According to a recently published report by Research Nester on “Aircraft Avionics Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the aircraft avionics market in terms of market segmentation by platform, by system, by aircraft type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The aircraft avionics market is segmented by platform, system, aircraft type, end user and region. Based on platform, the market is segmented into commercial, military, business jets and general aviation. On the basis of system, the market is segmented into flight management system, communication and navigation system, health monitoring, electrical & emergency and software. On the basis of aircraft type, the market is segmented into fixed wing and rotary wing. Further, on the basis of end user, the market is segmented into OEM and aftermarket. The aircraft avionics market is anticipated to record a CAGR of around 4.86% over the forecast period i.e. 2019-2027. By platform, the commercial aviation segment is anticipated to have significant growth on account of manufacturers focusing on avionics components to develop products which are more efficient, reliable and accurate. With the continuous improvement in the software technologies, the work has become more user-friendly which further helped in automation of various in-flight tasks to reduce the workload of the flight crew.
Expanding commercial applications of the aircraft avionics coupled with rising utility in defense sector in order to carry out the transportation and surveillance activities is projected to strengthen the growth of this market in North America and Europe region.
Asia Pacific stood at third position in the overall revenue of aircraft avionics market. The region is likely to showcase an upliftment in its growth in order to strengthen the position of the armed forces and up-gradation of the existing technology.
Technological advancements in navigation systems
With increasing demand for aircrafts, there has been a rise in the need for technological advancements in the navigation system in order to ease the work of the flight crew and efficient optimized operations. Various developing economies are stepping towards adoption of next-generation aircrafts which is expected to boost the growth of the aircraft avionics market.
However, delay in supply chains is expected to operate as a key restraint towards the growth of aircraft avionics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the aircraft avionics market which includes company profiling of Honeywell, Esterline Technologies, Curtiss-Wright, L3Communicatons, UTC (Collins Aerospace), United Technologies Corporation, Thales Group, Cobham PLC, Meggitt PLC and Safran. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the aircraft avionics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.