DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Avionics Market by Sub-System (CNS, FCS, FMS, IFE, Monitoring/ Glass Cockpit System, Military & Tactical System, Electrical & Emergency System), Fit (Line-Fit, Retrofit), Platform (Commercial, Defense, UAV) and Region - Global Forecast to 2022" report to their offering.
The avionics market is projected to grow from USD 62.22 billion in 2016 to USD 92.85 billion by 2022, at a CAGR of 6.90% from 2016 to 2022
Increase in the number of aircraft deliveries and rise in military aircraft spending by emerging economies are expected to drive the avionics market in the coming years. On the other hand, regulatory framework pertaining to avionics subsystems act as one of the major restraints for the avionics market.
Based on platform, the flight control & management system segment dominated the avionics market in 2016. This is mainly due to the increased demand for modernization of avionics components in the avionics market. Based on fit, the line-fit segment dominated the avionics market in 2016. This is due to the increase in number of aircraft being used by countries for commercial and military use worldwide. Based on platform, the defense segment dominated the avionics market in 2016
Based on platform, the defense segment dominated the avionics market in 2016. This dominance is mainly attributed to the increase in the number of aircraft and defense deals across region such as Asia-Pacific and Europe. In addition, increase in budget allocation for defense equipment has contributed to the growth of the military segment of the avionics market. North America dominated the avionics market in 2016
Market Dynamics
Drivers
- Growth of the General Aviation Avionics Retrofit Market
- Growing Trend of Modernization of Airspace
- Rise in Military Aircraft Spending By Emerging Economies
- Increasing Number of Aircraft Deliveries
Restraints
- Regulatory Framework
Opportunities
- Mandates for ADS-B and Evs Leading to High Demand for Avionics
- Increasing Commercialization of Unmanned Aerial Vehicle (UAV)
Challenges
- Training Pilots and Crew Members
- Adherence to Mandatory Certifications
- Increasing Vulnerability of Avionics to Cyberattacks
Companies Mentioned
- Cobham PLC
- Curtiss-Wright Corporation
- Esterline Technologies Corporation
- GE Aviation
- Garmin Ltd.
- Honeywell International Inc.
- L3 Technologies, Inc.
- Meggitt PLC
- Rockwell Collins, Inc.
- Teledyne Technologies, Inc.
- Thales Group
- United Technologies Corporation
For more information about this report visit http://www.researchandmarkets.com/research/pkznhj/avionics_market
