Aerospace Avionics Market to Reach $111.58 Billion, Globally, by 2032 at 8.9% CAGR: Allied Market Research

News provided by

Mar 20, 2024, 01:30 ET

The global aerospace avionics market is driven by factors such as growth in demand for commercial aviation and surge in preference for communication, navigation, and surveillance subsystems.

PORTLAND, Ore., March 20, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Aerospace Avionics Market, by Subsystem (Flight Management Systems, Flight Control Systems, Health Monitoring Systems, Electrical & Emergency Systems and Communication, Navigation, and Surveillance Systems), Platform (Military Aviation, Commercial Aviation, General Aviation, and Special Mission Aviation), Fit (Retrofit and Forward Fit), and End-Use (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2022–2032". the global aerospace avionics market size was valued at $48.74 billion in 2022, and is projected to reach $111.58 billion by 2032, registering a CAGR of 8.9% from 2023 to 2032.

(We are providing aerospace avionics industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)

195 - Tables
58 - Charts
344 – Pages

Download Sample Report and Table of Content - https://www.alliedmarketresearch.com/request-sample/A322323

Prime Determinants of Growth

The global aerospace avionics market is driven by factors such as rise in the production of aircraft, which fuels the demand for aerospace avionics. In addition, the market is influenced by surge in demand for communication subsystems. However, high initial costs are expected to hinder the market growth. Moreover, the enhanced connectivity solutions provide lucrative opportunities for market growth.

Report Coverage and Details:

Report Coverage	Details
Forecast Period	2022–2032
Base Year	2022
Market Size In 2022	$48.74 Billion
Market Size In 2032	$111.58 Billion
CAGR	8.9 %
No. Of Pages In Report	344
Segments Covered	Subsystem, Fit, Platform, End-Use, And Region.
Drivers	Rise In Production Of Aircraft To Drive The Market Growth.
Opportunities	Enhanced Connectivity Solutions Create Lucrative Growth Opportunities
Restraints	High Initial Costs Are Restricting The Market Growth

The communication, navigation, and surveillance systems segment to maintain its leadership status throughout the forecast period.

By subsystem, the communication, navigation, and surveillance systems segment held the highest market share in 2022, accounting for nearly one-third of the global aerospace avionics market revenue and is estimated to maintain its leadership status throughout the forecast period.

Increase in traffic densities, increase in need to utilize RF spectrum, and improved safety nets have elevated the demand for surveillance systems.

Key Developments/Strategies in the Aerospace Avionics Industry

January 2024 witnessed Universal Avionics (UA) and Trimec Aviation obtaining FAA Supplemental Type Certificate (STC) for the Falcon 2000/EX, featuring the InSight Flight Display System. This upgrade replaces legacy Pro Line 4 avionics with cutting-edge displays and synthetic vision, addressing obsolescence issues, improving operational efficiency, and enhancing safety.
United Airlines and Panasonic Avionics Corporation inked an agreement in June 2023 for Panasonic's Astrova in-flight engagement (IFE) solution, with United Airlines becoming its inaugural U.S. customer. Installation on new Boeing 787 and Airbus A321XLR aircraft is slated to commence in 2025, marking United Airlines' significant investment in Panasonic Avionics' IFE.
In July 2022, Universal Avionics Systems Corporation, a subsidiary of Elbit Systems Ltd., secured a $33 million contract from AerSale Corporation to provide Enhanced Flight Vision Systems (EFVS) for Boeing 737NG aircraft, to be executed through 2023.
Thales Group achieved a milestone in January 2022 with the successful test flight of its FlytX avionics suite, aimed at enhancing situational awareness and reducing pilot workload through features like a touch screen cockpit display, advanced weather radar, and synthetic vision technology.
Collins Aerospace announced a long-term agreement with Boeing in November 2021 to supply avionics systems for the Boeing 777X aircraft program, encompassing cockpit displays, communication, navigation systems, and other crucial avionics components.

Looking for Vendor Sourcing and Supplier Information, Regional/ Country Specific Study - https://www.alliedmarketresearch.com/request-for-customization/A322323

The forward fit segment to maintain its leadership status throughout the forecast period

By fit, the forward fit segment held the highest market share in 2022, accounting for more than three-fifths of the global aerospace avionics market and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 9.42% from 2023 to 2032, owing to an increasing need for aircraft equipped with integrated and advanced avionic systems directly incorporated during manufacturing. Airlines are placing greater emphasis on efficiency, safety, and adherence to evolving industry regulations.

The commercial aviation segment to maintain its leadership status throughout the forecast period

By platform, the commercial aviation segment held the highest market share in 2022, accounting for more than half of the global aerospace avionics market and is estimated to maintain its leadership status throughout the forecast period. The development of ADS-B ground station and the integration of wide area multiliterate (WAM) capability are expected to boost the growth of the market. Similarly, the evolution of non-cooperative surveillance infrastructure and satellite-based solutions is opportunistic for the market.

The OEM segment to maintain its leadership status throughout the forecast period

By end-use, the OEM segment held the highest market share in 2022, accounting for more than two-thirds of the global aerospace avionics market and is estimated to maintain its leadership status throughout the forecast period. Growing demand for new aircraft and spacecraft, prompting OEMs to increase the production of avionics systems. Technological advancements are driving the integration of advanced avionics into contemporary aircraft, thereby enhancing the market shares of OEMs.

North America to maintain its dominance by 2032

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global aerospace avionics market revenue and is projected to dominate the market during the forecast period. The thriving commercial aviation sector is where airlines consistently enhance their avionics systems to enhance safety and fuel efficiency. Technological advancements and research facilities in the U.S. are driving the advancement of avionics systems. Rigorous safety standards and a growing emphasis on aviation cybersecurity are prompting investments in avionics technology, thus driving the market.

Key Highlights of the Report

The aerospace avionics market analysis spans across more than 16 countries, offering a detailed breakdown of each country's value ($million) from 2022 to 2032.
This research integrates top-tier data, expert opinions, and thorough analysis, supplemented by significant independent perspectives. The research methodology is crafted to present a comprehensive view of the global market landscape, aiding stakeholders in making informed decisions to achieve ambitious growth objectives.
A meticulous review of over 3,700 product catalogs, annual reports, industry descriptions, and other comparable resources from prominent industry players was conducted to deepen understanding of the market dynamics.

Procure Complete Research Report (PDF with Qualitative and Quotative Data, Insights, Statistics, Tables, Charts, Figures) - https://www.alliedmarketresearch.com/aerospace-avionics-market/purchase-options

Leading Market Players: -

Raytheon Technologies Corporation
Honeywell International Inc.
L3 Harris Technologies
BAE Systems
Thales Group
Curtis Wright Corporation
Northrop Grumman
Safran SA
Leonardo S.P.A
Elbit Systems Ltd

The report provides a detailed analysis of these key players in the global aerospace avionics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
[email protected]
Web: www.alliedmarketresearch.com
AMR Resource Center: https://www.alliedmarketresearch.com/resource-center