New York, USA, June 08, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global aerospace avionics market is anticipated to grow at a stunning CAGR of 4.6%, thereby garnering a revenue of $110,605.5 million by 2030. This comprehensive report provides a brief outlook of the current framework of the aerospace avionics market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2030. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Aerospace Avionics Market
Drivers: Over the years, aerospace avionics has slowly become an integral part of aircraft systems, especially commercial passenger aircraft. This is expected to be the primary growth driver of the aerospace avionics market in the 2022-2030 timeframe. Apart from this, growing commercial aviation is also expected to play a part in the growth of this market in the forecast timeframe.
Opportunities: The growth and development of flight management systems are expected to offer numerous growth opportunities to the market in the analysis timeframe. Also, the advancement and upgrading of existing systems to provide better passenger services are expected to create massive investment opportunities in the market.
Restraints: The capital-intensive nature of the aerospace avionics industry is, however, expected to become a restraint in the growth of the aerospace avionics market.
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Impact of Covid-19 on the Aerospace Avionics Market
The Covid-19 pandemic and the subsequent lockdowns across the globe had severely impacted various industries. The aerospace avionics market has had a moderate impact due to the pandemic. The airline industry faced a massive decline in demand during the pandemic owing to the travel restrictions put in place across the globe in order to curb the spread of the virus. As a result, both international and domestic flights virtually came to a halt. However, the growing need for the implementation of advanced technologies like the industrial internet of things (IIOT) helped the market to recover some of its lost ground.
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Segments of the Aerospace Avionics Market
The report has divided the market into certain segments based on systems, applications, distribution channels, and regions.
Systems: Flight Control System Sub-segment to be the Most Dominating
By type, the flight control sub-segment is expected to have the most dominating market share and is expected to register $39,930.8 million by 2030. Growing emphasis on introducing advanced aircraft operations including military and commercial aviation sector is predicted to be the primary growth driver of the market.
Application: Commercial Aviation Sub-segment to Have the Highest Market Share
By application, the commercial aviation sub-segment of the aerospace avionics market is expected to have the largest market share and gather a revenue of $60,068.3 by 2030. The rising number of passengers and cargo across the globe is anticipated to be the main factor contributing to the growth of this sub-segment.
Distribution Channel: Original Equipment Manufacturer (OEM) Sub-segment to be the Most Profitable
By distribution channel, the original equipment manufacturer sub-segment of the aerospace avionics market is expected to be the most profitable sub-segment and surpass $63,139.4 million by 2030. Massive growth in the military, commercial, and general aviation sectors is predicted to have a cumulative effect on the OEM sub-segment and help it to grow substantially in the forecast period.
Region: Aerospace Avionics Market in Asia-Pacific Region to be the Fastest Growing
By regional analysis, the aerospace avionics market in the Asia Pacific region is anticipated to be the fastest growing and is projected to register a revenue of $28,702.1 million by 2030. The massive scale of expansion of commercial aircraft and rapid up-gradation of military aircraft undertaken by several countries of this region such as India, China, Japan, etc. is anticipated to be the primary growth driver of the market in this region.
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Prominent Aerospace Avionics Market Players
Some of the key players in the aerospace avionics market are
- NORTHROP GRUMMAN CORPORATION
- BAE Systems
- Elbit Systems Ltd.
- L3Harris Technologies, Inc.
- Thales Group
- Airbus
- General Dynamics Corporation
- Boeing
- Leonardo S.P.A
- General Electric, among others.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market. – Grab Full Report started from $2999 (Read-Only)
For instance, in March 2022, Precision Aviation Group (PAG), an Atlanta-based aviation company, announced the acquisition of Velocity Aerospace Group, a Texas-based firm. This acquisition will expand the avionics and related-engineering capabilities of PAG and help the company to increase its foothold in the market.
Finally, the report also summarizes many crucial aspects of the aerospace avionics market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
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
- 5 Critical Components of Aerospace Avionics Systems That You Should Know About
- How are New Technologies Going to Boom Aerospace Avionics Industry?
