Commercial Aircraft Nextgen Avionics Market Valued at $4,420.0 Million in 2020, Projected to Reach $9,150.5 Million by 2030 with a CAGR of 8.3%

According to a recent report published by Allied Market Research, titled, "Commercial Aircraft NextGen Avionics Market by System, Installation Stage, and Aircraft Type: Global Opportunity Analysis and Industry Forecast, 2021-2030,"

The global commercial aircraft nextgen avionics market was valued at $4.42 billion in 2020, and is projected to reach $ 9.15 billion by 2030, registering a CAGR of 8.3%.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 - https://www.alliedmarketresearch.com/request-sample/A11735

Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. China dominated the global commercial aircraft nextgen avionics market share in 2020, owing to increase in R&D activities, technological developments by big players, and rapid adoption of AI technologies in nextgen avionics. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in investments to ensure high efficiency of its aviation sector across various countries in the region.

The transition to the next generation of aviation infrastructure (nextgen) is aided by the adoption of miniaturized, satellite-based, and digital machinery as well as new procedures, all of which join forces to make air travel more convenient, environment-friendly, and predictable in the face of ever-growing congested airspace in the U.S. and across the world.

In April 2021, the U.S. government invested $25 billion in the aviation sector as part of its efforts to enhance aircraft infrastructure. Aviation experts are demanding more money to put into the improved aviation infrastructure setup, which is in urgent need of an upgrade. Such developments are anticipated to bolster the growth of the global commercial aircraft nextgen avionics market during the forecast timeframe.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 - https://www.alliedmarketresearch.com/commercial-aircraft-nextgen-avionics-market/purchase-options

By system, the market is categorized into flight management system, communication system, electric and navigation system, surveillance system, emergency system, collision avoidance system, weather system, and others. The communication system segment accounted for the highest revenue in 2020, owing to high demand for superior data communication systems across the globe. The growing demand for improved communication systems is expected to result in a higher demand for communication systems in future.

By aircraft type, the commercial aircraft nextgen avionics market is bifurcated into narrow body and wide body. The narrow body segment accounted for the highest revenue in 2020, owing to higher range and efficiency of next-generation narrow body aircraft manufactured by big players such as Boeing and Airbus.

Rise in dependency on avionics to make critical flying decisions and increase in initiatives by government administrations to make aerospace safer and more efficient are expected to drive the commercial aircraft nextgen avionics market during the forecast period. However, cybersecurity issues with nextgen avionics systems and complex challenges in nextgen avionics are anticipated to hamper the growth of the market.

Moreover, increase in air passenger traffic across the globe and use of artificial intelligence (AI)/machine learning (ML) in nextgen avionics are expected to offer lucrative opportunities in future.

𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬
The COVID-19 impact on the commercial aircraft nextgen avionics market is unpredictable and is expected to remain in force till the second quarter of 2021.
The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned domestic and international travel for most of 2020. This led to sudden decline in demand for air-travel and hampered adoption of technologies, such as artificial intelligence/machine learning, into avionics across the globe.
Moreover, nationwide lockdowns forced avionics parts manufacturing facilities to partially or completely shut their operations.
Adverse impacts of the COVID-19 pandemic resulted in delays in activities and initiatives regarding development of robust and innovative nextgen avionics solutions globally.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/A11735

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲
By system, the surveillance and emergency system segment is expected to register a significant growth during the forecast period.
By installation stage, the retrofit segment is anticipated to exhibit significant growth in future.
By aircraft type, the wide body segment is projected to lead the global commercial aircraft nextgen avionics market, owing to higher CAGR as compared to the narrow body segment.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :
BAE Systems PLC, Cobham Limited, Curtiss-Wright, General Electric Company, Honeywell International Inc., L3Harris Technologies Inc., Raytheon Technologies Corporation, Safran, Teledyne Technologies Incorporated, and Thales Group

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 :
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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.