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Aerospace Avionics Global Market Set to Skyrocket to $99.9 Billion By 2028 with an Impressive CAGR 4.7%
Aerospace Avionics Global Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
The rising military expenditure is expected to propel the growth of the aerospace avionics market going forward. Military expenditure refers to the financial resources allocated by a country or a government for its military forces and related activities. Military expenditure is used for modernization of defense forces with avionics systems such as communication, navigation, and mission systems, for enhancing the effectiveness of military aircraft. For instance, in April 2023, according to the Stockholm International Peace Research Institute, a Sweden-based international institute, world military spending increased by 3.7% in 2022, reaching $2240 billion in real terms. Therefore, rising military expenditure is driving the growth of the aerospace avionics market.
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 """"SmartHUB."""" 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.
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Major Key Players of the Market:
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.
Aerospace Avionics Market 2024 Key Insights:
• 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%.
• Aerospace Avionics Market Surges Amidst Soaring Demand For Air Travel
• Innovative Product Developments Propel Aerospace Avionics Market Growth
• North America was the largest region in the aerospace avionics market in 2023
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