Electronic Flight bag Market Share and Size 2020 Trends |Fortune Business Insights™

electronic flight bag market size

The global electronic flight bag market size is predicted to reach USD 5,426.7 million by 2027, exhibiting a CAGR of 15.17% during the forecast period. The growing number of commercial aircraft deliveries will have a positive impact on this market growth during the forecast period, states Fortune Business Insights, titled “Electronic Flight Bag Market Size, Share & COVID-19 Impact Analysis, By Type (Portable (Class 1and Class 2) and Installed), By Component (Hardware and Software), By Platform (Commercial and Military), and Regional Forecast,2020-2027” the market size stood at USD 4,452.2 million in 2019.

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic. We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

Market Driver:

Rising Adoption of EFB Solutions to Boost Growth 

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The growing implementation of advanced EFB solutions has led to improved efficiency and reduced operational costs in airlines. Jeppesen, an America software company announced the launch of a suite of EFB solutions. The advanced EFB tools and data communication enables aircraft connectivity, reduces flight plan production, distribution, and storage costs by entirely digitizing the flight briefing process. The surge air travel passengers will subsequently create growth opportunities for the market during the forecast period. The rising demand for technologically advanced next-generation aircraft will foster the growth of the market in the forthcoming years. Moreover, the growing concerns regarding safety and real-time access to information will consequently enable healthy growth of the market. In addition, the introduction of innovative EFB software by major companies will contribute positively to the growth of the market during the forecast period. For instance, Thales Group designed an unveiled an EFB hardware integrated with the Aviobook software suite. The new software enables a seamless connection to the avionics suite through an Aircraft Interface Device (AID).

Market Restraint:

Coronavirus Pandemic to Impede Market Potential

The COVID-19 pandemic has deleteriously impacted the global market. The decline is new aircraft deliveries during the pandemic will restrict the expansion of the market. The drop-in production and delivery by major aircraft manufacturers such as Airbus SAS and The Boeing Company will obstruct the development of the market. The disruption in the supply chain of electronic flight bags will hinder the overall production and distribution of EFB units. However, newer guidelines by numerous government organizations around the world will aid in the recovery of the global market.

Information source: https://www.fortunebusinessinsights.com/electronic-flight-bag-market-103689

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