Customized Avionic Systems Market: Opportunities and Forecast Assessment, 2017 - 2027
Global Customized Avionic Systems Market Dynamics
Growing concerns of the aviation industry towards operational efficiency,economic and environmental performance, safety & security of aircraft and passenger comfort drive the customized avionic system market. Moreover, application of avionic systems in advanced aircrafts and military aircrafts will help boost demand for customized avionic systems. Adding to this, an increase in the number of aircrafts in emerging economies of Asia Pacific has also led to an increase in the demand for customized avionic systems. Growing aviation industry has created competition among the key companies to stay ahead by providing unique systems to acquire market share, which in turn is expected to drive the market of customized avionic systems. Moreover, demand for the customized avionic system market is expected to increase with technological advancements in the aviation industry, especially for military and commercial aircrafts. Rising investments in the aviation and military sector are expected to boost the demand for customized avionic systems across the globe.
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Complex modelling and detailed designing of the avionic system and its compilation in order to ensure compatibility of the system with aircraft operation are major restraints in the growth of the avionic system market. Further, the time span between designing and the actual implementation of the customized avionic system is too long; which negatively impacts its market growth. Also, a major threat for the avionic system is its susceptibility to cyber-attack. In some countries, restrictions over technology sharing with others countries will slightly affect the growth of the customized avionic market adversely.
Global Customized Avionic Systems Market Segmentation
Customized avionic systems are a combination of various sub-systems, namely:
Navigation & Surveillance Systems
Flight management system
On the basis of application, customized avionic systems market is segmented into:
Unmanned Aerial Vehicle (UAVs)
On the basis of type of aircraft, customized avionic systems market is segmented into:
Fixed Wing Aircraft
Rotary Wing Aircraft
Global Customized Avionic Systems Market: Regional Outlook
North America is expected to dominate the customized avionic system market over the forecast period owing to an increase in the number of private aircrafts and growing demand from the defense sector. Europe is the second largest market for customized avionic systems and it is projected to register healthy CAGR over the forecast period. In the Asia-Pacific region growth of the aviation industry is prompt, especially in emerging economies such as China, India and Australia. This is largely attributed to growth in domestic airlines, which in turn is expected to increase demand for customized avionic systems over the forecast period. Besides this, the Middle East and Africa region is expected to register healthy growth over the forecast period. Latin America and Japan are anticipated to register moderate growth over the forecast period.
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Global Customized Avionic Systems Market Players
Some of the market participants in the global customized avionic system market, as identified across the value chain include Universal Avionics Systems Corporation, Garmin Ltd., Honeywell International Inc, Esterline Technologies Corporation, Avidyne Corporation., GE Aviation, Genesys Aerosystems, BAE Systems PLC., Curtiss-Wright Corporation, Rockwell Collins., L-3 Communications Holdings Inc., Thales Group, Meggitt PLC, Panasonic Avionics Corporation and Zodiac Aerosystems, among others.
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