Maharashtra Herald

Avionics Market worth $66.3 Billion USD by 2027, at CAGR of 7.3% – Exclusive Report by MarketsandMarkets™

 Breaking News
  • No posts were found

Avionics Market worth $66.3 Billion USD by 2027, at CAGR of 7.3% – Exclusive Report by MarketsandMarkets™

October 14
21:59 2022
Avionics Market worth $66.3 Billion USD by 2027, at CAGR of 7.3% - Exclusive Report by MarketsandMarkets™
Avionics Market
The Avionics Market is expected to reach USD 66.3 Billion by 2027 from USD 46.7 Billion in 2022 to grow at a CAGR of 7.3% from 2022 to 2027

The report “Avionics Market by System (Navigation, Payload & Mission Management, Traffic & Collision Management, Communication, Power & Data Management, Weather Detection, Flight Management, Electronic Flight Display), Fit, Platform & Region – Global Forecast to 2027” The avionics market size is projected to grow from USD 46.7 Billion in 2022 to USD 66.3 Billion by 2027, at a CAGR of 7.3% from 2022 to 2027. The deployment of avionics is driven by the rising demand for aircraft modernization to improve operating safety and fuel economy, consequently lowering operational costs. Advance digital avionics are already present in newer generation aircraft.  To improve operational efficiency and safety, airline operators are rapidly updating their aircraft outdated electronics systems.

• Informational PDF Brochure :- https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138098845

Browse 232 market data Tables and 50 Figures spread through 277 Pages and in-depth TOC on “Avionics Market by Region – Global Forecast to 2027” View detailed Table of Content herehttps://www.marketsandmarkets.com/Market-Reports/commercial-avionic-system-market-138098845.html

Avionics Market

The Navigation segment is estimated to dominate market share in the avionics market during the forecast period Based on system, the navigation segment is projected to lead the market during the forecast period. It is projected that demand for components like air data computers and altimeters would increase at the rapid pace. The major airline is also expanding its fleet in order to meet demand; the fleet which is outfitted will be updated with advanced inertial reference systems and air data computers that are connected with other avionics systems to increase operational efficacy. The technological development of navigational tools has significantly fuelled the market’s growth.

The Military Aviation segment is estimated to account for the largest share of the avionics market during the forecast period

Based on Platform, military aviation segment is projected to lead the avionic market during the forecast period. Over the last ten years, the demand for military aircraft is expanding as a result of the military superpowers increasing military expenditure, including the US, China, and Russia. It will help the market for military avionics to grow. The market for military aircraft will be strengthened by new developments in aircraft, such as the use of stealth technology, sophisticated composite materials, and fifth-generation technology.

The line fit segment is estimated to dominate market share in the avionics market during the forecast period

Based on Fit, the line fit segment is projected to lead the avionics market during the forecast period. More aircraft deliveries are being done to effectively service the steadily increasing passenger demand.  Strategies for fleet modernization are anticipated to be influenced by rising laws that aim to enhance the safety features provided by aircraft and standardize the features provided by different types of aircraft.

North America is projected to lead the market during the forecast period

North America dominated market share in 2022, and Latin America is projected to witness growth at the highest CAGR during the forecast period. The avionics market fo the commercial and business aviation sextors in these regions is expected to grow on account of the growing demand for air travel, while the demand for avionics in the military aviation sector is driven by the modernization of aircraft fleet.

Major players operating in the avionics market include Raytheon Technologies Corporation (US), Curtiss-Wright Corporation (US), Honeywell International Inc. (US), L3Harris Technologies Inc. (US), General Electric Company (US), Safran SA (France), BAE Systems PLC (UK), Astronautics Corporation of America (US), and Garmin Limited (US).

Don’t miss out on business opportunities in Avionics Market. Speak to our analyst and gain crucial industry insighs that will help your businessgrow.

Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/commercial-avionic-system-market-138098845.html