The avionics market size is expected to grow from USD 68.5 billion in 2019 to USD 86.9 billion by 2024, at a CAGR of 4.86%
NEW YORK, May 14, 2019 /PRNewswire/ -- Adoption of next-generation flight management systems in avionics is expected to drive the avionics market growth.
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The avionics market size is expected to grow from USD 68.5 billion in 2019 to USD 86.9 billion by 2024, at a CAGR of 4.86% during the forecast period. In the last decade, unmanned aircraft (UA) were used in numerous defense as well as commercial applications. The increase in demand for their integration into the civil airspace has led to the development of dedicated automated solutions. For this purpose, NG-FMS have incorporated cooperative and non-cooperative Sense and Avoid (SAA) systems, which are the key technologies that aid UAVs to access non-segregated airspace.
Flight management systems in hardware system segment is expected to grow at the highest CAGR during the forecast period.
Flight management systems in hardware system segment is expected to be the fastest-growing during the forecast period.This system serves as the primary interface for the pilot and enhances flight planning operations.
It also includes an aeronautical navigation database for controlled flight operations, which assists in increasing fuel and time efficiency by optimizing route plans for any airport, without the need for ground-based infrastructure.
Narrow-body aircraft (by platform) in commercial aviation segment is expected to lead the market for avionics during the forecast period.
Narrow-body aircraft is expected to be the largest commercial aviation platform segment during the forecast period.With the increase in air travel, the demand for narrow-body aircraft is expected to grow across the world.
In today's competitive market, reliability, fuel efficiency, low maintenance & operating costs, and high-value returns have become a priority for aircraft operators. This has enhanced the scope for advancements in aircraft systems such as avionics.
The Asia Pacific avionics market is expected to grow at the highest growth rate during the forecast period.
The avionics market in the Asia Pacific region is projected to grow at the highest CAGR market during the forecast period.Countries in this region are upgrading their capabilities by undertaking developments in the field of aircraft emergency & electrical systems.
The rise in demand for low cost carriers (LCCs) in the Asia Pacific region is one of the factors driving the growth of the avionics market.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation & technology directors, and executives from various key organizations operating in the avionics marketplace.
•?By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
•?By Designation: C-level Executives: 35%, Directors: 25%, and Others 40%
•?By Region: North America: 45%, Europe: 20%, Asia Pacific: 30%, and RoW: 5%
The avionics market comprises major solution providers such as Safran (France), Curtiss-Wright (US), Esterline Technologies (US), Honeywell (US), Meggitt (UK), Thales Group (France), and United Technologies Corporation (Collins Aerospace) (US). The study includes an in-depth competitive analysis of these key players in the avionics market, with their company profiles, recent developments, and key market strategies.
Research Coverage:
The study covers the avionics market and aims at estimating the market size and growth potential across different segments, such as end user, system, platform, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will provide market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall avionics market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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