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Aerospace Avionics Market Status, Growth And Forecast 2033
Aerospace Avionics Market Status
Aerospace Avionics Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $399.55 billion In 2028 At A CAGR Of 8.4% :
The aerospace avionics market size has grown steadily in recent years. It will grow from $79.41 billion in 2023 to $83.06 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to evolution of aircraft, military sector demand, transition to digital cockpits, safety enhancements, surveillance and air traffic control.
The aerospace avionics market size is expected to see steady growth in the next few years. It will grow to $99.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to emerging market expansion, electrical aircraft systems, defense sector growth, modernization of legacy aircraft, artificial intelligence integration. Major trends in the forecast period include advanced flight management systems, rising demand for next-generation aircraft, autonomous systems and uavs, digital cockpit innovations, communication and connectivity.
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Aerospace Avionics Market Major Segments
The aerospace avionics market covered in this report is segmented -
1) By Systems: Flight Control System, Communication System, Navigation System, Monitoring System, Others Systems
2) By Application: Commercial Aviation, Military Aviation, Business Jets And General Aviation
3) By Distribution Channel: OEM, Aftermarket
Key Driver - Aerospace Avionics Market Surges Amidst Soaring Demand For Air Travel
Rising demand for air travel is expected to propel the aerospace avionics market going forward. Air travel refers to a type of travel that involves air vehicles like airplanes, jets, and helicopters. It includes both local and foreign passengers carried by airlines with national registrations. An increase in air travel across the globe creates the demand for aerospace avionics. For instance, in June 2022, the International Air Transport Association, a trade association of the world's airlines, reported that international air traffic increased by 229.5% in 2022 compared to 2021. Therefore, the rising demand for air travel is driving the aerospace avionics market.
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Prominent Trend - Innovative Product Developments Propel Aerospace Avionics Market Growth
Product innovations are a key trend gaining popularity in the aerospace avionics market. Major companies operating in the aerospace avionics market are focused on developing innovative products to strengthen their position. For instance, in March 2022, Flightcell International, Ltd., a New Zealand-based leader in airborne communications operating in aerospace avionics launched the cockpit recording solution. The unique features it offers are HD (high definition) video and audio, an access point for USB (universal serial bus) and IP (internet protocol) devices, and a flight data recorder. The system is expected to monitor different parameters like GPS (global positioning system) position data, pressure, altitude, turn rate, altitude, speed, g-force, and roll.
Aerospace Avionics Market Players
Major companies operating in the aerospace avionics market report are Thales Group, L3Harris Technologies Inc., Airbus SAS, Boeing Co., BAE Systems Inc., Northrop Grumman Corporation, Saab AB, Leonardo S.p.A., Elbit Systems Ltd., General Dynamics Corporation, General Electric Company, Cobham plc, Honeywell International Inc., Raytheon Technologies, Safran S.A., Lockheed Martin Corporation, RTX Corporation, Garmin Ltd., Harris Corporation, Meggitt plc, Advent International Corp., Curtiss-Wright Corporation, Teledyne Technologies Incorporated, Moog Inc., Astronics Corporation, TransDigm Group Incorporated, Kratos Defense & Security Solutions Inc., Universal Weather and Aviation Inc., Avidyne Corporation, FreeFlight Systems, Becker Avionics International Group, Flight Data Systems Pty. Ltd., Innovative Solutions & Support Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the aerospace avionics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aerospace avionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aerospace Avionics Market Report Structure
3. Aerospace Avionics Market Trends And Strategies
4. Aerospace Avionics Market - Macro Economic Scenario
5. Aerospace Avionics Market Size And Growth
…..
27. Aerospace Avionics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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