Global Avionics Market to Gain Traction; US Air Force Awards $437 Million Contract to GE to Implement Next-generation Adaptive Propulsion Systems: Fortune Business Insights™
The global Avionics Market
According to the current Avionics Market trends, the global Avionics Market size is projected to rise from USD 57.71 Billion in 2018 to reach a value of USD 81.50 Billion by 2026. The forecast period is set from 2019 to 2026, and the market is anticipated to rise at a CAGR of 7.86%.
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List of significant players mentioned in Avionics Market research report include;
- Transdigm Group
- Teledyne Technologies
- NUCON AEROSPACE
- L3Harris Technologies
- Collins Aerospace
- CCX Technologies
- Thales Group
- Honeywell International
- BAE Systems
Advent of Internet of Things in Aviation Industry to Bode Well for Market
The adoption of next-generation flight management system providing mission planning capabilities with improved air traffic management functionality and reduction in operation cost is a major factor promoting the Avionics Market growth. Additionally, the advancement of IoT in aviation technology, the rise in the number of up-gradation programs from leading OEMs, is further prognosticated to promote the Avionics Market growth in the coming years.
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Asia Pacific to Register Faster Growth Rate on Account of Increasing Number of Air Passengers
From a geographical perspective, North America is anticipated to hold the leading global Avionics Market share on account of the rising demand for aircraft for both commercial and defense purposes. Besides this, there is a surge in demand for advanced helicopters and fighter aircraft from the US defense sector will help to augment the regional Avionics Market size in the coming years.
Furthermore, the presence of major manufacturers such as Honeywell, Esterline Technologies, and United Technologies Corporation, I further expected to help North America continue its dominance in the coming years as well. However, there is a huge decline in the aircraft market due to production cutting, especially in North America.
In 2019, Boeing have shut down the production of 737 max aircraft models, which has affected the overall demand for avionics systems in the region.
On the other side, Asia Pacific Avionics Market growth rate is likely to rise at a rapid pace during the forecast period on account of the increase in the number of passengers traveling by air, rise in disposable incomes of people and rapid urbanization especially in the developing nations such as China and India. Furthermore, the rise in investments made in the aviation sector from countries such as Australia, South Korea, Singapore, and others is likely to help this region attract high Avionics Market revenues at a rapid pace in the future.
Joint Development and Business Expansion Strategies to Intensify Market Competition
Players are adopting strong strategies such as the adoption of IoT, geographical expansion, and others to gain a competitive edge in the market. Market vendors are also investing in research and development, joint development, long terms agreements and contracts, and other strategies to attract high Avionics Market revenue in the forecast period.
Highlights of the Report:
- A comprehensive analysis of the Avionics Market with base and forecast figure and CAGRs
- Growth drivers, restraints, challenges, and opportunities of the market.
- List of significant players and important strategies adopted by them
- In-detailed segmentation of the market and names of leading segments
- Key industry insights
- Major Industry developments
- Other Avionics Market trends
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Some of the key industry developments in the Avionics Market are:
April 2018 – A contract worth more than USD25 million was signed to supply advanced FliteLineTM navigation and communication radios to Boeing by Cobham plc. These radios are meant for utilization by the United States Air Force for retrofit in more than 450 Northrop T-38c military trainer aircraft.
March 2019 – A USD 43.3 Million was signed by Harris Corporation with the government of Kuwait for providing electronic warfare (EW) avionics. This will help to protect the Kuwaiti combat aircraft from missiles.
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