Press release
Commercial Avionics Systems Global Market Report 2024 - By Size, Share, Trends, Growth, Forecast To 2033
Commercial Avionics Systems
The Business Research Company offers in-depth market insights through Commercial Avionics Systems Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The commercial avionics systems market size has grown strongly in recent years. It will grow from $30.23 billion in 2023 to $32.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to aircraft modernization, regulatory compliance, enhanced communication systems, fuel efficiency demands, automation and autonomy, increased passenger expectations.
The commercial avionics systems market size is expected to see strong growth in the next few years. It will grow to $42.02 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to cybersecurity concerns, environmental regulations, remote and condition-based maintenance, urban air mobility, and international air travel recovery. Major trends in the forecast period include next-gen avionics platforms, autonomous flight technologies, electric and hybrid aircraft, in-flight entertainment systems, satellite navigation systems, health monitoring and predictive maintenance.
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Market Segmentation:
The commercial avionics systems market covered in this report is segmented -
1) By Sub System: Flight Management And Control, Health Monitoring, Electrical And Emergency, Communication Navigation And Surveillance, Other Sub Systems
2) By Fit: Retrofit, Forward Fit
3) By Aircraft Type: Narrow Body, Wide Body, Regional and Business Jet, Freighter
Major Driver - Surging Airline Passenger Numbers Propel Growth In The Commercial Avionics Systems Market
An increase in the number of airline passengers is expected to propel the growth of the commercial avionics systems market going forward. The avionic systems are the electronic systems used on aircraft that include communications, navigation, the display and management of multiple systems, and other functions. This helps in the better functioning of aircraft, which would result in increased passenger numbers. For instance, in March 2023, according to Bureau of Transportation Statistics, a US-based government agency, the United states airlines carried 853 million airline passengers in 2022 increased from 658 million airline passengers in 2021.. Therefore, the increasing number of airline passengers is driving the commercial avionics systems market growth.
Competitive Landscape:
Major companies operating in the commercial avionics systems market report are General Electric Company, Raytheon Technologies Corporation, The Boeing Company, Panasonic Corporation, Northrop Grumman Corporation, Honeywell International Inc., BAE Systems PLC, Safran, Thales Group, L3Harris Technologies Inc., Collins Aerospace a Raytheon Technologies Corporation, Teledyne Technologies Incorporated, Garmin Ltd., Diehl Stiftung & Co. KG, Kontron Sandt AG, Moog Inc., Curtiss-Wright Corporation, Cobham Limited, Meggitt PLC, FLIR Systems Inc., Esterline CMC Electronics Inc., Astronics Max-Viz, Astronautics Corporation of America, Universal Avionics Systems Corporation, Avidyne Corporation, EuroAvionics Navigation Systems GmbH & Co. KG, Sagetech Avionics Inc., UAVIONIX Corporation, BendixKing, Air Data Inc., Elbit Systems Ltd., Israel Aerospace Industries Ltd., GE Aviation a division of General Electric Company
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Top Trend - Honeywell Anthem Scalable Avionics System Pioneering Cloud-Native Cockpit For Next-Generation Aviation Excellence
Major companies operating in the commercial avionics systems market are focused on introducing advanced solutions, such as the cloud-native cockpit system, to provide a competitive edge in the market. Cloud-native cockpit systems are avionics systems that are built on a cloud computing platform and designed to provide always-on, cloud-connected avionics, enabling the transfer and storage of data from ground-based servers. For instance, in October 2021, Honeywell International Inc., a US-based multinational conglomerate corporation, launched the Anthem Scalable Avionics System. Anthem Scalable Avionics System is a next-generation, cloud-native cockpit system that is designed to revolutionize the aviation industry. It has smart display screens that manage communication, navigation, and surveillance system functionality. It is designed to be scalable and customizable and is used for a wide range of aircraft, such as large passenger and cargo planes, business jets, and helicopters.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Commercial Avionics Systems Market Characteristics
3. Commercial Avionics Systems Market Trends And Strategies
4. Commercial Avionics Systems Market - Macro Economic Scenario
5. Commercial Avionics Systems Market Size And Growth
…..
27. Commercial Avionics Systems Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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