January 2, 2020 by Johnson Paul
According to a new market research report published by Credence Research “Enhanced Vision Systems Market – Growth, Future Prospects, and Competitive Analysis, 2019 - 2027”, the global market for enhanced vision systems was valued at US$ 225.7 million in 2018 and is set to grow with a CAGR of 4.1 percent during the forecast period 2019 to 2027.
Rising concerns about aircraft safety and increased technology in the aircraft industry are key factors for increased market growth in vision systems. The global aerospace industry was valued at around US$ 830.0 billion in 2018 and is growing at CAGR by almost 4 percent in the years to come. Growing technological advancement in the aircraft industry is also a key factor in the growth of the market. The enhanced vision system provides real-time outdoor surrounding images with the help of low-light sensors. Increased government investment in the aerospace and defense industries is another factor driving the growth of the enhanced market for vision systems. As a result, we estimate that the enhanced market for vision systems will show significant growth throughout the forecast period.
Browse Full Report Originally Published by Credence Research at https://www.credenceresearch.com/report/enhanced-vision-systems-market
The system-based market for enhanced vision systems is segmented into an enhanced vision system and a synthetic vision system. The segment of the synthetic vision system was the highest value contributor in 2018. The Synthetic Vision System segment has more than 55% of the revenue contribution for the same year. Easy application and low cost are key factors in the dominance of the synthetic vision system segment. On the other hand, we expect the enhanced vision system to be the fastest-growing segment and to surpass the synthetic vision system segment during the forecast period. Clearer low-light visibility leads to the penetration of the enhanced aircraft vision system, which is a key factor in the growth of the segment.
Geographically based, North America dominated the enhanced vision system market in 2018, followed by Europe. North America contributed around 35% of its revenue share in the same year. The growing aerospace industry and rising regulation are key factors in North America's dominance. In North America, it is mandatory for rotary and fixed aircraft wings to have an enhanced vision system. We, therefore, assume that North America will continue to dominate the enhanced vision system market throughout the forecast period. On the other hand, Asia Pacific will be the fastest-growing region in the forecast period due to growing concerns about 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.
You can get the sample copy of this research by Credence Research here: https://www.credenceresearch.com/sample-request/60099
By System Type
By Component Type
By Geography Segment