Pune, India, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The global avionics market size was valued at USD 81.68 billion in 2022 and is anticipated to expand from USD 90.32 billion in 2023 to USD 159.35 billion by 2030, exhibiting a CAGR of 8.45% over the study period. The rise is propelled by the increasing adoption of advanced systems and the expanding commercial aviation market.
Fortune Business Insights™ provides this information in its research report, titled “Avionics Market Size, 2023-2030”.
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List of Key Players Profiled in the Avionics Market Report:
- Avilution LLC (The U.S.)
- BAE Systems (The U.K.)
- CCX Technologies (Canada)
- Cobham PLC (The U.K.)
- Collins Aerospace (The U.S.)
- Garmin Ltd. (The U.S.)
- General Electric (The U.S.)
- Honeywell International Inc (The U.S.)
- L3Harris Technologies, Inc. (The U.S.)
- Meggitt (The U.K.)
- Search Results
- Web results
- Nucon Aerospace(India)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 8.45% |
| 2030 Value Projection | USD 159.35 Billion |
| Market Size in 2022 | USD 81.68 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Avionics Market Growth Drivers | Improving Aircraft Computing Capabilities are Propelling the Market Growth |
| Increasing Demand for Military Aircraft from Emerging Economies such as China and India Will Aid Growth |
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COVID-19 Impact:
The recent coronavirus outbreak has created a sense of panic across the world. The rapid spread of the disease has had an adverse effect on several businesses across diverse industries. The efforts taken by governments across several countries to curb the spread of the diseases have forced businesses to shut down completely. It has been a similar scenario in the avionics industry and the past few months have presented several challenges to the businesses in this sector. The rising cases of coronavirus have put people in a state of panic and hesitancy; a primary factor behind the economic downfall in the past few months.
Segmentation:
Hardware Segment to Exhibit Substantial Growth Due to Trajectory Projection Capabilities
On the basis of system, the market is fragmented into software and hardware. The hardware segment is poised to expand at a considerable CAGR over the projected period. The segment held a leading share in the market in 2022 impelled by the multitasking capability of the system.
Commercial Segment to Gain Traction Considering the Rising Product Demand
By platform, the market is categorized into helicopters, general aviation, business jets, military, and commercial. The commercial segment accounted for a large market share and is estimated to record a substantial CAGR over the study period. The expansion is driven by the soaring demand for commercial aircraft.
Aftermarket Segment to Lead Impelled by Increase in Aircraft Upgradation Opportunities
By end-use, the market is segmented into aftermarket and original equipment manufacturers. The aftermarket segment accounted for a key market share in 2022 and is set to expand at an appreciable pace over the forecast period. The rise is driven by an increase in upgradation programs from numerous commercial airlines.
Based on geography, the market for avionics is segregated into North America, Europe, Asia Pacific, and Rest of The World.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints:
Rising Adoption of Flight Management System to Impel Industry Expansion
One of the key factors impelling avionics market growth is the soaring adoption of flight management and aircraft computing systems. These solutions provide surveillance systems, integrated cabin electronics solutions, navigation systems, proline fusion capabilities, and others.
However, the industry expansion may be hampered by the high cost associated with the maintenance of avionics systems.
Regional Insights:
North America to Emerge as Key Region Owing to Increasing Commercial Aircraft Demand
North America avionics market share is anticipated to expand at a substantial rate over the study period. The region accounted for a dominating share in 2022 owing to the presence of key manufacturers.
The Europe market is poised to grow at a considerable CAGR over the estimated period. The rise is driven by the extensive portfolios of key companies in the region.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights – Impact of the COVID-19 Pandemic on the Global Avionics Market
- Global Avionics Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By System
- Hardware
- Software
- Market Analysis, Insights and Forecast – By Platform
- Commercial
- Narrow Body
- Wide Body
- Regional Jet
- Military
- Combat
- Transport
- Helicopters
- Business Jets
- General Aviation
- Commercial
- Market Analysis, Insights and Forecast – By End-User
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued...!
Industry Developments:
April 2020 – Lockheed Martin Corporation announced that it has signed a contract with the U.S. Air Force. The contract is said to be worth USD 50 million and will be aimed at upgrading the advanced avionics suite, which is used to modernize the U-2 combat aircraft’s onboard system.
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