IMARC Group, a leading market research company, has recently releases report titled “Commercial Avionics Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global commercial avionics systems market growth, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Commercial Avionics Systems Market?
The global commercial avionics systems market size reached US$ 29.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 37.5 Billion by 2028, exhibiting a growth rate (CAGR) of 3.9% during 2023-2028.
What are Commercial Avionics Systems?
Commercial avionics systems are electrical components used in the aviation industry. These systems encompass engine controls, flight recorders, threat detection equipment, fuel systems, lighting systems, performance monitors, weather radar, electro-optic systems, and various other tools used for flight management. They improve the safety of flight crews and passengers by aiding in navigation, communication with air traffic control towers, collision avoidance, and monitoring. At present, commercial avionics systems are gaining immense traction across the globe due to their durability, efficiency, and low maintenance requirements.
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What are the growth prospects and trends in the commercial avionics systems industry?
The global commercial avionics systems market is primarily driven by the rapid expansion of the aviation industry and the rising number of air passengers. Moreover, these systems provide pilots with a comprehensive overview of the parameters that ensure the safety and stability of the aircraft. For instance, cockpit systems guide pilots in emergency landings, and cabin management systems control cabin lighting and communication.
In line with this, the surging adoption of next-generation flight management systems has augmented product demand. Additionally, the escalating need for increased safety and security measures against hijacking and terrorism is positively influencing the market growth. Furthermore, several key players are focusing on product innovations to offer better services, thereby contributing to market growth.
Other factors, including the rising integration of technologies, such as the internet of things (IoT) in avionics systems, rapid urbanization, and technological advancements, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Sub System:
- Health Monitoring Systems
- Flight Management and Control Systems
- Communication and Navigation
- Cockpit Systems
- Visualizations and Display Systems
- Others
Breakup by Aircraft Type:
- Narrow-body Aircraft
- Wide-body Aircraft
- Regional Aircraft
- Others
Breakup by Fit:
- Linefit
- Retrofit
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Cobham Limited
- Garmin Ltd.
- General Electric Company
- Honeywell International Inc.
- L3Harris Technologies Inc.
- Panasonic Corporation
- Raytheon Technologies Corporation
- Safran SA
- Teledyne Technologies Inc.
- Thales Group
- Universal Avionics Systems Corporation (Elbit Systems Ltd.).
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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