DUBLIN--(BUSINESS WIRE)--The "Avionics Market by End User (OEM, Aftermarket), System (FMS, CNS, Health Monitoring, Electrical & Emergency and Software), Platform (Commercial, Military, Business Jets & General Aviation, Helicopters), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The avionics market is estimated at USD 68.52 billion in 2019, and is projected to grow at a CAGR of 4.86% by 2024 to reach USD 86.9 billion.
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.
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.
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.
- Adoption of Next-Generation Flight Management Systems in Avionics
- Growth in Retrofit Aircraft Market
- Mandate for Automatic Dependent Surveillance-Broadcast (ADS-B) Leading to High Demand for Avionics
- ADS-B Mandate
- Increasing Vulnerability of Avionics to Cyberattacks
- Increasing Use of Advanced Navigation and Surveillance Technologies for Avionics
- Implementation of ACAS in General Aviation Aircraft
- High Manufacturing Cost of Components
- Increased Complexity in Design of Embedded Systems for Military Applications
- Esterline Technologies (Transdigm Inc.)
- Thales Group
- United Technologies Corporation (Collins Aerospace)
- GE Aviation
- L-3 Communications Holdings Inc.
- Teledyne Technologies Inc.
- Garmin Ltd.
- BAE Systems
- Harris Corporation
- Nucon Aerospace
- Avilution LLC
- Waxwing Avionics
- Airsuite Inc.
- Uavionix Corporation
- CCX Technologies
For more information about this report visit https://www.researchandmarkets.com/r/h5ajht