Global Avionics Market Forecast to 2030: Attractive Opportunities for Players in Avionics Market - Increase in Demand for Integrated Avionics to Drive Growth
Dublin, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The "Global Avionics Market by Platform (Military Aviation, Commercial Aviation, General Aviation, Special Mission Aviation), Fit, Systems and Region (North America, Europe, Asia Pacific, Middle East and Rest of the World) - Forecast to 2030" report has been added to * ResearchAndMarkets.com's* offering.
The Avionics market is estimated to grow from USD 81.8 billion by 2030, from USD 43.4 billion in 2023, at a CAGR of 9.5% from 2023 to 2030. Constant innovation in avionic technologies, such as advanced communication systems, navigation solutions, and digital cockpit displays, fuels the demand for upgraded avionics across both commercial and military aircraft. The increasing demand for seamless data connectivity and communication capabilities in aircraft, driven by passenger expectations and operational requirements, stimulates the market for avionic systems facilitating reliable connectivity.
Based on Fit, the avionics market is categorized into line fit and retro fit. The line fit segment having highest share of 91.3%. The increasing global demand for commercial and military aircraft drives the line fit avionics market. As aircraft manufacturers experience higher delivery and production rates, the demand for integrated avionic systems directly follows suit. Airlines seek avionic systems that improve overall operational efficiency, increase aircraft reliability, and enhance passenger experience. Line fit avionics that offer such operational enhancements become crucial for aircraft manufacturers to remain competitive. Overall, both line fit and retrofit segments are crucial for the sustainable growth of the avionics market.
Based on Platform, the market is further divided into types, encompassing military aviation, commercial aviation, general aviation, and special mission aviation. Major industry players are actively engaged in developing advanced commercial aviation avionics systems to explore emerging opportunities in this market. The evolution of air traffic management systems, including initiatives such as SESAR (Single European Sky ATM Research) and NextGen in the United States, is driving the need for commercial avionics systems that can support more efficient and streamlined air traffic operations. With a growing emphasis on passenger comfort and entertainment, avionics systems that contribute to an enhanced in-flight experience, such as advanced in-flight entertainment systems and connectivity solutions, are key drivers for the commercial aviation sector.
Based on Systems, the avionics market is further segmented into Communication, Navigation, Electronic Flight Displays, Flight Management, Power & Data Management, Payload & Mission Management, Traffic & Collision Management and Weather Detection. Advancements in GNSS technologies, such as the implementation of new satellite constellations and improved satellite signal accuracy, drive the need for navigation avionics systems that can capitalize on these enhancements for more precise and reliable navigation. The importance of terrain awareness for safety in flight operations fuels the demand for navigation avionics systems with advanced TAWS capabilities. Systems that provide timely and accurate alerts regarding potential terrain conflicts are crucial for enhancing aviation safety. Systems that enable integrated communication and navigation contribute to more efficient and interconnected flight operations.
Robust defense budgets in North America support military modernization efforts, leading to the incorporation of advanced avionics systems in military aircraft. The demand for state-of-the-art avionics solutions for fighter jets, surveillance aircraft, and other military platforms is a notable driver. With a substantial existing fleet, the North American aviation industry places significant emphasis on avionics upgrades and retrofits. Airlines and operators seek modernization solutions for older aircraft, driving the demand for retrofit avionics systems to enhance performance and compliance with evolving regulations.
North America covers the US and Canada for market analysis. In North America, major aircraft manufacturers like Boeing and Airbus continually invest in next-generation aircraft programs. The development of advanced platforms, such as the Boeing 737 MAX and Airbus A320neo families, creates opportunities for avionics systems with enhanced capabilities and features. The strategic partnerships and collaborations between avionics manufacturers and aerospace giants like Boeing and Airbus contribute to the growth of the avionics market. Joint initiatives often lead to the development of innovative avionics solutions tailored to specific aircraft models.
