Press release
USD 111.6 Billion Aerospace Avionics Market Value Cross by 2032 | Top Players such as - Raytheon Technologies, Honeywell International
Prime Determinants of Growth
The global aerospace avionics market is driven by factors such as rise in the production of aircraft, which fuels the demand for aerospace avionics. In addition, the market is influenced by surge in demand for communication subsystems. However, high initial costs are expected to hinder the market growth. Moreover, the enhanced connectivity solutions provide lucrative opportunities for market growth.
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The communication, navigation, and surveillance systems segment to maintain its leadership status throughout the forecast period.
By subsystem, the communication, navigation, and surveillance systems segment held the highest market share in 2022, accounting for nearly one-third of the global aerospace avionics market revenue and is estimated to maintain its leadership status throughout the forecast period.
Increase in traffic densities, increase in need to utilize RF spectrum, and improved safety nets have elevated the demand for surveillance systems.
Key Developments/Strategies in the Aerospace Avionics Industry
January 2024 witnessed Universal Avionics (UA) and Trimec Aviation obtaining FAA Supplemental Type Certificate (STC) for the Falcon 2000/EX, featuring the InSight Flight Display System. This upgrade replaces legacy Pro Line 4 avionics with cutting-edge displays and synthetic vision, addressing obsolescence issues, improving operational efficiency, and enhancing safety.
United Airlines and Panasonic Avionics Corporation inked an agreement in June 2023 for Panasonic's Astrova in-flight engagement (IFE) solution, with United Airlines becoming its inaugural U.S. customer. Installation on new Boeing 787 and Airbus A321XLR aircraft is slated to commence in 2025, marking United Airlines' significant investment in Panasonic Avionics' IFE.
In July 2022, Universal Avionics Systems Corporation, a subsidiary of Elbit Systems Ltd., secured a $33 million contract from AerSale Corporation to provide Enhanced Flight Vision Systems (EFVS) for Boeing 737NG aircraft, to be executed through 2023.
Thales Group achieved a milestone in January 2022 with the successful test flight of its FlytX avionics suite, aimed at enhancing situational awareness and reducing pilot workload through features like a touch screen cockpit display, advanced weather radar, and synthetic vision technology.
Collins Aerospace announced a long-term agreement with Boeing in November 2021 to supply avionics systems for the Boeing 777X aircraft program, encompassing cockpit displays, communication, navigation systems, and other crucial avionics components.
The commercial aviation segment to maintain its leadership status throughout the forecast period
By platform, the commercial aviation segment held the highest market share in 2022, accounting for more than half of the global aerospace avionics market and is estimated to maintain its leadership status throughout the forecast period. The development of ADS-B ground station and the integration of wide area multiliterate (WAM) capability are expected to boost the growth of the market. Similarly, the evolution of non-cooperative surveillance infrastructure and satellite-based solutions is opportunistic for the market.
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The OEM segment to maintain its leadership status throughout the forecast period
By end-use, the OEM segment held the highest market share in 2022, accounting for more than two-thirds of the global aerospace avionics market and is estimated to maintain its leadership status throughout the forecast period. Growing demand for new aircraft and spacecraft, prompting OEMs to increase the production of avionics systems. Technological advancements are driving the integration of advanced avionics into contemporary aircraft, thereby enhancing the market shares of OEMs.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global aerospace avionics market revenue and is projected to dominate the market during the forecast period. The thriving commercial aviation sector is where airlines consistently enhance their avionics systems to enhance safety and fuel efficiency. Technological advancements and research facilities in the U.S. are driving the advancement of avionics systems. Rigorous safety standards and a growing emphasis on aviation cybersecurity are prompting investments in avionics technology, thus driving the market.
Key Highlights of the Report
The aerospace avionics market analysis spans across more than 16 countries, offering a detailed breakdown of each country's value ($million) from 2022 to 2032.
This research integrates top-tier data, expert opinions, and thorough analysis, supplemented by significant independent perspectives. The research methodology is crafted to present a comprehensive view of the global market landscape, aiding stakeholders in making informed decisions to achieve ambitious growth objectives.
A meticulous review of over 3,700 product catalogs, annual reports, industry descriptions, and other comparable resources from prominent industry players was conducted to deepen understanding of the market dynamics.
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Leading Market Players: -
Raytheon Technologies Corporation
Honeywell International Inc.
L3 Harris Technologies
BAE Systems
Thales Group
Curtis Wright Corporation
Northrop Grumman
Safran SA
Leonardo S.P.A
Elbit Systems Ltd
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