Dublin, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The "Global Avionics Market by System (Navigation, Payload & Mission Management, Traffic & Collision Management, Communication, Power & Data Management, Weather Detection, Flight Management, Electronic Flight Display), Fit, Platform & Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The avionics market size is projected to grow from USD 46.7 Billion in 2022 to USD 66.3 Billion by 2027, at a CAGR of 7.3% from 2022 to 2027
The growing need for aircraft modernization to improve operating safety and fuel efficiency, consequently minimizing operational costs, is something that is propelling the adoption of advanced avionics.
The Navigation segment is projected to dominate market share in the system segment during the forecast period
Based on the system, the navigation segment is projected to dominate the market share during the forecast period. The market is further segmented into navigation, payload & mission management, traffic & collision management, communication, power & data management, weather detection, flight management, electronic flight display.
One of the key factors driving the avionics market is to meet the demand of the air travel, thus major airlines are expanding their fleet size, and additionally the outdated aircrafts will be upgraded with advanced avionics systems.
The Military Aviation segment projected to lead avionics market during forecast period
Based on the Platform, the commercial aviation segment is projected to lead the avionics market during the forecast period. Increase in the demand of advanced military aircraft and helicopter fleet to strengthen their defense capabilities. Additionally, the market is also influenced by the latest technological development in the filed such as stealth technology, advanced composite and fifth generation technology.
Line Fit is expected to account for the largest share in 2022
Based on Fit, the line fit segment is projected to lead the avionics market during the forecast period. The line fit segment is driven by the demand generated from the aircraft OEMs who are increasing their production rate to satiate the demand for new aircraft as airlines undertake fleet expansion to cater to the increasing passenger traffic.
North America is expected to account for the largest share in 2022
North America accounted for the largest market share in 2022, and Latin America is projected to witness the highest CAGR during the forecast period.
The increasing need for air travel in the area is expected to increase demand for commercial and general aviation. The major airliners will increase the fleet size of aircraft to meet the demand hence it will influence the avionics market in the region.
Competitive landscape
Major players operating in the avionics market include Raytheon Technologies Corporation (US), Curtiss-Wright Corporation (US), Honeywell Internationals Inc. (US), L3Harris Technologies Inc. (US), General Electric Company (US), Safran SA (France ), BAE Systems PLC (UK), Astronautics Corporation of America (US), and Garmin Limited (US). are some of the market players.
Premium Insights
- Increasing Demand for Advanced Integrated Avionics to Drive Market During Forecast Period
- Navigation Systems to Hold Dominant Share During Forecast Period
- Military Aviation to Lead Market from 2022 to 2027
- Line Fit Segment to be Largest During Forecast Period
Market Dynamics
Drivers
- Increasing Adoption of Sophisticated Flight Management Systems by Aircraft OEMs
- Growing Fleets of Commercial and Military Aircraft
- Enhanced Safety and Situational Awareness Offered by Avionics
Restraints
- Stringent Design Regulations Pertaining to Avionics
- High Installation Cost due to Ongoing Technological Disruptions
Opportunities
- Planned Fleet Modernization Programs
- Implementation of Acas in General Aviation Aircraft
Challenges
- High System Complexity, Requiring Proper Pilot Training for Optimum Usage
- Complex Design of Embedded Systems for Military Applications
Technology Analysis
- Automatic Dependent Surveillance - Broadcast (Ads-B)
- Integrated Modular Avionics
- Case Study Analysis
- Next-Generation Open Flight Deck
- Piloted Distributed Aperture Sensor System
Industry Trends
Technology Trends
- Attitude Heading Reference System (Ahrs)
- Traffic Alert and Collision Avoidance System (Tcas)
- Terrain Awareness and Warning Systems (Taws)
- Enhanced Vision System (EVs)
- Automatic Flight Control System (Afcs)
Impact of Megatrends
- Implementation of Industry 4.0
- Globalization of Supply Chain for Avionics Manufacturing
Company Profiles
Key Players
- Raytheon Technologies Corporation
- Curtiss-Wright Corporation
- Honeywell International Inc.
- L3Harris Technologies Inc.
- General Electric Company
- Safran SA
- Bae Systems PLC
- Moog Inc.
- Meggitt PLC
- Garmin Ltd.
- Cmc Electronics Inc.
- Chelton Ltd.
- Astronautics Corporation of America
- Uavionix Corporation
- Northrop Grumman Corporation
- Universal Avionics Systems Corporation
- Avidyne Corporation
- Aspen Avionics Inc.
- Dynon Avionics Inc.
- Mgl Avionics
Other Players
- Suzhou Changfeng Instruments Co. Ltd.
- Kanardia D.O.O.
- Talos Avionics P.C.
- Grt Avionics
- Taskem Corporation
- Avmap S.R.L.
For more information about this report visit https://www.researchandmarkets.com/r/aoy3l5
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