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DUBLIN--(BUSINESS WIRE)--Dec 5, 2022--
The "Global Avionics Market by System (Navigation, Payload & Mission Management, Traffic & Collision Management, Communication, Power & Data Management, Weather Detection, Flight Management, Electronic Flight Display), Fit, Platform & Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The 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
The growing need for aircraft modernization to improve operating safety and fuel efficiency, consequently minimizing operational costs, is something that is propelling the adoption of advanced avionics.
The Navigation segment is projected to dominate market share in the system segment during the forecast period
Based on the system, the navigation segment is projected to dominate the market share during the forecast period. The market is further segmented into navigation, payload & mission management, traffic & collision management, communication, power & data management, weather detection, flight management, electronic flight display.
One of the key factors driving the avionics market is to meet the demand of the air travel, thus major airlines are expanding their fleet size, and additionally the outdated aircrafts will be upgraded with advanced avionics systems.
The Military Aviation segment projected to lead avionics market during forecast period
Based on the Platform, the commercial aviation segment is projected to lead the avionics market during the forecast period. Increase in the demand of advanced military aircraft and helicopter fleet to strengthen their defense capabilities. Additionally, the market is also influenced by the latest technological development in the filed such as stealth technology, advanced composite and fifth generation technology.
Line Fit is expected to account for the largest share in 2022
Based on Fit, the line fit segment is projected to lead the avionics market during the forecast period. The line fit segment is driven by the demand generated from the aircraft OEMs who are increasing their production rate to satiate the demand for new aircraft as airlines undertake fleet expansion to cater to the increasing passenger traffic.
North America is expected to account for the largest share in 2022
North America accounted for the largest market share in 2022, and Latin America is projected to witness the highest CAGR during the forecast period.
The increasing need for air travel in the area is expected to increase demand for commercial and general aviation. The major airliners will increase the fleet size of aircraft to meet the demand hence it will influence the avionics market in the region.
Competitive landscape
Major players operating in the avionics market include Raytheon Technologies Corporation (US), Curtiss-Wright Corporation (US), Honeywell Internationals 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). are some of the market players.
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For more information about this report visit https://www.researchandmarkets.com/r/q27j8m
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INDUSTRY KEYWORD: AIR TECHNOLOGY TRANSPORT AEROSPACE OTHER TECHNOLOGY MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/05/2022 10:33 AM/DISC: 12/05/2022 10:33 AM
http://www.businesswire.com/news/home/20221205005535/en