Electronic Flight Bag Market worth $3.3 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 30, 2021 /PRNewswire/ -- According to a research report "Electronic Flight Bag Market by Component (Hardware and Software), End User (OEM, Aftermarket), Application, Platform (Commercial Aviation, Business and General Aviation and Military Aviation), and Region - Forecast to 2026", published by MarketsandMarkets™, the Electronic Flight Bag (EFB) Market is estimated to grow from USD 2.4 billion in 2021 to USD 3.3 billion by 2026, at a CAGR of 6.2% from 2021 to 2026. Some of the major factors driving this market include reduction in aircraft weight through EFB incorporation, increase in aircraft deliveries, real-time data sharing through EFBs, and the use of EFBs for helicopters and eVTOL vehicles.
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The COVID-19 pandemic is ushering in many challenges to industrial manufacturers globally, particularly those that depend on workers whose jobs cannot be done remotely; for example, the original equipment manufacturers (OEMs) of the aerospace industries. The US is home to some key market players for OEMs related to automotive and aerospace industries, such as Boeing, Thales, Honeywell, etc. According to a survey of the National Association of Manufacturers (NAM) (US) in 2020, nearly 80% of manufacturers anticipate that the pandemic will have a financial impact on their enterprise. That is substantially higher than the 48% of cross-industry firms concerned about the same impact, based on a recent 2020 PwC survey. Some key industrial companies had shut down facilities and are considering layoffs to prevent the spread of the virus as well as for economic purposes in. The manufacturing sector, which employed some 13 million workers in the US, was poised to be hit hard, as decelerated economic activity has decreased demand for industrial products in the US and globally. The situation has started improving post 2020.
Electronic flight bag market in North America is projected to hold the highest market share during the forecast period. The growth of the market in this region can be attributed to the presence of several EFB manufacturers such as Boeing (US), Collins Aerospace, (US) and Honeywell International, Inc (US), among others. These major market players continuously invest in R&D to develop EFB systems for aircraft applications with improved efficiency and reliability.
Rise in orders for narrow-body aircraft to drive segment
The demand for domestic air travel has been increasing over the years in countries such as the US, the UK, Australia, and India. With the increase in air travel, the demand for narrow-body aircraft is expected to grow across the world. The increased amount of aircraft deliveries and orders booked would act as a driver for the EFB market.
Aftermarket installation for older fleets boosts the end user segment
Aftermarket companies offer services related to the maintenance, upgrade, or replacement of EFBs. Increasing aircraft fleet sizes is one of the most significant factors contributing to the demand for aircraft retrofitting, thereby driving the growth of the aftermarket segment.
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High functionality, advanced functions, and compatibility with PEDs drive software segment
EFB software enables the independent performance of calculations required for the operation of the aircraft, the display of aeronautical charts without actual aircraft position, and the use of electronic checklists. It uses the Internet and aircraft operational communication links, displays weather information, or facilitates aircraft video camera surveillance displays. This type of software is typically used by business & general aviation aircraft or by commercial carriers with older fleets that lack advanced avionics or hardware. As a result of the above, Type B is projected to be the fastest-growing software segment at a CAGR of 7.3% during the forecast period.
Weight reduction in commercial aircraft boost segment growth
The Airbus A350 XWB, Boeing B787, and Boeing B777X are some examples of commercial aircraft. The increasing passenger travel across the world has raised the demand for these aircraft, especially for long-haul travel. According to Airbus and Boeing, this is expected to be the fastest-growing aircraft segment in commercial aviation by 2039.
EFBs are widely used in commercial aircraft for flight planning, process checklists, weather reporting, and navigation. They have also reportedly reduced as much as 60 kg from the flight deck by elimination of paper manuals and charts in the flight decks of Iberia, a Spanish airline. This segment is projected to grow the least at a CAGR of 6.3% from 2021 to 2026.
Growing procurement of fighter aircraft to fuel demand for electronic flight bags during the forecast period
A fighter aircraft is designed primarily to secure control of airspace by destroying enemy aircraft in combat. They must be armed with specialized weapons capable of hitting and destroying enemy aircraft. The rising need to gain airborne dominance across the globe will drive the fighter aircraft segment during the forecast period. Players such as Collins Aerospace (US) manufacture EFBs for combat applications. The growing procurement of fighter aircraft by various countries is expected to fuel the demand for electronic flight bags during the forecast period. This segment is projected to grow at the highest rate of 4.7%.
The North American market is projected to contribute the largest share from 2021 to 2026
Based on Region, North America is projected to hold the highest market share during the forecast period. The US is expected to lead the North American electronic flight bag market in 2021. The growth of the market in this region can be attributed to the presence of several EFB manufacturers such as Boeing (US), Collins Aerospace, (US), and Honeywell International, Inc (US), among others. These major market players continuously invest in R&D to develop EFB systems for aircraft applications with improved efficiency and reliability.
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