Avionics Market Growth, Key Drivers, Segmentation, And Forecast To 2033

The avionics market size has grown strongly in recent years. It will grow from $79.6 billion in 2023 to $86.11 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to strong economic growth, increased demand for commercial aircraft, expansion of the aerospace and defense industry, stringent environmental regulations, military modernization.

The avionics market size is expected to see strong growth in the next few years. It will grow to $117.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to digital transformation, increasing consumer disposable income, investment in aircraft fleet expansion, growing demand for unmanned aerial vehicles (uavs). Major trends in the forecast period include ai and machine learning, advanced cockpit displays, data analytics and predictive maintenance, remote and autonomous operations, integration of augmented reality (ar) and virtual reality (vr).

Market Overview -
Avionics refers to a combination of multiple display units which are equipped in the aircraft to perform the flight operation. The avionics are used in spacecraft, artificial satellites, and aircraft for communication, navigation, and managing multiple systems. The avionics system includes various flight sub-systems, including health monitoring systems, flight management, flight control, navigation & surveillance systems, electrical & emergency, communication, and systems electronics.

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Rising Commercial Aircraft Demand Boosting Growth In The Avionics Market
The increase in demand for new commercial aircraft is expected to propel the growth of the avionics market going forward. Commercial aircraft refers to a plane that carries passengers or goods from one place to another. Avionics are used for the management of various systems in aircraft for controlling electronic systems and equipment. For instance, according to Airbus, a Netherlands-based aerospace corporation, in February 2022, the Asia-Pacific region required 17,620 new passenger and freighter aircraft. This includes the requirement of 13,660 aircraft in the small category and 2,470 and 1,490 aircraft in the medium and large category aircraft. Therefore, the increase in demand for new commercial aircraft is driving the demand for avionics markets.

Competitive Landscape -
Major companies operating in the avionics market include Safran SA, Honeywell International Inc., Thales Group, L-3 Avionics Systems, Raytheon Technologies Ltd., GE Aviation Inc., BAE Systems plc, Meggitt plc, Rockwell Collins Inc., Panasonic Avionics Corporation, Garmin Ltd., Universal Avionics System Corporation, Airbus SE, The Boeing Company, Cobham Limited, Curtiss-Wright Corporation, Teledyne Technologies Inc., Raytheon Technologies Corp., L3Harris Technologies Inc., Leonardo S.p.A., Moog Inc., Esterline Technologies Corporation, Astronics Corporation, Elbit Systems Ltd., FLIR Systems Inc., Avidyne Corporation, Aspen Avionics Inc., FreeFlight Systems, Mid-Continent Instruments and Avionics, Bendix Aviation Corporation

Avionics Market Thriving On Technological Innovations
Technological innovations have emerged as a key trend gaining popularity in the avionics market. Major companies operating in the avionics sector are focused on new innovations to strengthen their position in the market. For instance, in March 2022, Genesys Aero Systems, a US-based manufacturer of flight systems, autopilot systems, and avionics components, launched HeliSAS, which is a helicopter autopilot system. This new system governs airspeed and allows the pilot to go hands-free to conduct cockpit tasks. This works on stability augmentation technology, which can effectively control the helicopter by using sensors, including magnetometers.

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Key Segments -
The avionics market covered in this report is segmented -
1) By Platform: Commercial Aviation, Military Aviation, Business Jets, General Aviation, Helicopters
2) By Sub System: Flight Management and Control, Health Monitoring, Electrical and Emergency, Communication Navigation and Surveillance
3) By End User: Original Equipment Manufacturer (OEM), Aftermarket

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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