NEWARK, Del, April 15, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the avionics market is expected to witness significant growth in the coming years. It is projected to reach US$ 54.9 Billion by 2024 and US$ 117.0 Billion by 2034. The experts at Future Market Insights anticipate a steady growth trajectory during this period at a CAGR of 7.9%. This growth is attributed to increased demand for commercial aircraft, particularly in emerging economies, and technological advancements enhancing safety and efficiency. Modernizing existing aircraft with advanced avionics systems is imperative to improve operational efficiency and comply with regulations, further bolstering market growth.
Avionics play a critical role in ensuring flight safety and security. Investment in advanced systems to enhance situational awareness and communication capabilities drives the market's growth. Defense organizations globally are also modernizing their fleets with advanced avionics systems to bolster operational capabilities. The rising demand for uncrewed aerial vehicles (UAVs) further propels the need for avionics tailored for these platforms.
Request a Sample Report to Explore Our Insights! https://www.futuremarketinsights.com/reports/sample/rep-gb-19065
The market growth may face stringent regulations, high development costs, and cybersecurity risks. Retrofitting has emerged as a cost-effective solution for operators to upgrade existing aircraft with the latest avionics technology, addressing the challenge of fleet modernization.
The United States and the United Kingdom lead in avionics innovation, supported by robust aerospace industries and strategic collaborations. On the other hand, emerging markets like China and South Korea present opportunities for expansion. Despite the challenges, advancements in avionics technology are shaping the future of aviation, driving efficiency, safety, and sustainability in air travel.
“The demand for next-generation avionics systems, rising adoption of uncrewed aerial vehicles, and advanced connectivity solutions are key factors driving market growth. Governments worldwide also implement regulations to improve aviation safety and environmental sustainability, boosting investments in innovative avionics technologies”, – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Market Study:
- Flight management systems dominate the avionics market with a 7.7% CAGR through 2034.
- Retrofit leads in the avionics industry, accounting for 7.5% of CAGR.
- The avionics in Japan is projected to inflate at a CAGR of 9.3% through 2034.
- The avionics market in South Korea has the potential to increase at 10.0% CAGR through 2034.
- Avionics in the United Kingdom are predicted to rise by a remarkable 9.0% CAGR through 2034.
- The avionics in China is anticipated to develop at a CAGR of 8.5% through 2034.
- The avionics in the United States is estimated to rise at a whopping 8.0% CAGR through 2034.
Stay Ahead—Invest in the Premium Report Now! https://www.futuremarketinsights.com/checkout/19065
Competitive Landscape:
Major players in the avionics industry are investing heavily in R&D to create innovative technologies that improve aircraft safety, efficiency, and connectivity. Companies are expanding their global reach by forming partnerships, joint ventures, and acquisitions to access new markets and customers. These companies are also focusing on improving their aftermarket services, including MRO, to support the growing number of aircraft worldwide and ensure customer satisfaction.
Manufacturers are adapting to changing regulations and customer demands, such as cybersecurity and environmental sustainability, to remain competitive and build trust in their products and services.
Key Companies Operating in the Market:
- L3Harris Technologies Inc.
- Honeywell International Inc.
- Curtiss-Wright Corporation
- Safran SA
- BAE Systems PLC
- General Electric Company
- Raytheon Technologies
- Meggitt PLC
- Garmin Limited
- Astronautics Corporation of America
Recent Developments:
- AMETEK Abaco Systems' FORCE2C mission computer meets DO-254 and DO-178C standards for crewed and uncrewed fixed-wing and rotary-wing aircraft.
- Future Energy Global aims to attract over $1 trillion in investment to significantly scale sustainable aviation fuel production by 2050.
- Boeing secures a $61 Million contract modification to upgrade the F-15 Advanced Display Core Processor II (ADCP II) system.
- De Havilland Canada partners with Universal Avionics and acquires Mid-Canada Mod Centre to integrate NextGen systems into CL-215T and CL-415 firefighting aircraft.
Get Insights into Our Process—Ask for the Report Methodology! https://www.futuremarketinsights.com/request-report-methodology/rep-gb-19065
Avionics Market Segmentation Analysis:
By System:
- Flight Management
- Communication
- Navigation
- Weather Detection
- Traffic and Collision Management
- Others
By Fit:
- Retrofit
- Line Fit
By Platform:
- Commercial
- Military
- General
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
About the Industrial Automation Division at Future Market Insights (FMI)
The industrial automation division of Future Market Insights (FMI) offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
The aircraft sequencing system market is expected to be valued at around US$ 10.94 Billion by 2032.
The global deflaker market is expected to surge past US$ 1,232.6 Million in 2034.
The global dry heat sterilizer market is forecasted to reach US$ 13,775.10 Million by 2034.
The calendering equipment market to expand at a CAGR of 6.50%, reaching US$ 16,293.10 Million by 2034.
The global elevator control panelboard market size is expected to reach US$ 15.83 Billion in 2034.
The global flowback tank market value to reach US$ 5.0 Billion in 2034.
The casing pipe market is forecasted to generate revenue of US$ 22,738.90 Million by 2034.
The enclosed motor starter market is inclined to expand to US$ 2,865.9 Million by 2034.
The gem faceting machine market value is predicted to reach US$ 1,270 Million by 2034.
The global lined valve market is expected to surpass US$ 5.1 Billion in revenue by 2034.
About Future Market Insights (FMI):
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, US and India. FMI's latest market research reports and market analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
