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Commercial Aircraft Nextgen Avionics Global Market Worth $5.37 Billion at a CAGR of 11.6% By 2028 | Key Players: Cobham Limited, Curtiss-Wright Corp., General Electric Company, Honeywell International Inc., L3Harris Technologies Inc.
Commercial Aircraft Nextgen Avionics Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Commercial Aircraft Nextgen Avionics industry. This report on Commercial Aircraft Nextgen Avionics market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The commercial aircraft nextgen avionics market size has grown rapidly in recent years. It will grow from $3.08 billion in 2023 to $3.46 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to increased air traffic, increased travel and tourism, population growth, rise in disposable income, growth of the aviation industry. The commercial aircraft nextgen avionics market size is expected to see rapid growth in the next few years. It will grow to $5.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
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Key Market Players:
Cobham Limited, Curtiss-Wright Corp., General Electric Company, Honeywell International Inc., L3Harris Technologies Inc., The Progressive Corporation are prominent players in the Commercial Aircraft Nextgen Avionics industry.
Market Drivers:
An increase in air passenger traffic is expected to propel the growth of the commercial aircraft NextGen avionics market going forward. Air passenger traffic refers to both local and foreign passengers carried by airlines with national registrations. An increase in air passenger traffic across the globe creates the need to effectively manage air traffic, which is being made available to air traffic controllers and pilots through commercial aircraft NextGen avionics by proactively identifying and resolving weather and other hazards. For instance, in May 2022, according to a report published by the International Civil Aviation Organization (ICAO), a United Nations agency whose duties include developing and disseminating international civil aviation regulations as well as monitoring and assessing their application, between January and April 2022, there were 65% more air travellers than there were during the same time in 2021, and there were 30% more aircraft departures.
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Market segments for Commercial Aircraft Nextgen Avionics include:
1) By Systems: Flight Management System, Communication System, Electric and Navigation System, Surveillance and Emergency System, Collision Avoidance System, Weather System, Others Systems
2) By Installation Stage: Forward Fit, Retrofit
3) By End User: Regional, Narrow Body, Wide Body
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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