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Global Market Insights 2024: Transformative Advancements in Commercial Aircraft Next-Gen Avionics
Transformative Advancements in Commercial Aircraft Next-Gen Avionics Market report
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According to The Business Research Company's, The commercial aircraft nextgen avionics market size has grown rapidly in recent years. It will grow from $3.08 billion in 2023 to $3.46 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to increased air traffic, increased travel and tourism, population growth, rise in disposable income, growth of the aviation industry.
The commercial aircraft nextgen avionics market size is expected to see rapid growth in the next few years. It will grow to $5.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to emerging market demand, fuel-efficient airframe designs, sustainable aviation materials, market entry of new players, and growing need for commercial aircrafts. Major trends in the forecast period include digital cockpit modernization, advancements in connectivity and communication, autonomous flight technologies, ai and machine learning, and advancements in human-machine interface (hmi).
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Market Drivers and Trends:
An increase in air passenger traffic is expected to propel the growth of the commercial aircraft NextGen avionics market going forward. Air passenger traffic refers to both local and foreign passengers carried by airlines with national registrations. An increase in air passenger traffic across the globe creates the need to effectively manage air traffic, which is being made available to air traffic controllers and pilots through commercial aircraft NextGen avionics by proactively identifying and resolving weather and other hazards. For instance, in May 2022, according to a report published by the International Civil Aviation Organization (ICAO), a United Nations agency whose duties include developing and disseminating international civil aviation regulations as well as monitoring and assessing their application, between January and April 2022, there were 65% more air travelers than there were during the same time in 2021, and there were 30% more aircraft departures. Therefore, an increase in air passenger traffic across the globe is driving the commercial aircraft NextGen avionics market growth.
Technological advancement is a key trend gaining popularity in the commercial aircraft next-gen avionics market. Major players operating in the market are leveraging new technologies to sustain their position in the commercial aircraft nextgen avionics market. For instance, in September 2021, Panasonic Avionics Corporation, a US-based manufacturer of in-flight entertainment and communications devices launched a new, next-generation Ku-band antenna with ThinKom's VICTS (Variable Inclination Continuous Transverse Stub) technology. The antenna would link airplanes to Panasonic Avionics' global network of high-speed, high-bandwidth Ku-band satellites, placing capacity where it is most required to satisfy the expanding needs of airlines and their customers. Airlines can benefit from a variety of features such as gate-to-gate operations, increased speed throughput, improved aerodynamic efficiency, support for both LEO (low earth orbit) and GEO (geostationary orbit) satellite networks, and lower operational costs.
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Major Key Players of the Market:
Cobham Limited, Curtiss-Wright Corp., General Electric Company, Honeywell International Inc., L3Harris Technologies Inc., Raytheon Technologies Corporation, Safran S.A, Teledyne Technologies Incorporated, Thales Group, Elbit Systems of America LLC, Esterline Technologies Corporation, Garmin International Inc., Panasonic Avionics Corporation, United Tech Corporation, Universal Avionics Systems., BAE Systems plc, Garmin Ltd., Raytheon Technologies Corp., Meggitt plc, UAVIONIX Corporation, CMC Electronics Inc., Rockwell Collins Inc., Astronics Corporation, GE Aviation LLC, Sagem SA, Avionics Services Ltd., Avidyne Corporation, Becker Avionics GmbH, Bendix Aviation Corporation, Chelton Flight Systems, Cobham Aerospace Communications, Comant Industries Inc., DAC International, FreeFlight Systems, Genesys Aerosystems, Honeywell Aerospace Ltd., Innovative Solutions & Support Inc., L3Harris Technologies Inc., Mid-Continent Instruments and Avionics, NavWorx Inc., Rockwell Collins Inc., Sandel Avionics Inc.
Commercial Aircraft Nextgen Avionics Market 2024 Key Insights:
• The commercial aircraft nextgen avionics market size is expected to see rapid growth in the next few years. It will grow to $5.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%.
• Rising Air Passenger Traffic Boosts Commercial Aircraft Nextgen Avionics Market
• Advancements In Technology Transforming The Commercial Aircraft Next-Gen Avionics Market
• Asia-Pacific was the largest region in the commercial aircraft nextgen avionics market in 2023
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