It was estimated prior to this unanticipated outbreak that the Multi-mode Receiver Market was likely to witness an impressive CAGR of 6.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Multi-mode Receiver Market Segment Insights:
By Platform Type:
The fixed-wing segment is estimated to remain dominant during the forecast period, driven by the mounting demand for commercial and military fixed-wing aircraft. The commercial fixed-wing aircraft market is also expected to grow significantly, owing to rising air passenger traffic across the globe, in the coming five years.
By Fit Type:
The retrofit segment is projected to register a higher growth during the forecast period. The anticipated higher growth of the segment is owing to various aircraft modernization programs that mandate the installation of multi-mode receivers in aircraft.
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By Application Type:
The navigation & positioning segment is estimated to depict a higher growth in the coming five years. This growth of the segment can be attributed to the directives that mandate the use of multi-mode receivers for navigation & positioning application in aircraft across the globe.
By Region:
North American region was the largest market for multi-mode receivers in 2018. North America is proximal to giant aircraft manufacturers, such as The Boeing Company (US) and Bombardier Inc. (Canada). The multi-mode receiver market in the European and Asia-Pacific regions is also expected to register considerable growth, during the forecast period, owing to the increasing demand for wide-body and large aircraft, in the regions.