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Military Aircraft Communication Avionics Market Growth 2024-2033
Military Aircraft Communication Avionics Market
According to The Business Research Company's, The military aircraft communication avionics market size has grown steadily in recent years. It will grow from $25.52 billion in 2023 to $26.8 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to need for secure and interoperable communication, growing complexity of military missions, global military modernization programs, rise in unmanned aerial vehicle, military transition to network-centric warfare..
The military aircraft communication avionics market size is expected to see strong growth in the next few years. It will grow to $32.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to enhanced integration with command and control systems, enhanced cybersecurity measures, global geopolitical shifts and threat scenarios, integration with future airborne platforms, increased demand for multi-domain operations.. Major trends in the forecast period include integration of software-defined radios (sdrs), next-generation airborne networks, advanced data link technologies, enhanced voice and data fusion, adoption of anti-jamming technologies..
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Market Drivers and Trends:
The increase in the defense budget is expected to propel the growth of the military aircraft communication avionics market going forward. The defense budget is also called the expenditure on military activities and the amount of money allocated to the maintenance of an armed force or other methods of defense. A defense budget includes the size of that entity's economy, other financial pressures on that entity, and the government's or people's willingness to pay for such military activities, as a result, it helps the entity's capacity to support military activity and that support military aircraft communication avionics. For instance, in April 2022, according to the Stockholm International Peace Research Institute, a Solna-based public research institute, Russia boosted its military spending by 2.9% in 2021, to $65.9 billion in 2022, as it bolstered its soldiers near the Ukrainian border. This was Russia's third straight year of increase, with military expenditure reaching 4.1% of GDP in 2021. Therefore, an increase in the defense budget drives the military aircraft communication avionics market.
Technological advancements are a key trend gaining popularity in the military aircraft communication avionics market. Major companies operating in military aircraft communication avionics are introducing new technologies to sustain their position in the market. For instance, in July 2022, Elbit Systems, an Israel-based company operating in military aircraft communication avionics introduced an innovative technological vision suite for military helicopters (a fifth-generation aircraft technology). The new suite integrates a sophisticated sensor array, an Artificial Intelligence (AI) powered mission computer, and a unique Helmet Mounted Display (HMD) system. This suite enables pilots with a real-time, clear, colored wide field of view, during challenging weather and visibility condition.
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Major Key Players of the Market:
L3 Harris Technologies Inc.; Raytheon Technologies Corporation; Lockheed Martin Corporation; Northrop Grumman Corporation; Thales Group; BAE Systems Plc.; Honeywell Internatonal Inc.; Elbit Systems Ltd.; Garmin Ltd.; Genesys Aero systems; Aspen Avionics; Moog Inc.; Sagetech Avionics Inc.; Zodiac Aerospace; Iridium communications; Collins Aerospace; General Dynamics Corporation; Cobham plc; Viasat Inc.; Rockwell Collins Inc.; Harris Corporation; Saab AB; Aselsan A.S.; Leonardo S.p.A.; Airbus SE; Boeing Company; Kratos Defense & Security Solutions Inc.; Comtech Telecommunications Corp.; General Electric Company; Motorola Solutions Inc.; Rohde & Schwarz GmbH & Co. KG; Gogoair Inc.; Orbit Communications Systems Ltd.
Military aircraft communication avionics Market 2024 Key Insights:
• The military aircraft communication avionics market will grow to $32.65 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Increased Defense Budgets Propel Growth In Military Aircraft Communication Avionics Market
• Cutting-Edge Technologies Propel Military Aircraft Communication Avionics Market Advancements
• Asia-Pacific was the largest region in the military aircraft communication avionics market in 2023
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