the major factor for segment growth.
Based on the geography, North America dominates the enhanced vision system market in 2018 followed by Europe. North America contributes around 35% of the revenue share in the same year. Growing aerospace sector and rising regulations are the major factors for the dominance of North America. In North America, it is mandatory that the rotary and fixed aircraft wings should have enhanced vision system. Therefore, we assume that North America will continue its dominance throughout the forecast period in the enhanced vision system market. On the other flip, Asia Pacific will be the fastest growing region during the forecast period owing to growing concerns towards reliable and safe airline operations.
Some of the major companies profiled in the report include Honeywell International Inc., United Technologies Corporation, Rockwell Collins Inc., Astronics Corporation, FLIR Systems Inc., Thales Group, Safran, HCL Embraer SA, L-3 Communications Holdings, Inc. and Elbit Systems Ltd. among others.
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