Market Overview
The global market for Attitude and Route Reference Systems is expected to be valued at $ 742.07 million by 2026, posting a CAGR of 5.2% between 2020 and 2026. Growing demand for new aircraft is primarily driving market growth. In addition, the increase in passenger traffic and a significant increase in demand for new aircraft are driving the growth of the global market.
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Competitive Landscape
Honeywell International Inc. (United States)
Ixblue, Inc. (United States)
Lord Microstrain ( United States)
Meggitt PLC (United Kingdom)
Moog, Inc. (United States)
Northrop Grumman Corporation (United States)
Raytheon Technologies Corporation (United States)
Safran SA (France)
Spartan Navigation and Exploration, LLC (United States)
Market segmentation
The commercial aviation segment accounts for the largest market share in 2019 – by platform, the commercial aviation segment is expected to record the highest CAGR during the forecast period, 2020 to 2026. There has been a notable increase in passenger air traffic in recent years, which has significantly increased the demand for new aircraft for civil aviation. The UAV segment is expected to witness the highest growth rate during the forecast period. This is due to the increased demand for UAVs in commercial and defense applications.
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Regional Analysis
Air Data AHRS Segment Expected to Record Highest Growth : By component, the Air Data AHRS segment represented the largest market share and is expected to record the highest CAGR during the review period. The extensive use of AHRS sensors to calculate aircraft attitude is driving the growth of this segment. The GPS-assisted AHRS segment is expected to grow at a constant CAGR during the forecast.
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