Global Avionics Market Share To worth USD 66.3 Billion by 2027 | CAGR of 7.3%

The avionics market share size is projected to grow from USD 46.7 Billion in 2022 to USD 66.3 Billion by 2027, at a CAGR of 7.3% from 2022 to 2027. The deployment of avionics is driven by the rising demand for aircraft modernization to improve operating safety and fuel economy, consequently lowering operational costs. Advance digital avionics are already present in newer generation aircraft. To improve operational efficiency and safety, airline operators are rapidly updating their aircraft outdated electronics systems.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138098845

Major players operating in the avionics market share include Raytheon Technologies Corporation (US), Curtiss-Wright Corporation (US), Honeywell International Inc. (US), L3Harris Technologies Inc. (US), General Electric Company (US), Safran SA (France), BAE Systems PLC (UK), Astronautics Corporation of America (US), and Garmin Limited (US).

Avionics Market Dynamics:

Driver: Increasing adoption of sophisticated flight management systems by aircraft OEMs

Aircraft manufacturers are increasingly adopting a new connected and digital avionics design wherein the integrated systems have smaller modular form factors. The adoption of digital systems is no longer limited to military and commercial aviation, as evident from the increasing launches of new products from avionics OEMs directed towards general aviation platforms, especially for light aircraft and business jets. For instance, at the 2022 Aircraft Electronics Association Convention held in Louisiana, US, around 30 new avionics products were introduced and most of them were aimed at the general aviation operators to provide them with new methods for acquiring, transmitting, and analysing critical flight operational and aircraft system maintenance data.

Restraint: Stringent design regulations pertaining to avionics

Avionics is a vital part of the flight deck and, hence, the safety of the crew and passengers is dependent on the proper functioning of the system and its subcomponents. Thus, the systems are designed as per the guidelines formulated by the aviation regulatory authorities and their performance and accuracy are required to be validated prior to obtaining installation type certification. For instance, the US Federal Aviation Administration (FAA) states that for displaying the Primary Flight Information (PFI), there should be at least two independent displays to provide information pertaining to the attitude, airspeed, altitude, and heading (direction) to the pilot, and these displays must be arranged in the basic T arrangement, and the horizon reference line should be at least 3.25 inches wide for integrated displays. Nevertheless, the certification process requires significant R&D expenditure for ensuring compliance with existing regulations and is deemed lengthy and capital-intensive. This may restrain the growth of the avionics industry in the near future.

Opportunity: Planned fleet modernization programs

Since avionics retrofits encompass a comprehensive set of capabilities that can resemble the operational capabilities of factory fitments installed onboard new generation aircraft. Several airline operators consider retrofit options to boost the value of existing assets, extend the avionics lifecycle, and enhance overall aircraft performance. Hence, major avionics manufacturers are working with aviation service companies to integrate and install systems that can meet the demand of upcoming modern avionics enabled with advanced functionalities. Most airlines consider retrofit to boost the value of their fleet and enhance life of their aircraft. Nevertheless, major avionics manufacturers are collaborating with aviation service companies to integrate and install systems that can meet the demand of upcoming modern avionics enabled with advanced functionalities.

Challenge: High system complexity requiring proper pilot training for optimum usage

A modern avionics system comprises several subsystems, and the data assimilated from several embedded sensors is displayed to the pilot using the different display systems installed onboard. However, these display systems are complex and vulnerable to signal errors. The complex nature of the system has a negative impact on situational awareness and increases the workload of the pilot as he is then required to manage several goals, tasks, and take many split-second decisions. There have been several instances where pilots have been confused by computer-generated messages. For example, in Aero Peru Flight 603, the pilots of the B757 received contradictory messages with most of the instruments inoperable, which ultimately resulted in a mid-air collision.

Raytheon Technologies Corporation is a leader in aerospace, intelligence services and defense technologies. The company focuses on strategies such as contracts and new product developments to expand its customer base and product portfolio. The company offers a wide range of avionics products through Collins Aerospace, a subsidiary of Raytheon Technologies Corporation. The company has a well-established strong supply chain network across the world.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=138098845

North America dominated market share in 2022, and Latin America is projected to witness growth at the highest CAGR during the forecast period. The avionics market share for the commercial and business aviation sectors in these regions is expected to grow on account of the growing demand for air travel, while the demand for avionics in the military aviation sector is driven by the modernization of aircraft fleet.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.