Press release
Commercial Avionics Systems Market to Witness Comprehensive Growth by 2030 | BAE Systems Plc., General Electric
Increase in number of aircraft deliveries, growth in emerging economies, surge in demand for in-flight entertainment (IFE) services, and growing inclination toward real-time data drive the global commercial avionics systems market. On the other hand, regulatory framework and vulnerability to cyber-attacks hinder the growth to some extent. However, development of advanced avionics systems for Nextgen aircraft, growth in adoption of low-cost carriers (LCC) in developing countries, and improvement in commercial aviation networks are expected to create lucrative opportunities in the industry.
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The global commercial avionics systems market is analyzed across aircraft type, subsystem, fit, and region. Based on aircraft type, the narrow body segment accounted for nearly two-thirds of the total market share in 2020, and is expected to rule the roost by 2030. The freighter segment, on the other hand, would garner the fastest CAGR of 6.9% throughout the forecast period.
Based on fit, the retrofit segment contributed to nearly three-fifths of the total market revenue each in 2020, and is projected to lead the trail by 2030. The forward fit segment, however, would exhibit the fastest CAGR of 5.93% during the forecast period.
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Based on region, the market across Asia-Pacific held the major share in 2020, garnering nearly one-third of the global market. The same region would also manifest the fastest CAGR of 6.35% throughout the forecast period.
The key market players analyzed in the global commercial avionics systems market report include General Electric
Honeywell International Inc.
Universal Avionics Systems Corporation
Meggitt PLC.
Panasonic Corporation
Raytheon Technologies Corporation
BAE Systems Plc.
Teledyne Technologies, Inc.
L-3 Harris Technologies
Thales Group
Read More https://www.globenewswire.com/news-release/2022/06/20/2465136/0/en/Commercial-Avionics-Systems-Market-to-Garner-54-4-Billion-by-2030-Says-Allied-Market-Research.html
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