Avionics Market worth $66.3 Billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 26, 2022 /PRNewswire/ -- 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, according to a new report by MarketsandMarkets™. The deployment of avionics is driven by the rising demand for aircraft modernization to improve operating safety and fuel economy, consequently lowering operational costs. Advance digital avionics are already present in newer generation aircraft.  To improve operational efficiency and safety, airline operators are rapidly updating their aircraft outdated electronics systems.

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The Navigation segment is estimated to dominate market share in the avionics market during the forecast period

Based on system, the navigation segment is projected to lead the market during the forecast period. It is projected that demand for components like air data computers and altimeters would increase at the rapid pace. The major airline is also expanding its fleet in order to meet demand; the fleet which is outfitted will be updated with advanced inertial reference systems and air data computers that are connected with other avionics systems to increase operational efficacy. The technological development of navigational tools has significantly fuelled the markets growth.

The Military Aviation segment is estimated to account for the largest share of the avionics market during forecast period

Based on Platform, military aviation segment is projected to lead the avionic market during the forecast period. Over the last ten years, the demand for military aircraft is expanding as a result of the military superpowers increasing military expenditure, including the US, China, and Russia. It will help the market for military avionics to grow. The market for military aircraft will be strengthened by new developments in aircraft, such as the use of stealth technology, sophisticated composite materials, and fifth-generation technology.

The line fit segment is estimated to dominate market share in the avionics market during the forecast period

Based on Fit, the line fit segment is projected to lead the avionics market during the forecast period. More aircraft deliveries are being done to effectively service the steadily increasing passenger demand.  Strategies for fleet modernization are anticipated to be influenced by rising laws that aim to enhance the safety features provided by aircraft and standardize the features provided by different types of aircraft.

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North America is projected to lead the market during the forecast period

North America dominated market share in 2022, and Latin America is projected to witness growth at the highest CAGR during the forecast period. The avionics market for the commercial and business aviation sectors in these regions is expected to grow on account of the growing demand for air travel, while the demand for avionics in the military aviation sector is driven by the modernization of aircraft fleet.

Major players operating in the avionics market include Raytheon Technologies Corporation (US), Curtiss-Wright Corporation (US), Honeywell International 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).

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