CHICAGO, Oct. 31, 2019 (GLOBE NEWSWIRE) -- MarketsandMarkets launched a study on the “Avionics Market by End User (OEM, Aftermarket), System (FMS, CNS, Health Monitoring, Electrical & Emergency, and Software), Platform (Commercial, Military, Business Jets & General Aviation, Helicopters), and Region - Global Forecast to 2024”. Based on the findings by the company, the global avionics market size is expected to grow from an estimated value of USD 68.5 billion in 2019 to reach USD 86.9 billion by 2024, at a CAGR of 4.9% during the forecast period.
Increasing adoption of advancing technology such as next-generation flight management systems (NG-FMS), and the introduction and implementation of automatic dependent surveillance-broadcast (ADS-B) mandates across the world are driving the global avionics industry growth. Moreover, the rising trend of upgrading the existing fleet due to the high demand for aircraft, especially in the commercial segment, is propelling market growth.
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The International Air Transport Association (IATA) has predicted that the number of air travelers is likely to increase from 4 billion in 2017 to approximately 7.8 billion by 2037. Based on this, the demand for aircraft is expected to be huge, which in turn, will drive the market for avionics to increase ease of operation and overall efficiency.
Honeywell, UTC (Collins Aerospace), and Thales Group focusing on product innovation
Companies have been focusing on new product launches, such as Honeywell’s Aspire 200 satellite communication system for use on the Bell B429 helicopter, UTC’s aircraft health, flight tracking & position systems integrated with communication systems and Thales Group’s Avionics 2020, the first fully connected avionics suite for helicopters. Additionally, these companies, along with GE Aviation and L-3 Communications, are active in contract securing as well as partnerships, collaborations, JVs, and agreements.
Browse and in-depth TOC on “Avionics Market”
118 - Tables
51 - Figures
192 - Pages
Fast-paced IT developments to drive the software segment of the global avionics market
Like any system, avionics systems comprise hardware such as flight management systems, communication systems, and navigation systems, among others, and software such as flight management software (FMS), aircraft health diagnostic software, and safety-critical airborne software, among others. Of these two broad segments, the software module is expected to witness the fastest growth during the forecast period due to the continuous upgrade in IT.
Commercial aviation to outpace other segments of the market during the forecast period
The penetration of avionics was the highest in commercial aviation in 2018, and the sector is expected to continue dominating the global avionics market during the forecast period exhibiting the fastest growth. The need to automate numerous in-flight tasks to reduce the workload on the in-flight crew, coupled with the high demand for commercial aircraft, is expected to drive the growth of the segment.
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OEMs to lead the global avionics market in 2018
OEMs accounted for the largest avionics market share in 2018 and is anticipated to witness the fastest growth during the forecast period. OEMs provide a line-fit option, which reduces the time consumed in the installation of avionic components post-delivery. The increasing aircraft orders are also expected to propel the growing demand for avionics from OEMs.
North America to remain the largest regional market of avionics
North America led the global avionics market in 2018 due to the high adoption of electric systems in aircraft. Moreover, the presence of leading avionic market vendors, including Honeywell, Collins Aerospace, Gamin, and Esterline, among others, have played a significant role.
The rising military expenditure, exponentially growing air passenger traffic, increasing deliveries of new aircraft, and rapidly developing retrofit market are key factors that are likely to project the global avionics market growth. In line with these trends, leading companies are focusing on various strategies to develop a strong foothold in the global avionics industry.
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