What’s driving the Aerospace Avionics Market Growth? | Key Players are Airbus and Boeing
North America aerospace avionics market will exhibit maximum revenue share till 2024. Substantial investments from component manufacturers and OEMs in R&D for development of advanced products will primarily drive the region’s growth. Moreover, presence of major aerospace industry leaders across the region will support the regional dominance. Asia Pacific will witness substantial growth owing to rising investments in military & defense sector coupled with growth in overall aerospace industry in the region.
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Aerospace Avionics Market is anticipated to exhibit substantial growth from 2017 to 2024. Rising aircraft deliveries due to rising air passenger traffic will primarily drive the industry growth. Various countries across the globe are increasingly spending on military sector, further propelling the revenue generation. Substantial growth of avionics in general aviation sector has led to increased production of display, navigation, and communication systems, inducing immense growth potential to the industry size till 2024.
Aerospace avionics industry is segmented based on platform into commercial, UAVs, and defense. Defense platform is anticipated to exhibit highest aerospace avionics market share over the next eight years owing to rising deployment of avionics in military aircrafts. Increasing expenditure on defense sector across the globe will further strengthen the product penetration. UAV will grow considerably owing to technological advancements and rising demand from commercial applications.
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By subsystem, aerospace avionics market share is segmented into communication, navigation & surveillance, flight & control management, inflight entertainment, mission/tactical, monitoring/glass cockpit, and electrical & emergency systems. Flight & control management system is expected to dominate the revenue share till 2024 owing to high demand for information sharing of real time flight planning. Extensive usage of avionics in flight management will further support the industry dominance.
Prolonged product development durations may hamper the aerospace avionics market share over the forecast timeframe. Excessive costs of these products result in greater capital investments, further posing a challenge before the industry participants. Bringing the emerging technologies associated to these products to the industry is a lengthy process, which in turn will restraint the growth over the coming years.
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Aerospace avionics market is segmented based on platform into commercial, UAVs, and defense. Defense platform is anticipated to exhibit highest aerospace avionics industry share over the next eight years owing to rising deployment of avionics in military aircrafts. Increasing expenditure on defense sector across the globe will further strengthen the product penetration. UAV will grow considerably owing to technological advancements and rising demand from commercial applications.
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