[Avionics Magazine 12-22-2016] The aircraft flight control system market is projected to grow from $11.85 billion in 2016 to $16.59 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 6.9 percent from 2016 to 2021, according to a new report by Research and Markets.
Increase in air passenger traffic across the globe, upgrade of aircraft components, and use of Unmanned Aerial Systems (UAS) in military programs worldwide are key factors driving the growth of the aircraft flight control system market. However, long life span of aircraft flight control systems is expected to hinder market growth during the forecast period.
North America is expected to lead the aircraft flight control system market during the forecast period, owing to technological advancements taking place in aircraft flight control systems. North America is the major hub for the aviation industry, in terms of passenger traffic with the presence of established market players, such as Boeing and Lockheed Martin in the U.S. and Bombardier in Canada.
There is an increase in aircraft production by these aircraft manufacturers, owing to the increasing demand for new aircraft from Asia-Pacific and the Middle East, with increasing aircraft production one of the key factors driving the aircraft flight control system market in North America. In this region, the Asia-Pacific aircraft flight control system market is expected to grow at the highest CAGR during the forecast period, due to the presence of emerging aircraft manufacturers such as the Commercial Aircraft Corporation of China (COMAC) and Mitsubishi Aircraft Corporation in Japan.