The prominent players in the global enhanced vision system market, according to a recent report by Transparency Market Research are, Honeywell International Inc., United Technologies Corporation, Rockwell Collins Inc., Astronics Corporation, FLIR Systems Inc., Thales Group, Safran, HCL Embraser SA, and Elbit Systems Ltd.
In order to gain a strong foothold in the market, key players are striving to expand their product portfolio with introduction of new products that meet specification laid down by government agencies and are at par with industry standards. In order to expand further, key players in the global enhanced vision system market are making massive investments in research and development to introduce newer products and are also banking upon strategic acquisitions.
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As per estimates by a report by Transparency Market Research, the global enhanced vision system market is expected to peg an opportunity of US$312.4 mn by 2025 vis-à-vis revenue increasing from US$211.1 mn in 2016 at a CAGR of 4.4% between 2017 and 2025.
Low Cost Attribute Makes Synthetic Vision System Dominant Segment
The global enhanced vision system market is classified into synthetic vision system and enhanced vision system depending upon system. Of the two, synthetic vision systems leads the market on account of its low cost combined with its easy applications in aircrafts.
The segments of display screen and camera dominated the market in 2016 revenue-wise. Going forward too, the two segments are expected to display strong growth over other component segments. This is mainly due to technological innovations that have led to the deployment of advanced screens and camera that provide enlarged view of the terrain to the pilot.
North America and Europe are amongst the key geographical segments in the global enhanced vision system market that collectively account for more than 50% of the total revenue.
Measures to Enhance Aircraft Safety Push Adoption
At the forefront of driving growth in the enhanced vision system (EVS) market is the need to enhance aircraft safety, especially in limited visibility environments. This is because enhanced vision system gathers information from various aircraft based sensors, including near-infrared cameras to give a clear view of the terrain especially in limited visibility environments. The other advantages of enhanced vision system is to obtain a detailed view of the terrain and to receive insights about obstacles that may pose a danger to the aircraft. EVS puts a range of images in the display screen that enables the pilot to receive insights about the terrain, especially when visibility is poor.
The growth of the global enhanced vision system market is driven by other factors as well. In developed countries such as the U.S., regulations and policies implemented by the aviation sector necessitates aircrafts to be equipped with advanced vision systems in the interest of pilot and passenger safety.
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The aerospace sector generally is advancing in terms of operational efficiency, advanced avionics, impressive interiors, high-end vision systems, and noise reduction systems. Topnotch aircraft manufacturers such as Boeing and Airbus opt for hi-tech electrical systems to offer pilot with a clear view of the terrain across extreme weather conditions. For these reasons, the growing acceptance of enhanced vision system across the aerospace and defense is further acting as a driver to the growth of this market.