(MENAFN- GlobeNewsWire - Nasdaq) The global attitude and heading reference systems (AHRS) market is experiencing growth due to growing UAV demand, expansion of the Aviation industry, and growing demand for precise navigation.
Wilmington, Delaware, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Attitude and Heading Reference Systems (AHRS) Market by Type (Conventional attitude and heading reference system, Air data attitude and heading reference system and GPS-aided attitude and heading reference system), Component (Inertial sensing unit, Magnetic sensing unit and Digital processing unit), End-User (Commercial aviation, Military aviation, Marine and Unmanned Vehicle): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the attitude and heading reference systems (AHRS) market was valued at $0.8 billion in 2023, and is estimated to reach $1.4 billion by 2033, growing at a CAGR of 6.1% from 2024 to 2033.
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Prime determinants of growth
The global attitude and heading reference systems (AHRS) market is experiencing growth due to growing UAV demand, expansion of the aviation industry and growing demand for precise navigation. Moreover, growth in commercial and military aviation sector and advancement in the sensor technology offers remunerative opportunities for the expansion of the global attitude and heading reference systems (AHRS) market.
Segment Highlights
On the basis of type, the conventional attitude and heading reference system dominated the market share owing to conventional AHRS systems which offer high reliability and accuracy in providing essential orientation and navigation data. Moreover, conventional attitude and heading reference systems are more cost-effective as compared to other types and are hence widely used in aviation, maritime, land vehicles, and other unmanned aerial systems.
Based on components, the inertial sensing unit dominated the global market share owing to ICU comprised of accelerometers and gyroscopes, which are crucial in providing high-precision measurements of acceleration and angular rate changes. Moreover, inertial sensing unit measurements are crucial for accurately determining the attitude (orientation) and heading (direction) of any vehicle.
On the basis of end-user, the commercial aviation segment accounted for the global market share owing to global economic, social, technological, and demographic factors resulting in growing demand for air travel and air logistics globally. Moreover, emerging markets such as China, India, and other countries in the Southeast Asia region have led to a rising middle class with greater disposable income. This demographic shift has spurred demand for air travel.
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Regional Outlook
North America accounted for a dominant market share in attitude and heading reference system (AHRS) market, owning to the strong commercial aviation sector in the region. The growth in the region is driven by the increasing demand for air travel and the need for more efficient and cost-effective aircraft. The growing aircraft fleet expansion is also driven due to the growing need for more modern and digitally-enabled aircraft. Similarly, the region has the presence of some of the major aircraft and UAV manufacturers such as Boeing, Lockheed Martin, Bombardier, Bell Helicopters, Sikorsky Aircraft and others.
Players:
Boeing Bombardier Lockheed Martin Bell Helicopter Sikorsky Aircraft Honeywell International, Inc. Safran S.A. Rockwell Collins, Inc. Northrop Grumman Corporation Moog Inc.
The report provides a detailed analysis of these key players in the global attitude and heading reference systems (AHRS) market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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