*The report provides insights on the following:*
· Analysis of the key driver (Rising aircraft production, Growing fleets of commercial and military aircraft, Increasing adoption of Flight Management and advanced Aircraft Computing Systems, Need for enhanced safety and situational awareness in aircraft), restraint (Stringent Regulatory Compliance, High Development Costs) opportunities (Integration of artificial intelligence (AI) in avionics systems, Advent of advanced connectivity solutions, Incorporation of airborne collision avoidance systems in general aviation aircraft) and challenges (Complexity of modern avionics systems, Risk of technological obsolescence, Vulnerability to cyber threats) there are several factors that could contribute to an increase in the avionics market.
· Market Penetration: Comprehensive information on avionics systems offered by the top players in the market
· Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the avionics market
· Market Development: Comprehensive information about lucrative markets - the report analyses the avionics market across varied regions.
· Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the avionics market
· Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the avionics market*Key Attributes:*
*Report Attribute* *Details*
No. of Pages 276
Forecast Period 2023 - 2030
Estimated Market Value (USD) in 2023 $43.4 Billion
Forecasted Market Value (USD) by 2030 $81.8 Billion
Compound Annual Growth Rate 9.5%
Regions Covered Global*Key Topics Covered:*
*Executive Summary*
· Navigation to be Largest Segment During Forecast Period
· Commercial Aviation to Account for Maximum Market Share in 2030
· Line Fit to be Fastest-Growing Segment During Forecast Period
· North America to be Largest Market for Avionics During Forecast Period
*Premium Insights*
· Attractive Opportunities for Players in Avionics Market - Increase in Demand for Integrated Avionics to Drive Growth
· Avionics Market, by System - Navigation System Surpasses Other Segments
· Avionics Market, by Fit - Line Fit to Secure Leading Market Position During Forecast Period
· Avionics Market, by Country - South Korea to be Fastest-Growing Country During Forecast Period
*Key Market Dynamics*
*Drivers*
· Rising Aircraft Production
· Growing Fleet of Commercial and Military Aircraft
· Increasing Adoption of Flight Management and Advanced Aircraft Computing Systems
· Need for Enhanced Safety and Situational Awareness in Aircraft
*Restraints*
· Stringent Regulatory Compliance
· High Development Costs
*Opportunities*
· Integration of Artificial Intelligence in Avionics Systems
· Advent of Advanced Connectivity Solutions
· Incorporation of Airborne Collision Avoidance Systems in General Aviation Aircraft
*Challenges*
· Complexity of Modern Avionics Systems
· Risk of Technological Obsolescence
· Vulnerability to Cyber Threats
*Use Case Analysis*
· Integration of Mission Computers in Maritime Patrol and Surveillance Aircraft
· Integration of Air Data Solutions in Rotorcraft
*Technology Trends*
· 3D Printing and Advanced Materials
· Artificial Intelligence
· Internet of Things
· Enhanced Vision Systems
· Advanced Flight Control Systems
*Impact of Megatrends*
· Autonomous Aircraft
· Quantum Computing
*Companies Profiled*
· General Electric Company
· Honeywell International Inc.
· Raytheon Technologies Corporation
· L3Harris Technologies, Inc.
· Thales Group
· Curtiss-Wright Corporation
· Elbit Systems Ltd.
· Northrop Grumman Corporation
· Bae Systems PLC
· Garmin Ltd.
· Transdigm Group
· Leonardo Spa
· Astronautics Corporation of America
· Meggit PLC
· Safran SA
· Uavionix
· Avidyne Corporation
· Aspen Avionics Inc.
· Dynon Avionics Inc.
· Kanardia Doo
· Talos Avionics Pc
· Taskem Corporation
· Anodyne Electronics Manufacturing Corp.
· Becker Avionics
· Shadin AvionicsFor more information about this report visit https://www.researchandmarkets.com/r/r8zoy0
*About ResearchAndMarkets.com*
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*Attachment*
· Global Avionics Market
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