Avionics Market Size, Growth, Trend and Global Forecast to 2024

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The Avionics Market is projected to grow from USD
68.5 billion in 2019 to USD 86.9 billion by
2024, at a CAGR of 4.86 during the forecast
period. Growth in the retrofit aircraft market
is a major factor driving the growth of the
avionics market. Upgradation of aircraft
with new technologies, scheduled maintenance
operations of aircraft, and significant fuel
saving are expected to drive the growth of the
avionics market. Download PDF Brochure
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.asp?id138098845 By platform, the commercial
aviation segment is expected to be the largest
contributor to the avionics market during the
forecast period. The commercial aviation sector
has witnessed strong growth over the past few
years. This growth can be attributed to factors
such as increasing air travel, the rise in
disposable income of the middle-class population,
and increased international trade and tourism
across the globe. Strong growth in this sector
has resulted in an increased number of aircraft
orders to address the increasing air passenger
traffic. Manufacturers are currently focusing on
avionics components to develop products that are
more reliable, accurate, and efficient.
Continuous improvements in software have
modified the human-machine interface of
avionics. By system, the hardware segment is
projected to lead the avionics market during the
forecast period. Hardware performs as an
individual unit providing a computing platform
and various interfaces to other avionics. It can
also be integrated as a function on various
platforms such as integrated modular avionics
cabinets (IMA). The control display unit (CDU or
MCDU) provides the primary human/machine
interface for data entry and information
display. Hardware offers primary navigation,
flight planning, and optimized route
determination and en route guidance to the
aircraft. It carries out functions such as
navigation, flight planning, trajectory
prediction, performance computations, and
guidance. To accomplish these functions, the
flight management system interfaces with several
other avionics systems. North America is expected
to lead the market for avionics during the
forecast period. North America is expected to be
the largest market for avionics during the
forecast period. The growing demand for aircraft
for commercial applications and their
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increasing utility in the defense sector to carry
out transport and surveillance activities are
additional factors influencing the growth of the
avionics market in the North American
region. Key Market Players Major vendors in the
avionics market include Safran (France),
Curtiss-Wright (US), Esterline Technologies
(US), Honeywell (US), Meggitt (UK), Thales Group
(France), and United Technologies Corporation
(Collins Aerospace) (US). Honeywell, which
specializes in avionics, has developed a new
communication technology, the Aspire 200
satellite communications system, for use on the
Bell B429 helicopter. Ask for Sample Report
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