(MENAFN- PR Newswire)
DUBLIN, April 5, 2023 /PRNewswire/ --
The "avionics market - global industry size, share, trends, opportunity, and forecast, 2017-2027segmented by system, by platform, by end user, and by region" report has been added to
ResearchAndMarkets.com's offering.
The global avionics market is anticipated to register a growth of steady CAGR in the forecast period, 2023-2027
The aviation industry is rapidly developing owing to the drop in air ticket fares, growing economies, and the emergence of low-cost commercial airlines. The continuous growth of the aviation industry and the adoption of advanced technologies and equipment during the manufacturing process are expected to drive the demand for the global avionics market.
Also, the surge in demand for military aircraft in emerging economies to strengthen the defense system and the need to enhance the computing capabilities of aircraft are further expected to fuel the growth of the global avionics market in the next five years.
High Demand for Military Aircraft Drives the Market Growth
Leading authorities of different economies are allocating huge funds for the defense sector of their respective country to protect the lives of citizens at the time of combat and provide additional air support at the borders.
Military aircraft are widely popular as they are used for offensive and defensive purposes. In the offensive role, the military aircraft is used to destroy airstrips, enemy sites, and ordnance depots and suppliers, while in the defensive role, they provide close air support to the land-based army and help prevent the threats of energy air attack.
The military aircraft market players are working to integrate additional features in the aircraft, such as multi-spectral threat warning capability, improved tracking features, and 3D maps to generate high-resolution real-time maps.
The massive demand for military aircraft among countries and the launch of better-performing technologically advanced is expected to boost the growth of the global avionics market over the next five years.
Adoption of Advanced Technologies Supports the High Market Demand
The market players are investing heavy amounts in research and development activities to upgrade the existing infrastructure and find new innovative solutions to boost the overall system's performance.
The advent of the next-generation integrated avionics system, which lowers the electronic control unit cost and improves aircraft performance, is gaining customer attraction across the globe. It offers several advantages over the traditional system, such as better air traffic management, situational awareness, and communication capabilities of the aircraft system.
The next-generation integrated avionics system combines technologies such as next-generation data communication, automatic dependent surveillance-broadcast, system-wide information management, and next-generation network-enabled weather.
Ongoing technological advancements and the launch of novel system is expected to create significant growth opportunities for the global avionics market over the next five years.
Competitive Landscape
Detailed analysis of the major companies present in global avionics market.
Safran S.A. Meggitt plc GE Aviation The Curtiss-Wright Corporation Thales Group Honeywell International Collins Aerospace BAE Systems PLC Gramin Ltd. Avilution LLC
Report Scope:
Avionics Market, By System:
Avionics Market, By Platform:
Commercial Military Business Jets & General Aviation Helicopters
Avionics Market, By End User:
Avionics Market, By Region:
North America United States Canada Mexico Asia-Pacific China India Japan Thailand Indonesia Australia South Korea Europe & CIS Germany France United Kingdom Spain Italy Netherlands Russia Poland South America Brazil Argentina Middle East & Africa Saudi Arabia Iran Israel UAE Turkey
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