Press release
Commercial Avionics Systems Market by Regional Analysis, Key Players and Forecast 2024
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Transparency Market Research estimates that the global commercial avionics systems market will exhibit a CAGR of 3.5% over the period between 2016 and 2024, rising from a worth of US$25.34 bn in 2016 to US$31.07 bn by 2024.
North America Market to Continue Bullish Run
In terms of type of commercial avionics systems, the segment of navigation systems is expected to account for a dominant share in the revenue of the global commercial avionics systems over the report's forecast period. The leading share of the segment in the global market will be attributed to the increased use of flight management systems, multi-mode receivers, and GPS in commercial aircrafts, which require the presence of refined navigation systems for proper operation.
In terms of geography, the market in North America accounted for a massive share of 42.4% of the global market in 2015 and the region is expected to retain dominance over the report's forecast period as well. Willingness of aviation companies to spend on technological advancements and an improved state of economic development are expected to help the regional market witness strong growth in the near future.
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Rising Demand for Real-time Data Processing Systems to Drive Market Growth
One of the key factors boosting the growth prospects of the global commercial avionics systems market is the rapid rate of technological advancement in the aviation industry. Introduction of innovations such as glass cockpit, vast improvements in in-flight entertainment systems, and the increased demand for real-time data analytics from aviation companies are also expected to provide massive room for growth for companies operating in the global commercial avionics systems market. The demand for real-time data analytics is especially more prominent in developed regions such as Europe and North America as the aviation industry is well-established and capable of seamlessly incorporate advanced technologies.
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Concerns Related to Cyber-attacks Deter Adoption of Commercial Avionics Systems
Modern avionics systems have the risk of falling prey to cyber-attacks, bringing a severe threat to the security of an aircraft. This concern is one of the key challenges affecting the overall adoption of advanced commercial avionics systems. The factor has been especially proven to be very restrictive for the development of the market in developed economies after several high-profile terrorist attacks have occurred in the past few decades. Moreover, the high cost of advanced systems also deter their adoption to a certain level across cost-sensitive emerging nations, posing a significant threat to the overall profitability of the global market.
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About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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