New York, USA, Nov. 22, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global aerospace avionics market is anticipated to garner $1,18,619.0 million in revenue and rise at a CAGR of 6.7% over the analysis period.
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As per our analysts, with the increasing demand in commercial aviation for passenger travel all across the world, the market is predicted to see remarkable growth during the forecast period. The utilization of commercial aircraft in avionics systems is flight management systems, navigation systems, surveillance systems, and many more are further expected to uplift the growth of the market over the estimated period. Besides, the growing demand for commercial and military aircraft in developing countries is expected to foster the growth of the market over the analysis timeframe. However, the capital-intensive nature of aerospace avionics technology may hamper the growth of the aerospace avionics market during the forecast period.
Covid-19 Impact on the Global Aerospace Avionics Market
The outbreak of the Covid-19 pandemic has had a moderate impact on the aerospace avionics market.
Initially, with the pandemic, there has been a disruption in the supply chain which led to the unavailability of raw materials for the production of aircraft parts. Gradually, the implementation of technologies such as the industrial internet of things (IIOT) enabled the real-time monitoring of manufacturing of aerospace avionics products virtually. This factor is further expected to boost the growth of the market during the analysis period.
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Segments of the Global Aerospace Avionics Market
The report has been divided the market into various segments namely, system, application, distribution channel, and region.
System: Flight Control System Sub-Segment to be Most Profitable
The flight control system sub-segment is expected to generate a revenue of 44,541.4 million over the analysis timeframe. This is mainly due to the rising emphasis on improving aircraft operations in commercial and military aviation. With the improved fuel efficiency of aircraft operations, the profitability of aircraft has also increased, this factor is expected to bolster the growth of the market sub-segment during the analysis timeframe.
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Application: Commercial Aviation Sub-Segment to be Most Lucrative
The commercial aviation sub-segment is expected to garner a revenue of $62,638.0 million over the forecast time period. The increasing number of passengers and cargo all across the globe has led to an increase in the manufacturing rate of aircraft. This is the major factor expected to amplify the growth of the aerospace avionics market sub-segment during the forecast period.
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Distribution: Original Equipment Manufacturer (OEM) Sub-Segment to Have Largest Market Share
The original equipment manufacturer sub-segment is expected to garner a revenue of $67,910.5 million over the estimated timeframe. This is mainly because of the growth in all major sectors of aviation like military aviation, general aviation, and commercial aviation. Moreover, the increasing number of passengers in commercial aviation is further predicted to hold the largest market share during the forecast period.
Region: North American Region Anticipated to Have Extensive Growth Opportunities
This is mainly due to the well-established infrastructure in commercial and military aviation in this region. Furthermore, the increasing emphasis on the research and development of aerospace avionics in the civil aviation and military systems in this region is further expected to fuel the regional growth of the aerospace avionics market during the analysis period.
Key Players of the Global Aerospace Avionics Market
1. Northrop Grumman Corporation
2. General Dynamics Corporation
3. Thales Group
4. Elbit Systems Ltd
5. General Electric
6. L3 Harris Technologies, Inc
7. BAE Systems
8. Leonardo S.P.A
9. Airbus
10. Boeing
These players are majorly working on the development of new business strategies and tactics to acquire the leading global industry.
For instance, in February 2021, Collins Aerospace, a leading Raytheon Technologies subsidiary and well-known supplier of aerospace and defense products, has announced to continue the partnership with HAL, a renowned Indian aerospace and defense company. With this partnership, the company has aimed to expand its business on providing better mechanical, aerostructure, and power control equipment.
In addition, the report also summarizes other important aspects such as SWOT analysis, product analysis, the financial performance of the key players, and the latest strategic development. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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