Pune, India, March 02, 2023 (GLOBE NEWSWIRE) -- The global avionics market size is projected to reach USD 75.81 billion by the end of 2027. The increasing product applications will provide a platform for growth for the companies operating in the market. The increasing investments in the research and development of efficient products will have a direct impact on the growth of the market in recent years. According to a report published by Fortune Business Insights, titled “Avionics Market Size, Share & Industry Analysis, and Regional Forecast, 2020-2027,” the market was worth USD 48 billion in 2019 and will exhibit a CAGR of 9.25% during the forecast period, 2020-2027.
The avionics market is a rapidly growing industry that includes all of the electronic systems used in aircraft. These systems include communication, navigation, monitoring, and control systems. The avionics market has been driven by the increasing demand for safer, more efficient, and more reliable aircraft. This demand has led to the development of new and advanced avionics technologies, which are becoming increasingly important in the aviation industry.
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One of the key drivers of the avionics market is the growing demand for safety and efficiency in aircraft. As air traffic increases and the demand for air travel continues to rise, safety concerns have become more important than ever. Avionics systems are critical components of aircraft safety, and they play a key role in ensuring that flights are safe and reliable. These systems are constantly evolving to meet the increasing demands of the aviation industry, and they are becoming more sophisticated and advanced with each passing year.
List of companies profiled in the report:
- Avilution LLC (The U.S.)
- BAE Systems (The U.K.)
- CCX Technologies (Canada)
- Cobham PLC (The U.K.)
- Collins Aerospace (The U.S.)
- Garmin Ltd. (The U.S.)
- General Electric (The U.S.)
- Honeywell International Inc (The U.S.)
- L3Harris Technologies, Inc.(The U.S.)
- Meggitt (The U.K.)
- Search Results
- Web results
- Nucon Aerospace(India)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 9.25% |
| 2027 Value Projection | USD 75.81 Billion |
| Base Year | 2019 |
| Avionics Market Size in 2019 | USD 48 Billion |
| Historical Data | 2016-2018 |
| No. of Pages | 150 |
| Segments Covered | By System Analysis, By Platform Analysis, By End-Use Analysis |
| Avionics Market Growth Drivers | Improving Aircraft Computing Capabilities are Propelling the Market Growth |
Covid-19 Pandemic to Present Serious Challenges to the Avionics Industry
The recent coronavirus outbreak has created a sense of panic across the world. The rapid spread of the disease has had an adverse effect on several businesses across diverse industries. The efforts taken by governments across several countries to curb the spread of the diseases have forced businesses to shut down completely. It has been a similar scenario in the avionics industry and the past few months have presented several challenges to the businesses in this sector. The rising cases of coronavirus have put people in a state of panic and hesitancy; a primary factor behind the economic downfall in the past few months.
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Company Mergers are an Increasing Trend Among Major Businesses across the World
The report encompasses several factors that have contributed to the growth of the overall avionics market in recent years. Among all factors, the increasing number of company mergers and acquisitions as well as collaborations among major businesses has made the highest impact on the growth of the market. Accounting to the increasing applications of avionics across the world, companies are looking to collaborate with other large-scale businesses with a bid to maximize the resources of both companies. In June 2019, Pattonair announced that it has signed a contract with Safran Ventilation Systems. This collaboration is aimed at the development as well as distribution of advanced logistical support. This will cover a wide range of ventilation products that can be used for avionics, including interior fans. This collaboration will have a massive global impact on the growth of the market, primarily driven by the wide customer coverage of the company across the world.
North America to Emerge Dominant; Presence of Several Large Scale Companies will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing demand for the product, driven by applications across divers industry verticals will have a huge impact on the growth of the regional market. The presence of several large-scale companies will also bode well for the growth of the market in this region. As of 2019, the market in North America was worth 17.62 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years driven by the rising aviation industry in several countries across this region.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Avionics Market
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- Impact of COVID-19 Pandemic on Global Avionics Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
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TOC Continued…!
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