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The global electronic flight bag market size is expected to showcase considerable growth by reaching USD 5.86 billion by 2028. Fortune Business Insights in its report, titled “Electronic Flight Bag Market Size, Share & COVID-19 Impact Analysis, By Type (Portable (Class 1 and Class 2) and Installed), By Component (Hardware and Software), By Platform (Commercial and Military), and Regional Forecast, 2021-2028.”, mentions that the market stood at USD 2.02 billion and is projected to exhibit a CAGR of 10.57% between 2021 and 2028. The increasing demand for low fuel cost and the rising focus on the safety of passengers propels the demand for the product during the forecast period.
Korean Air Awards a Contract to NAVBLUE to Overlook Digitalization and Optimization if its Cockpit Operation
In February 2021, Korean Air, the flagship carrier of South Korea, announced its decision to award a contract to NAVBLUE. Under the agreement, the company will overlook the airline’s optimization and digitalization of the cockpit operation by providing an advanced EFB solution, Flysmart+, on IOS devices. The solution aids in streamlining the processes of landing performance, take-off, documentation, and inflight performance. Besides, around 260 airlines have adopted Flysmart that involves about 6000 Airbus aircraft operations. Such initiatives by companies are anticipated to favor the growth of the market in the forthcoming years.
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Increasing Demand for Low-Cost Fuel to Promote Growth
A conventional flight bag is heavy and weighs around 40 pounds. This has led to a significant impact on the fuel economy of airlines. On the other hand, EFBs weigh around 5 pounds and provide a considerable weight reduction benefit for an aircraft. Further, weight reduction has led to improved operational and fuel efficiency. The increasing demand for low-cost fuel, therefore, is leading to EFBs replacing conventional flight bags worldwide. Additionally, the increasing focus on passenger safety has propelled the demand for advanced next-generation aircraft with real-time access to critical information such as weather information and other statistics. This is anticipated to contribute to the global electronic flight bag market growth in the forthcoming years.
Investment in R&D by Key Players to Amplify Their Market Positions
The market is consolidated by major companies striving to leverage the lucrative opportunities to maintain a stronghold. These companies are focusing on investments in R&D activities to develop advanced electronic flight bags to cater to the growing demand from the aviation sector. Moreover, other key players are trying to maintain their presence by adopting strategies such as collaboration, facility expansion, and the introduction of new products that will contribute to the growth of the market in the forthcoming years.
List of the Companies Operating in the Market:
Further Report Findings:
Value (USD Billion)