Press release
Commercial Aircraft NextGen Avionics Market Witnesses Growth from Advancements in Technology and Integration of Cloud Connectivity
Commercial Aircraft NextGen Avionics Market
The commercial aircraft nextgen avionics market has witnessed remarkable growth, escalating from $3.08 billion in 2023 to an anticipated $3.46 billion in 2024, boasting a robust Compound Annual Growth Rate (CAGR) of 12.0%. The commercial aircraft nextgen avionics market is poised for continued expansion, projecting a surge to $5.37 billion by 2028, with an impressive CAGR of 11.6%.
Driving Forces: Passenger Traffic and Cargo Demand
Rising Air Passenger Traffic: The market's trajectory is significantly influenced by the upswing in air passenger traffic. The increase in both local and foreign passengers creates a demand for effective air traffic management. Commercial aircraft NextGen avionics play a pivotal role in proactively identifying and resolving hazards, providing crucial support to air traffic controllers and pilots. The International Civil Aviation Organization (ICAO) reported a substantial increase in air travelers, with 65% more passengers and a 30% rise in aircraft departures from January to April 2022 compared to the same period in 2021.
Growing Air Cargo Transportation: The escalating demand for air cargo transportation is another driving force behind the commercial aircraft nextgen avionics market's growth. As the air cargo industry expands, advanced avionics systems become imperative for optimizing operations, ensuring cargo safety, and complying with regulatory requirements. The International Air Transport Association (IATA) reported an 18.7% annual increase in aviation cargo volumes in 2021 compared to 2020, emphasizing the vital role of NextGen avionics in supporting this sector.
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Key Players: Pioneering Innovation
Major industry players shaping the commercial aircraft nextgen avionics market include Cobham Limited, Curtiss-Wright Corp., General Electric Company, Honeywell International Inc., and Raytheon Technologies Corporation. These key players are at the forefront of innovation, contributing to the market's evolution through cutting-edge technologies and solutions.
Technological Trends: Advancements and Cloud Integration
Advancements In Technology: Technological advancement stands out as a key trend in the commercial aircraft next-gen avionics market. Industry leaders are leveraging new technologies to maintain their positions, as evidenced by Panasonic Avionics Corporation's launch of a next-generation Ku-band antenna with ThinKom's VICTS technology. This advancement enhances connectivity, speed throughput, aerodynamic efficiency, and overall operational efficiency.
Cloud Technology Reshaping the Landscape: Cloud connectivity is reshaping the commercial aircraft next-gen avionics market. Companies like Honeywell International, Inc. are incorporating cloud connectivity to enhance flight efficiency, operations, safety, and comfort. The Honeywell Anthem flight deck, launched in October 2021, offers unprecedented connectivity and is designed to increase aircraft autonomy, reduce pilot workload, and provide seamless access to essential data.
Regional Dominance and Market Segmentation
Leading Region - Asia-Pacific: Asia-Pacific emerged as the largest region in the commercial aircraft nextgen avionics market in 2023. North America is anticipated to be the fastest-growing region in the forecast period. The regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Segmentation Overview:
The commercial aircraft nextgen avionics market covered in this report is segmented -
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
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Commercial Aircraft Nextgen Avionics Global Market Report 2024 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Commercial Aircraft Nextgen Avionics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on commercial aircraft nextgen avionics market size, commercial aircraft nextgen avionics market drivers and trends, commercial aircraft nextgen avionics market major players, competitors' revenues, commercial aircraft next-gen avionics market positioning, and commercial aircraft next-gen avionics market growth across geographies. The commercial aircraft nextgen avionics market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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