LONDON--(BUSINESS WIRE)--Technavio has been monitoring the commercial aircraft avionic systems market and it is poised to grow by USD 11.97 bn during 2020-2024, progressing at a CAGR of almost 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
Commercial Aircraft Avionics Systems Market Is Booming Worldwide | Analysis And 2024 Forecast Resear
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Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The commercial aircraft avionic systems market report covers the following areas:
Civil and Commercial Aviation segment of the market currently has the highest share and is expected to grow at the highest CAGR during the forecast period. The major driver for the segment is the growing orders and deliveries of commercial aircraft, that are generating demand for new and advanced navigation and control systems for aircraft. Airbus and Boeing have recorded 800 and 806 deliveries in 2018 with approximately more than 7500 aircraft in order backlogs.
Asia Pacific region is expected to generate the highest demand for the flight navigation system market during the forecast period. This growth in the market follows the growth of the avionics market in the Asia-Pacific region, which, in turn, is due to the growing commercial and military aircraft fleet in the region. China and India are leading the aviation industry (military and commercial) followed by Japan, Australia, South Korea, Indonesia, and the Philippines among others.
The global commercial avionics market is segmented on the basis of aircraft type, system type and geography. By aircraft type, the market is further segmented into rotary wing aircraft, and fixed wing aircraft (very large aircraft, wide body aircraft and narrow aircraft). By systems type, the market is categorized into integrated modular avionics, cockpit systems, avionics full duplex switched Ethernet, cabin systems, navigation, flight control & emergency, surveillance, electrical systems, communication systems, central maintenance systems and others.
The key takeaways from the report:The report will provide detailed analysis of Commercial Avionics Market with respect to major segments such as aircraft type and systems typeThe report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024Comprehensive analysis of market dynamics including factors and opportunities is included in the reportAn exhaustive regional analysis of Commercial Avionics Market will be provided in the reportProfile of the key players in the Commercial Avionics Market will be provided, which include key financials, product & services, new developments and business strategiesScope of Commercial Avionics Market
Global Aircraft Switches market sizes from 2015 to 2024, along with CAGR for 2018-2024Market size comparison for 2017 vs 2024, with actual data for 2017, estimates for 2018 and forecast from 2019 to 2024Global Aircraft Switches market trends, covering comprehensive range of consumer trends & manufacturer trendsValue chain analysis covering participants from raw material suppliers to the downstream buyer in the global Aircraft Switches marketMajor market opportunities and challenges in forecast timeframe to be focusedCompetitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic managementComprehensive company profiles of the key industry players
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In terms of revenue, the global commercial avionics systems market is estimated to reach value of US$ 34.44 Mn by 2027, expanding at a CAGR of 3.5% throughout the forecast period
Global commercial avionics systems market is also believed to have benefitted from various technological innovations and advancements that are taking place in the aviation industry. Technological developments such as better in-flight entertainment systems and modern glass cockpits are benefitting the global market for commercial avionics system
Key provider of commercial avionics systems such as Panasonic Avionics Corporation is focusing on acquisitions and development of innovative products to offer a diversified range of products and win more customers. Some key developments in the global commercial avionics systems market includes:
The flight control system sub-segment is predicted to have a dominating share in the global market and register a revenue of $39,930.8 million in 2030, growing from $28,608.0 million in 2021 during the forecast period. This growth is majorly owing to growing emphasis on enhancing the aircraft operations across military aviation and commercial sector. Some of the major developments in military aviation and commercial aviation include advancements in the aircraft navigation routes, weather systems, flight & aircraft design, and others. In addition, the advancements in flight control systems such as the launch of wing circulation control and fluidic thrust vectoring technologies to boost the demand for flight control system sub-segment during the forecast period.
The navigation system sub-segment is anticipated to have the fastest market growth and generate a revenue of $19,451.8 million by 2030, growing from $12,040.6 million in 2021, at a healthy CAGR of 5.5% in the forecast period. This growth can be attributed to the growing demand for high accuracy in the aircraft navigation especially for armed forces aviation and commercial aviation sectors.
The original equipment manufacturer (OEM) sub-segment is anticipated to have a dominating share in the global market and surpass $63,139.4 million by 2030, with an increase from $42,925.4 million in 2021. Rapid growth anticipated across the major aviation sectors, such as military aviation, commercial aviation, and general aviation, will drive the original equipment manufacturer (OEM) sub-segment growth. The key aerospace original equipment manufacturers, such as Boeing and Airbus S.A.S. anticipate a large number of commercial aircraft orders. Additionally, in 2021, Boeing and Airbus, the leading aerospace companies, together delivered 951 aircrafts compared to 723 aircrafts in 2020. These factors are anticipated to boost the growth of the OEM sub-segment during the forecast period.
An increase in air passenger travelers leads to increasing demand for commercial aircraft, which, in turn, may drive the market's growth. The development of new airports, especially in the Asia Pacific and the growing demand for unmanned aerial vehicles (UAV) boosts the market growth. Five international airports opened in Vietnam, Israel, China, Turkey, and the U.S. in 2019. Furthermore, the Indian government plans to build 100 airports by 2024 and allocate USD 23.7 billion in the financial year 2020-2021. Thus, increasing spending in the aviation sector across the globe boosts the Automatic Dependent Surveillance-Broadcast (ADS-B) market growth.
The helicopter segment will witness significant growth during 2021-2028. The growth is attributed to the growing installation of surveillance systems in helicopters worldwide. According to the JETNET reports, there were more than 3000 helicopters compliant with automatic dependent surveillance-broadcast out by 2018. The UAV segment is anticipated to show significant growth during the forecast period. The rising demand for drones for military and commercial applications drives the market growth.
The rest of the world's market forecasting registers moderate growth. The growth is attributed to the government mandates for installing automatic dependent surveillance-broadcast systems in all aircraft in the UAE, Saudi Arabia, and others. The presence of a large helicopter fleet across Brazil boosts the market growth across South America.
The ADS-B market research report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, different platforms, operations, components, and applications of the aircraft monitoring system. Besides this, the report offers insights into the market trends, competitive landscape and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the developed market in recent years.
The commercial aircraft segment led the market for aerospace parts manufacturing and accounted for over 50% share of the global revenue in 2021. The segment estimated the highest demand owing to the rise in passenger and freight traffic. With improved trade relations globally, there is an increase in the demand for cargo services, which is expected to drive industry growth. The product demand for business aircraft is expected to rise owing to low prices and an increase in the size of the aircraft. Business aircraft are anticipated to boost productivity, as air travel requires less time compared to other modes of travel. This is expected to drive the demand for business aircraft over the forecast period, thereby benefitting the industry growth.
North America dominated the aerospace parts manufacturing market and accounted for the largest revenue share of more than 51% in 2021 owing to the presence of key aircraft parts manufacturers and the well-established aircraft manufacturing industry in the region. Ascending demand for new-generation aircraft is expected to boost the market growth in the region over the forecast period. The market in the U.S. is characterized by the ascending demand for landing gear and other support components, on account of the upward trend of replacing old landing gears with advanced systems. In addition, the rising demand for fixed-wing aircraft in the U.S. is anticipated to drive the market over the forecast period. 2ff7e9595c
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