The global aerospace avionics market is predicted to witness a remarkable growth, demonstrating a CAGR of 9.26% and likely to reach an estimated value of USD 75.81bn by 2027 as against its valuation of USD 48.0bn in 2019
Growing concerns over national security is compelling the governments to increase their military expenditure, adding to more fighter aircraft for combat operations.
Researchmoz illustrates the global aerospace avionics market, which includes market size, drivers, restraints, trends, opportunities, regional topography, and competitive edge.
Next-Generation Technologies Surge Growth Opportunities
The ever-booming technologies have been one of the primary factors for the avionics market to skyrocket by providing the best experience to its customers and vicariously serving passengers in the case of commercial aircraft.
Heavy expenditure on research and development is paving the way for next-generation technologies such as electric hybrid aircraft, open mission systems and neural sensing, etc. which can bring out a transformational shift in commercial and military avionics.
These new technologies ensure high performance in extreme weather conditions, safety, and utmost efficiency and as a result, the aerospace avionics market will grow leaps and bounds during the forecast period.
Commercial Aircrafts Enriches Aerospace Avionics
Increasing demand for upgrading commercial flights and strengthening the fleet by adding more aircraft is stimulated the growth in the global aerospace avionics market.
Growing governments support to promote tourism is also leading to higher demand for commercial aviation, thus resulting in demand for avionics. The governments are bringing in travel and tourism policies to invite more tourists to their countries, thus increasing passenger traffic and flights and expanding the growth possibilities for the aerospace avionics market.
Maintenance of avionics and timely upgradation involves a lot of costs, which could act as a restraint in the global aerospace avionics market in the forecast period.
That said, the software systems of avionics will allow the aerospace avionics market to flourish in the coming years.
According to analysts, the increasing demand from commercial aviation to cater to passenger traffic from all over the world would proliferate the global aerospace avionics market in the future.
Commercial aviation uses navigation systems, communication systems, surveillance systems, flight management systems, etc., thus pushing the aerospace avionics market to swell up.
The demand from military aviation for fighter aircraft, jets, UAVs, etc. will also add to the growth opportunities of the aerospace avionics market in the next few years.
The manufacturing units would drive the global aerospace aviation market in the future, the growth will primarily be because of the increasing production of military aircraft, commercial aircraft, jets, etc.
In terms of regional growth, North America accounts for a larger share of the global aerospace avionics market. Rising military expenditure, ascending demand for commercial aircraft, and the presence of key manufacturers are the major drivers for this region to grow in the next few years.
The Asia Pacific will witness significant growth in the coming years, mainly due to rising military expenditure from developing economies such as India and China.
Europe is seen as a faster-growing market due to major airlines such as Lufthansa, Air France- KLM, Aeroflot, etc. expanding their fleet and commercial aircraft deliveries taking place.
Researchmoz in its detailed report explains the prominent players in the global aerospace avionics market and their strategies to capture the global market.
The leading players adapt joint ventures, acquisitions, research and development in technologies, etc. to tap the global aerospace aviation market in the near future.
These are the key players in the aerospace avionics market
- Safran (France)
- Honeywell (US)
- Esterline Technologies (US)
- Thales Group (France)
- Curtiss-Wright (US)
- United Technologies Corporation (Collins Aerospace) (US)
- Nucon Aerospace (India)
- Cobham PLC (U.K)
- uAvionics Corporation (US)
- Garmin Ltd (US)
- Meggit (U.K)
- CCX Technologies (Canada)
The comprehensive report by Researchmoz provides all the information, and data-based facts pertaining to all the aspects of the aerospace avionics market. Let’s now look into the key takeaways of the report:
- The global aerospace avionics market will witness an estimated value of USD 75.81bn by 2027, exhibiting a growth of CAGR of 9.26% during the forecast period 2019 to 2027.
- Growing military expenditure from the governments will add more fighter jets for combat operations, leading to the expansion of the global aerospace avionics market during the forecast period.
- Software systems will foresee a high demand in the aerospace avionics market.
- North America will lead the global aerospace avionics market due to growing military spending and demand for commercial fleet expansion.
- OEMs will thrive due to an increase in the manufacturing of military aircraft in the forecast years.
- Next-generation technologies will lead to staggering growth in the aerospace avionics market over the forecast years.
- Flight Management Systems
- Communication Systems
- Navigation Systems
- Surveillance Systems
- Electrical Systems
- Emergency Systems
- Mission & Tactical Systems
- Inflight Entertainment Systems
- Health Monitoring Systems
- Collision Avoidance Systems
- Weather Systems
- Safety-critical Airborne Software
- Mission Flight Management Software
- Flight Management Software
- Aircraft Health Diagnostic Software
- Training & Simulation Software
- Others (avoidance re-routers and flight situational awareness solutions)
- Military Aviation
- Business Jets & General Aviation
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)