New York, USA, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global aerospace avionics market is estimated to gather a revenue of $110,605.5 million and grow at 4.6% CAGR over the forecast period from 2022-2030. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2022-2030. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Aerospace Avionics Market
Drivers: Rising developments in flight management systems, introduction of low-cost airlines, and growing demand for new military and commercial aircrafts from the developing regions are some driving factors for the global aerospace avionics market growth during the analysis timeframe. Additionally, increasing passenger traffic in commercial aviation is yet another factor to boost the market growth by 2030.
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Opportunities: The rising per capita income in developing countries like Brazil, India, China, Russia, and South Africa along with the developed countries’ initiatives to upgrade their existing aircraft fleets for providing better passenger services are some factors to offer ample growth opportunities for the global aerospace avionics market growth during the forecast period.
Restraints: High costs in manufacturing aircrafts is the major impeding factor for the market growth.
Covid-19 Impact on the Aerospace Avionics Market
The global aerospace avionics market has been moderately affected by the covid-19 pandemic due to reduced demand for avionics hardware and software in the commercial aviation sector as well as social distancing norms and travel bans imposed by governments worldwide. However, most industries, including the aerospace avionics sector, opted for digital management platforms to handle and monitor the overall operations during the pandemic that was the prime factor to revive the market growth rate. Moreover, high implementation of modern technologies like industrial internet of things (IIoT) and others for monitoring product manufacturing processes and controlling production and operations virtually are some more factors anticipated to augment the market growth post the catastrophic times.
Segments of the Aerospace Avionics Market
The report has fragmented the aerospace avionics market into multiple segments based on systems, application, distribution channel, and regional analysis.
Systems: Flight Control System Sub-segment to be Most Dominant
The flight control system sub-segment is expected to hold a dominant market share and generate a revenue of $39,930.8 million during the forecast period mainly due to growing focus on improving aircraft operations across military and commercial aviation sector along with some major developments like flight & aircraft design, aircraft navigation routes, weather systems, etc. In addition, the advancements in flight control systems like wing circulation control, fluidic thrust vectoring technologies, etc. are also predicted to uplift the sub-segment’s growth by 2030.
Application: Commercial Aviation Sub-segment to be Highly Progressive
The commercial aviation sub-segment of the global aerospace avionics market is projected to have the highest growth rate of 5.0% CAGR during the 2022-2030 analysis years. This immense growth rate is mainly attributed to the increasing number of passengers and cargo across the world. Moreover, as per the predictions of The International Air Transport Association in Canada, nearly 8.2 million people would become air travelers by 2037 which is further estimated to drive the growth rate.
Distribution Channel: OEM Sub-segment to be Highly Advantageous
The OEM sub-segment is anticipated to have a noteworthy growth rate and gather a revenue of $63,139.4 million by 2030 mainly due to rapid growth across the aviation sectors like commercial aviation, military aviation, general aviation, etc. along with huge orders handled by key aerospace original equipment manufacturers like Airbus and Boeing.
Region: Market in the Asia-Pacific Region to Witness Abundant Growth Opportunities
The aerospace avionics market in the Asia-Pacific region is expected to have the fastest growth rate and register a revenue of $28,702.1 million during the forecast period. This immense growth is majorly attributed to the commercial aviation expansion and growth in military aviation modernization programs by countries like India, China, and Japan. Moreover, increasing air passengers along with rising number of aerospace original equipment manufacturers are some other factors to propel the market growth in the Asia-Pacific region by 2030.
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Prominent Aerospace Avionics Market Players
Some prominent aerospace avionics market players include
- Leonardo S.P.A
- NORTHROP GRUMMAN CORPORATION
- L3Harris Technologies, Inc.
- Airbus
- Boeing
- General Dynamics Corporation
- Thales Group
- Elbit Systems Ltd.
- General Electric
- BAE Systems, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Buy the Full Report Here!
For example, in August 2021, Boeing, a leading aerospace organization, announced its partnership with AE Industrial Partners (AEI), a private equity firm that specializes in aerospace, defense & government services, space, power generation, to expand its HorizonX venture capital arm in space and connectivity, industrial tech, mobility, digital solutions, and more with extensive focus on sustainability.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Aerospace Avionics Market:
- Company Acquisitions and Strategic Partnerships by Market Players such as Airbus, Boeing, and Others to Foster the Growth of the Global Aerospace Avionics Market
- The Global Aerospace Avionics Market Is Estimated To Generate A Revenue Of $110,605.5 Million By 2030, Growing At A CAGR Of 4.6% From 2022 To 2030
