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What Are the Key Opportunities and Trends Shaping the Future of the Global Aerospace Avionics Market (2024-2033)?
Aerospace Avionics Market
The global aerospace avionics market reached a value of nearly $77.00 billion in 2023, having grown at a compound annual growth rate (CAGR) of 1.99% since 2018. The market is expected to grow from $77.00 billion in 2023 to $97.56 billion in 2028 at a rate of 4.85%. The market is then expected to grow at a CAGR of 4.26% from 2028 and reach $120.19 billion in 2033.
What are the upcoming opportunities in the global aerospace avionics market?
The key players in the market are adopting extensive strategies in the aerospace avionics market such as:
• Focus on strategic partnerships to launch new products for future growth
• Improve portfolio and strengthen business through product launches
• Engage in strategic collaborations and partnerships to enhance capabilities, particularly in aerospace avionics
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To take advantage of the opportunities, The Business Research Company recommends the aerospace avionics companies to focus on:
• Focus on using generative AI to improve aircraft safety
• Expansion of ground handling services to enhance avionics support and operational efficiency
• Advancements in radar systems to enhance aerospace avionics capabilities
• Strategic partnerships driving innovation and advancements in aerospace avionics
What are aerospace avionics: market definition?
Aerospace avionics refers to the electronic equipment and systems that are designed for use in aerospace. They are used in aircraft, spacecraft, and satellites.
The main systems of aerospace avionics are the flight control system, communication system, navigation system, monitoring system, and other systems. The flight control system allows the pilot to manipulate the direction and altitude of the aircraft. The various applications include commercial aviation, military aviation, business jets, and general aviation that are distributed through Original Equipment Manufacturers (OEM) and aftermarket.
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Who are the major companies operating in the global aerospace avionics market?
The global aerospace avionics market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 20.1% of the total market in 2023. Raytheon Technologies Corporation (Collins Aerospace) was the largest competitor with a 3.4% share of the market followed by:
• Honeywell International Inc.
• L3Harris Technologies, Inc.
• General Electric (GE Aviation)
• Thales S.A.
• Safran SA
• BAE Systems Plc.
• Leonardo S.p.A.
• Curtiss-Wright Corporation
• Moog Inc.
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