December 31, 2019
According to the research report titled ‘Aerospace Avionics Market Size By System (Flight Management System, Communication System, Navigation System, Surveillance System, Electric System, Emergency System, Collision Avoidance System, Weather System, Health Monitoring System, Tactical System, In-Flight Entertainment), By Application (Commercial Aviation, Military Aviation, Business Jet & General Aviation, Helicopters), By End Use (OEM, Aftermarket), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global aerospace avionics market is expected to cross USD 94 billion by the year 2025.
Growing number of air passengers, coupled with surging need for commercial aircrafts are major factors driving aerospace avionics market growth. Escalating consumer disposable income and rising R&D investments are leading to development of innovative avionics systems. Thus, advancements in open architecture technology, motion planning, and neural sensing are also aiding the expansion of the market. Rising adoption of integrated and lightweight avionics systems is further contributing towards market revenue generation.
Key players in the industry are primarily focusing on developing innovative technology such as airborne wireless network and automated co-pilot systems. However, high cost of manufacturing avionics systems may hinder the growth of the market. Complexity of such avionics systems, coupled with existing aircraft backlogs will also hamper the aerospace avionics industry outlook. But development of laser sintering and 3D printing technology may facilitate in reducing the manufacturing costs of avionics systems.
Based on application spectrum, the business jet & general aviation segment will register substantial growth during the forecast period. The segmental traction is attributed to the rising number of people with high income coupled with wealthy sports leagues across the globe. On the other, increasing investments in defense sector across India and China are facilitating the growth of aerospace avionics market from military aviation segment.
As per end-use scope, OEM aerospace avionics market is expected to expand significantly over the analysis timeline. India and China are major contributors for OEM segment growth owing to increasing demand for military and commercial aircrafts, flourishing tourism, and booming economic growth.
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Considering geographical landscape, North America aerospace avionics market is projected to grow substantially during the estimated timeframe. Favorable federal reforms which encourage upgrading of existing avionics systems, in tandem with surging need for effective modes of communication are driving North America aerospace avionics market growth.
BAE Systems, Thales Group, Saab AB, Harris Corp., Cobham Plc, Ball Corp., Boeing, Astronics Corp., AVIC (Aviation Industry Corporation of China) Ltd., and Airbus S.A.S are some of the prominent companies operating in aerospace avionics market.
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