What is the future of Multi-Mode Receiver Market? Know Covid Impact on Size, Share & Forecasts

The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Multi-Mode Receiver Market.

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.