Chicago, March 06, 2024 (GLOBE NEWSWIRE) -- The market for the Avionics market size is expected to grow rapidly, reaching USD 81.8 billion by 2030, from USD 43.4 billion in 2023, at a CAGR of 9.5%.Avionics is an abbreviation for aviation electronics that encompasses all electrical equipment and components directly accessed by pilots, such as communication, navigation, weather detection, etc. Additionally, avionics also comprises other electronic systems not directly used by the pilot that control and monitor flight and engine performance. The avionics market is propelled by a dynamic landscape defined by innovation, regulatory imperatives, and industry collaborations.
To know about the assumptions considered for the study download the pdf brochure
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138098845
As aviation technology advances, the demand for cutting-edge avionics systems rises, driven by a convergence of factors. The market's unique drivers include the continuous evolution of global navigation satellite systems, the imperative for compliance with stringent safety standards, and the integration of connectivity solutions to meet the escalating demand for in-flight communication. Opportunities abound in the market, particularly with the expansion of aircraft fleets, both commercial and military, offering prospects for avionics manufacturers to equip new platforms with state-of-the-art systems.
Upgrades and retrofits for existing fleets provide another avenue, as operators seek to modernize older aircraft, creating a substantial market for retrofit avionics solutions. Collaborations with aerospace giants, such as Boeing and Airbus, open doors for innovation, while military modernization programs contribute to the growth of avionics in defense applications. With a focus on regulatory compliance, safety enhancement, and connectivity, the avionics market stands at the forefront of aviation's technological progress, presenting a landscape rich in opportunities for research-based firms.
Key players in the market are focusing on developing advanced Avionics that are capable of delivering high-speed connectivity to remote and underserved regions. These players are Raytheon Technologies Corporation (US), Honeywell International Inc. (US), L3Harris Technologies, Inc. (US), General Electric (US), Thales (France) among others.
Major Avionics companies include:
- Technologies Corporation (US)
- Honeywell International Inc. (US)
- L3Harris Technologies, Inc. (US)
- General Electric (US)
- Thales (France)
- Raytheon Technologies Corporation (US)
Raytheon Technologies Corporation is an aerospace & defense technology company that provides advanced systems and services for commercial, military and government customers worldwide. It has over 182,000 employees as of 2022 and is of the largest manufactures of defense and aerospace Equipment’s. It was formed with the combination of Raytheon Company and United Technologies Corporation. It includes four industry-leading business Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defenses. Collins Aerospace, a unit of Raytheon Technologies Corporation, is a Fortune 500 company, founded in 1933 and headquartered in North Carolina, US. It specializes in the design, production, and support of communication and aviation electronics for military & commercial customers across the globe. The company has expertise in flight deck avionics, cabin electronics, mission communications, simulation & training, and information management services. The company’s hardware, software, and service offerings encompass cabin management, communications, displays & surveillance systems, flight controls, information management services, integrated avionics mission & training solutions, navigation, and global service and support. The company offers solutions to US, Middle East and North America, Asia -Pacific, Europe, Canada and others.
Honeywell International Inc. (US)
Honeywell International Inc. is a multinational company which operates globally with an employee force of 110,000 as of 2022. It is a leading software company which provides technology-based solutions to increase the efficiency and sustainability of the business. The company mainly operates in four business sectors: Aerospace, Building Technologies, Performance Materials and Security & Productivity solutions. The aerospace division offers auxiliary power units, propulsion engines, environmental control systems, connectivity, electric power systems, engine controls, flight safety, communication systems, navigation systems, radar and surveillance systems, aircraft lighting, management and technical services, logistics services, advanced systems and instruments, aircraft wheels and brakes, repair and overhaul services, turbochargers and thermal systems, defense, and helicopters. Its core competencies include improved operational efficiency and strong distribution network across the globe. The company has 41 subsidiaries worldwide.
L3Harris Technologies, Inc. (US)
L3Harris Technologies, Inc. is a technology company that manufacturers command and control systems and products, wireless equipment, tactical radios, avionics and electronic systems, night vision equipment, and terrestrial and spaceborne antennas for use in the government, defense, and commercial sectors. The company operates through four business segments: Integrated Mission Systems, specializing in mission-critical systems for the US Department of Defense; Space & Airborne Systems, offering space and airborne solutions for both government and commercial clients; Communication Systems, providing communication systems for various customers; and Aerojet Rocketdyne, supplying rocket propulsion systems. The company excels in delivering integrated avionic solutions, with a focus on critical components like communication systems, navigation equipment, mission systems, and cockpit displays. L3Harris is renowned for its technological innovations, addressing the increasing demands of both military and commercial aircraft. More than 50,000 employees work in the organization, with a global presence in 100 countries.
General Electric Company (US)
General Electric Company is an American multinational conglomerate operating through 4 industrial segments: aviation, healthcare, renewable energy, and power. It offers avionics products under the aviation segment. General Electric (GE) is a significant player in the avionics market, recognized for its diverse range of aviation technologies and solutions. With a strong presence in the aerospace industry, GE Aviation, a subsidiary of General Electric, is a key supplier of avionics components and systems. The company's avionics offerings encompass a wide array of critical elements, including flight management systems, navigation equipment, communication systems, and engine monitoring solutions. GE's commitment to innovation is evident in its development of cutting-edge avionic technologies, contributing to the improved efficiency, safety, and performance of both commercial and military aircraft. As a major player in the aerospace sector, GE leverages its expertise in aviation to provide comprehensive avionics solutions that align with industry demands for modernization and compliance. The company has production plants worldwide and services clients in North America, Europe, Asia, Middle East, and Africa.
Thales Group (France)
Thales Group is a multinational technology company specializing in electronic equipment and systems. Operating in four key segments—Defense and Security, Digital Identity and Security, Aerospace, and Transport. Thales provides solutions to companies, organizations, and governments for critical missions. Recognized for cutting-edge solutions, especially in avionics, Thales contributes significantly to the modernization of aircraft capabilities. The company offers a comprehensive suite of avionics components and systems for both civil and military aviation needs. With a diverse portfolio covering flight decks, cockpit equipment, and avionics suites for major aircraft programs, Thales is acknowledged as a top-tier avionics provider. Thales invests significantly in research and development, delivering advanced solutions aligned with the aerospace industry's evolution. The company's comprehensive range includes flight deck avionics, flight instruments, software functions, and simulation tools. Thales also provides avionics services, covering repair, retrofit, spare support, and aftermarket solutions for comprehensive lifecycle support.
