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.
Analyst’s Views
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.
Competitive
Landscape
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)
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