New York, United States, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The Global Avionics Market Size to Grow from USD 45.9 Billion in 2023 to USD 86.7 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.57% during the forecast period.
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Technological developments including as automation, artificial intelligence, and digital system integration have propelled innovation in avionics. To extend the lifespan and capabilities of their current fleets, airlines and the military regularly invest in avionics upgrades rather than purchasing entirely new aircraft. The growth of international air travel has raised the requirement for new aircraft, which has further stimulated the avionics business. Emerging markets, especially in Asia and the Middle East, have contributed to this need. The defence industry, which requires advanced avionic systems for military aircraft, drones, and helicopters, accounts for a sizable share of the avionics market.
Avionics Market Value Chain Analysis
The focus of R&D work is on integrating the latest technological advancements, reducing weight, boosting reliability, and enhancing functionality. Avionics components, including sensors, displays, communication systems, and navigation devices, are produced by specialised enterprises. Avionics systems ensure seamless communication and interoperability between various components by being integrated into larger systems. Together, avionics suppliers and aviation manufacturers work closely to integrate these technologies into the overall design of the aircraft. It may be necessary to install or upgrade avionics equipment after it is manufactured and delivered to the customer. Pilots, maintenance personnel, and other aviation professionals must participate in training programmes to ensure proper use and upkeep of avionics equipment.
Avionics Market Opportunity Analysis
Assess the potential impact of emerging technologies on avionics, such as artificial intelligence, machine learning, advanced sensors, and networking. Follow industry trends, such as the requirement for more networked and integrated avionic systems, enhanced navigational features, and the use of touchscreens and digital displays. Examine business opportunities in emerging aviation markets where avionics upgrades and new purchases are in high demand. Examine whether avionics systems made especially for drone use are necessary, and consider how unmanned aerial vehicles (UAVs) are becoming increasingly popular. Analyse opportunities for providing robust cybersecurity solutions to protect aircraft against cyberattacks in light of the increasing digitization of avionics systems. Investigate the potential of employing data analytics to forecast avionics system maintenance.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on The "Global Avionics Market Size By System (Flight management and control, Health monitoring, Electrical and emergency, Communication, Navigation, Others), By Fit (Retrofit, Line Fit), By Platform (Commercial, General, Military), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by System
The navigation system segment accounted for the largest market share over the forecast period 2023 to 2033. There is an overall increase in air traffic globally as a result of factors including economic prosperity, the middle class's growth, and increased travel, which has increased the requirement for sophisticated navigation systems to handle the expanding number of aircraft. Many countries and regions are modernising their airspace and air traffic control systems. For improved airspace control, reduced traffic, and increased efficiency, satellite-based technologies must be included into modern navigation systems. Performance-Based Navigation (PBN) systems, which rely on state-of-the-art navigation technologies, enable aircraft to navigate more accurately and efficiently.
Insights by Fit
The line fit segment accounted for the largest market share over the forecast period 2023 to 2033. The number of new aircraft manufactured each year rises as a result of the growing demand for air travel, which fuels the aviation industry's overall expansion. The line fit segment shows growth as the number of aircraft produced rises. Line fit installation provides operational and financial benefits to OEMs of aircraft as well as avionics manufacturers. It can be more cost-effective and efficient to integrate avionics equipment during manufacturing than to retrofit already-built aircraft. The need for new aircraft, which is driven by factors including the increase of low-cost carriers, the need to replace outdated aircraft, and airline fleet expansion, directly contributes to the growth of the line fit segment.
Insights by Platform
The commercial segment accounted for the largest market share over the forecast period 2023 to 2033. Airlines worldwide are always looking to expand their fleets in order to meet the growing demand for air travel. The procurement of new aircraft has an impact on the avionics equipment needed for these commercial aircraft. The introduction of new commercial aircraft models with the most recent avionics technologies propels growth in the commercial category. Aircraft manufacturers collaborate with avionics vendors to integrate modern technology into recently delivered aircraft. Passenger connectivity and in-flight entertainment systems are in high demand.
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Insights by Region
North America is anticipated to dominate the Avionics Market from 2023 to 2033. In the US, the defence sector is very large and technologically advanced. Systems used in military aircraft, unmanned aerial vehicles, and other defence applications dominate the North American avionics market as a whole. Due to reasons including economic growth and the growing demand for air travel, the commercial aviation industry is growing, which is driving the need for avionics equipment. The local airlines often invest in new aircraft and avionics upgrades. The development and use of satellite navigation technologies, like the Global Positioning System (GPS), is essential to the existence of avionics in North America.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The robust economic expansion in the Asia-Pacific area has led to a rise in demand for air travel. As economies expand, airlines invest in new aircraft and avionics technologies to meet the increasing demand. The expanding middle class and increasing urbanisation in the Asia-Pacific region are the main drivers of the demand for air travel. Thus, there is a greater need for advanced avionics technology in both commercial and regional aircraft. Airlines operating in the Asia-Pacific region are growing their fleets to suit the growing number of passengers. This expansion raises the need for avionics systems and components for recently delivered aircraft.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major Players in the Global Avionics Market Includes Teledyne Technologies Inc., General Electric, Panasonic Corporation, L3 Harris Technologies, Universal Avionics Systems Corporation, BAE Systems PLC, Meggitt PLC, Raytheon Technologies Corporation, Thales Group, Honeywell International Inc. and Other Key Vendors.
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Recent Market Developments
- In January 2022, Honeywell unveiled Anthem, an integrated avionics system connected to the cloud. It improves flight efficiency, comfort, safety, and operations.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Avionics Market, System Analysis
- Flight management and control
- Health monitoring
- Electrical and emergency
- Communication
- Navigation
- Others
Avionics Market, Fit Analysis
- Retrofit
- Line Fit
Avionics Market, Platform Analysis
- Commercial
- General
- Military
Avionics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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