According to a recently published report by Research Nester on “Global Aircraft Avionics Market Outlook: Industry Insights & Opportunity Assessment 2019–2027” delivers detailed overview of the global 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.
With increasing demand for aircrafts, there arises the need for technological advancements in the navigation system to ease the work of the flight crew along with efficient optimization of operations. Various developing economies are stepping towards adoption of next-generation aircrafts which is estimated to boost the growth of the global aircraft avionics market with a CAGR of 4.86% over the period 2019-2027.
The aircraft avionics market is segmented by platform, aircraft type, system and end user. By platform, the commercial aviation segment is anticipated to have significant growth on account of manufacturers who are currently focusing on avionics components to develop products which are more efficient, reliable and accurate. With continuous improvement in the software technologies, the work has become more user-friendly and helped in the automation of various in-flight tasks to reduce the workload of the flight crew.
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The aircraft avionics market is segmented by platform, system, aircraft type and end user. 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, based on end user, the market is segmented into OEM and aftermarket.
Need for upgradation- With day-by-day advancement in the technologies, the demand for upgradation of software also increases with the increase in demand of aircrafts. Various developing economies are focusing to strengthen their armed forces with the help of new technologies which is expected to boost the growth of the aircraft avionics market.
North America is expected to grow at a high pace on the back of increase in the number of deliveries of wide-body and narrow body aircrafts. Further growing commercial applications and their utility in the defense sector to carry out the surveillance and transportation activities in the region. Europe is expected to grow owing to the increasing commercial applications of the aircraft avionics. Asia Pacific is expected to grow attributing to its increased demand in the defense sector to strengthen the position of the armed forces and up-gradation of the existing technology.
Every economy functions differently and has different economic conditions which affects the cost of all the operations or steps to be carried out to cater to the budding needs of the market which leads to delay in supply chains, thereby proving as a hindrance for the growth of the aircraft avionics market.
This report also provides the existing competitive scenario of some of the key players of the global 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.
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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 global 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.
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