The rise in commercial airlines and the need to upgrade avionics equipment at the military and commercial level is expected to drive the demand for the global avionics market in the forecast period, 2023-2027.
According to TechSci Research report, “Avionics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global avionics market is anticipated to witness steady growth in the forecast period, 2023-2027. Avionics can be defined as technologically advanced electronic systems utilized in spacecraft, aircraft, and artificial satellites. It includes systems like communication, surveillance, navigation, and automatic flight management system that can manage several operational modes. The market is primarily driven by the surge in demand for in-flight entertainment services and the growing demand for the generation of real-time data to provide an enhanced flying experience for both passengers and pilots. High demand for aircraft, development of commercial aviation networks, and the adoption of low-cost carriers in developing economies are further influencing the global avionics market demand. Also, the rise in the number of aircraft deliveries and the development of advanced avionics systems by the market players is expected to create significant growth opportunities for the global avionics market over the next five years.
However, the high maintenance costs of avionics may restrain the growth of the global avionics market in the forecast period.
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The global avionics market is segmented into system, platform, end user, regional distribution, and competitive landscape.
Based on the system, the market is divided into hardware and software. The hardware segment dominates the market and is expected to maintain its dominance throughout the forecast period. The hardware included in avionics is a fuel management system, inflight entertainment system, emergency system, electrical system, automatic flight management system, emergency system, collision avoidance system, weather system, communication, surveillance, and navigation system, amongst others. The primary function of the hardware is to ensure the smooth functioning of the aircraft system, which is the major reason market players invest in the purchase of hardware systems.
Based on the platform, the market is divided into commercial, military, business jets & general aviation, and helicopters. The commercial platform is expected to hold the largest market share in the forecast period. Continuous increase in the air traffic passengers and the introduction of several commercial airlines at affordable rates are primarily driving the segment demand. Also, commercial aircraft market players are working on the aircraft fleet modernization and are expanding their destination plans which are expected to act as a positive factor for the segment growth.
Based on the end user, the market is bifurcated into OEM and aftermarket. The OEM segment is expected to witness the fastest incremental growth in the forecast period owing to the rise in the number of military aircraft and business jet aircraft deliveries across the globe. Market players are working on developing advanced aviation components to enhance the performance and stability of the aircraft, which is further influencing the segment demand.
Major market players operating in the global avionics market are:
· Safran S.A.
· Meggitt plc
· GE Aviation
· The Curtiss-Wright Corporation
· Thales Group
· Honeywell International
· Collins Aerospace
· BAE Systems PLC
· Gramin Ltd.
· Avilution LLC
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“North America is expected to dominate the global avionics market due to the high demand for commercial and military aircraft and military helicopters in the region. The region boasts of major market players such as Garmin Limited, Collins Airspace, and L3Harris technology, amongst others, that support the high market demand in the region. Aircraft are widely used for different purposes, including in commercial and defense sectors. The government spends an exorbitant amount to develop the aircraft infrastructure. Also, the early adoption of advanced technologies in the aircraft manufacturing process and rapid integration of novel components in aircraft are expected to propel the growth of the global avionics market till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Avionics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By System (Hardware and Software), By Platform (Commercial, Military, Business Jets & General Aviation, Helicopters), By End User (OEM, Aftermarket), and By Region”, has evaluated the future growth potential of global avionics market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global avionics market.
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