Aerospace Avionics Global Market Report 2024

Aerospace Avionics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on aerospace avionics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for aerospace avionics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aerospace avionics market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Systems: Flight Control System; Communication System; Navigation System; Monitoring System; Others Systems
• 2) By Application: Commercial Aviation; Military Aviation; Business Jets And General Aviation
• 3) By Distribution Channel: OEM; Aftermarket
• Companies Mentioned: Thales Group; L3Harris Technologies Inc.; Airbus SAS; Boeing Co.; BAE Systems Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Aerospace avionics encompasses electronic equipment and systems specifically crafted for utilization in aerospace applications, including aircraft, spacecraft, and satellites.

The primary systems of aerospace avionics consist of the flight control system, communication system, navigation system, monitoring system, and other related systems. The flight control system empowers pilots to manage the direction and altitude of the aircraft. These avionics find diverse applications in sectors such as commercial aviation, military aviation, business jets, and general aviation. Distribution channels include Original Equipment Manufacturers (OEM) and the aftermarket.

The aerospace avionics market research report is one of a series of new reports from The Business Research Company that provides aerospace avionics market statistics, including aerospace avionics industry global market size, regional shares, competitors with an aerospace avionics market share, detailed aerospace avionics market segments, market trends, and opportunities, and any further data you may need to thrive in the aerospace avionics industry. This aerospace avionics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aerospace avionics market size has grown steadily in recent years. It will grow from $79.41 billion in 2023 to $83.06 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The historical growth in aerospace avionics can be attributed to several factors. These include the evolution of aircraft, heightened demand from the military sector, the transition to digital cockpits, safety enhancements in aviation, and advancements in surveillance and air traffic control. These factors played a pivotal role in driving the development and adoption of aerospace avionics during the historical period.

The aerospace avionics market size is expected to see steady growth in the next few years. It will grow to $99.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The anticipated growth in the forecast period for aerospace avionics can be attributed to various factors. These include the expansion of emerging markets, the integration of electrical aircraft systems, growth in the defense sector, the modernization of legacy aircraft, and the increasing integration of artificial intelligence. Major trends expected in the forecast period include the adoption of advanced flight management systems, a rising demand for next-generation aircraft, the proliferation of autonomous systems and Unmanned Aerial Vehicles (UAVs), innovations in digital cockpit technologies, and advancements in communication and connectivity within the aerospace avionics sector.

The escalating demand for air travel is anticipated to be a driving force behind the growth of the aerospace avionics market. Air travel encompasses transportation via airplanes, jets, and helicopters, catering to both domestic and international passengers under various airline registrations. This surge in global air travel generates a substantial need for aerospace avionics systems. Notably, in June 2022, the International Air Transport Association reported a remarkable 229.5% increase in international air traffic compared to 2021. This surge in air travel activity signifies the pivotal role it plays in propelling the aerospace avionics market forward.

The surge in military expenditure is expected to significantly contribute to the growth trajectory of the aerospace avionics market. Military expenditure entails financial allocations by governments or countries for their armed forces and associated activities. This expenditure is directed toward bolstering defense capabilities by integrating avionics systems encompassing communication, navigation, and mission systems into military aircraft to enhance their operational efficiency. For instance, in April 2023, the Stockholm International Peace Research Institute recorded a 3.7% increase in global military spending in 2022, reaching a real-term total of $2240 billion. This upsurge in military expenditure underscores its pivotal role in driving the aerospace avionics market's growth.

The proliferation of product innovations represents a prominent trend within the aerospace avionics market. Key players in this sector are focused on developing cutting-edge products to fortify their market positions. Notably, in March 2022, Flightcell International, Ltd., a leader in airborne communications within the aerospace avionics domain, introduced the 'SmartHUB,' a cockpit recording solution. This innovative system boasts features such as high-definition video and audio capabilities, serving as an access point for USB and IP devices, and functioning as a flight data recorder. The SmartHUB system is engineered to monitor various parameters, including GPS position data, pressure, altitude, turn rate, speed, g-force, and roll, enhancing the overall safety and functionality of aviation operations.

Key players within the aerospace avionics market are dedicated to driving innovation, particularly in the development of connectivity solutions, as a means to gain a competitive advantage. Connectivity solutions encompass technologies and services facilitating seamless communication between devices. For instance, in March 2022, Astronautics Corporation of America, a prominent US-based manufacturer specializing in avionics equipment, introduced the AeroSync Mission (AEC115). This cutting-edge technology is meticulously crafted to offer secure and integrated wireless data transmission for aircraft, ensuring swift and reliable data exchange for both crews and passengers operating in demanding helicopter environments. The AeroSync Mission (AEC115) serves as a comprehensive air-to-ground data management platform, securely facilitating the transfer of crucial information to and from the aircraft. It ensures high-speed transmission of flight, mission, and maintenance data, bolstering operational efficiency.

In a strategic move in May 2022, Joby Aviation, a US-based aircraft company, successfully acquired Avionyx for an undisclosed sum. This acquisition underscores Joby's commitment to expanding its aerospace portfolio, particularly focusing on vertical integration surrounding aircraft development and expediting aerospace software certification processes. Avionyx, a US-based firm specializing in aerospace avionics, aligns with Joby's strategic vision, offering expertise and capabilities crucial for bolstering Joby's presence and capabilities within the aerospace industry. This acquisition signifies Joby's intent to strengthen its position in the market by leveraging Avionyx's resources to enhance its offerings and streamline aerospace software certification, essential for advancing its aircraft development endeavors.

Major companies operating in the aerospace avionics market report are Thales Group, L3Harris Technologies Inc., Airbus SAS, Boeing Co., BAE Systems Inc., Northrop Grumman Corporation, Saab AB, Leonardo S.p.A., Elbit Systems Ltd., General Dynamics Corporation, General Electric Company, Cobham PLC, Honeywell International Inc., Raytheon Technologies, Safran S.A., Lockheed Martin Corporation, RTX Corporation, Garmin Ltd., Harris Corporation, Meggitt PLC, Advent International Corp., Curtiss-Wright Corporation, Teledyne Technologies Incorporated, Moog Inc., Astronics Corporation, TransDigm Group Incorporated, Kratos Defense & Security Solutions Inc., Universal Weather and Aviation Inc., Avidyne Corporation, FreeFlight Systems, Becker Avionics International Group, Flight Data Systems Pty. Ltd., Innovative Solutions & Support Inc.

North America was the largest region in the aerospace avionics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aerospace avionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the aerospace avionics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The aerospace avionics market consists of sales of weather systems, flight recorders, displays, and fuel systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.