The Global Aerospace Avionics market is valued at US$ 75.8 Billion in 2019 and is poised to grow at a CAGR of 4% to reach a market size of US$ 91.85 Billion in 2024.
The Market offers lucrative opportunities for SMEs that embrace cutting-edge technologies and become technological disruptors and future growth prospects are visible in the Line-Fit segment.
- Definition / Scope
- Market Overview
- Key Metrics
- Market Risks
- Market Trends
- Industry Challenges
- Technology Trends
- Other Key Market Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
Aircraft avionics is the most important component of aircraft systems and helps in providing various operational and virtual information in-flight and the on-ground. The avionics system collects data from the air traffic control system and provides the pilot with this information for choosing an approach route to the destination.
Aerospace avionics include navigation, communication, and surveillance systems along with other electrical systems and the in-flight entertainment system. These systems require the regular maintenance of various systems and upgrades to the software.
Aircraft manufacturers provide the aircraft with complete avionics systems and a few avionics, such as in-flight entertainment systems, can be customized based on the consumer requirement.
The demand for new aircraft is growing globally, as passenger traffic and cargo movements are rising. Increasing defense spending from countries such as India & China drives demand for military aviation and supports the growth of the market for avionics in aerospace.
Increasing demand for lightweight and integrated avionics systems is contributing to the growth. Growing tourism and growth of the electronics industry are driving the passenger traffic growth and the demand for new aircraft in Asia-Pacific and the Middle East.
Some of the major players operating in the aerospace avionics market are Safran (France), Curtiss-Wright (US), Esterline Technologies (US), Honeywell (US), Meggitt (UK), Thales Group (France), and United Technologies Corporation (Collins Aerospace) (US). Honeywell (US).