PUBLISHER: Allied Market Research | PRODUCT CODE: 1472275
PUBLISHER: Allied Market Research | PRODUCT CODE: 1472275
Aerospace avionics are essential for maintaining flight safety and security. As the aviation industry faces increasing concerns, prioritizing investment in advanced avionics systems has become imperative to improve situational awareness, communication, and navigation capabilities.
Growth in demand for commercial aircraft and a rise in agreements by key players, particularly in emerging economies, are driving the growth of the avionics systems market. For instance, in October 2023, Garmin entered into a lasting agreement to supply BETA Technologies with its cutting-edge Garmin G3000(R) integrated flight deck for the CX300 electric fixed-wing and A250 electric vertical takeoff and landing (eVTOL) aircraft.
The G3000 offers high-resolution displays and advanced communication, navigation, and surveillance air traffic management capabilities. Its lightweight, flexible open system architecture seamlessly integrates with BETA's flight control, propulsion, and battery management systems.
The rapid integration of artificial intelligence (AI) and machine learning (ML) technologies into avionics systems is bolstering automation, predictive maintenance, and decision-making capabilities. Additionally, the development of more efficient and compact avionics components, such as electronically steered antennas, is reducing weight and enhancing fuel efficiency. The widespread adoption of connectivity solutions facilitates real-time data sharing, thereby improving situational awareness and passenger experience. Moreover, sustainability is emerging as a key concern, with a major emphasis on eco-friendly avionics technologies to mitigate emissions and environmental impacts. These trends collectively drive consumer demand toward smarter, more connected, and environmentally responsible avionics systems.
The global aerospace avionics market was affected by the COVID-19 pandemic, which led to disturbances in the supply chain and production procedures. The dynamics of the market were impacted by fluctuating demand and economic uncertainty. Despite these obstacles, the market quickly rebounded due to the defense industry's increased investment in the purchase of aerial, land, and marine vehicles for its aerospace avionics. Furthermore, the increasing demand for data analytics in avionics systems drives the market in this region.
The market is propelled by the surge in demand for new commercial aircraft, driven by fleet expansion and modernization initiatives undertaken by regional airlines. Furthermore, the growing collaboration among aircraft maintenance, repair, and operations (MRO) providers is projected to enhance their technical expertise, enabling them to cater to the servicing needs of the latest-generation aircraft acquired by airlines. This is due to the significantly larger size and higher installation costs associated with avionics systems on widebody aircraft compared to narrowbody aircraft.
The growing demand for avionics systems equipped with advanced communication and navigation features is anticipated to contribute to the revenue growth of the market throughout the forecast period. This increased demand spans various sectors, including military, aerospace, and defense, thereby driving the development of cutting-edge avionics systems, and fueling the global expansion of the aerospace avionics market.
Moreover, the escalating focus on integrating robust cybersecurity measures into avionics systems to mitigate cyber threats is projected to further boost market revenue growth during the forecast period. The increasing demand for advanced avionics systems aimed at enhancing aircraft operational efficiency and reducing operational expenses is on the rise. Moreover, there is anticipation that the growing focus on unmanned aerial vehicles (UAVs) development and the escalating investments in advanced avionics systems development will offer significant opportunities for market players.
For instance, in May 2022, Boeing launched the new 777-8 freighter and expanded its market-leading 777X and freighter families of jetliners with orders for up to 50 aircraft from Qatar Airways. In addition, in January 2022, Honeywell launched Anthem; a cloud-connected integrated avionics system. It improves flight efficiency, operations, safety, and comfort. Such factors are propelling the need for aerospace avionics market during the forecast period of 2022-2032.
The aerospace avionics market is segmented into subsystem, platform, fit, end-use and region. On the basis of subsystem, the market is bifurcated into flight management systems, flight control systems, health monitoring systems, electrical & emergency systems and communication, navigation, and surveillance systems. On the basis of platform, the market is divided into military aviation, commercial aviation, general aviation and special mission aviation. On the basis of fit the market is classified into retrofit and forward fit. On the basis of end-use, it is divided into OEM and aftermarket.
Region wise, the aerospace avionics market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, Italy, Spain and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina and Rest of Latin America) and Middle East and Africa(Saudi Arabia, UAE, Israel and Africa).
Competitive analysis and profiles of the major global aerospace avionics market players that have been provided in the report include 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. The key strategies adopted by the major players of the global market are product launch, mergers, and acquisitions.
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