The Aerospace Avionics Market is expected to reach a market size value from USD 68.5 billion in 2020 to USD 132 billion by 2028, at a CAGR of 4.86% during the forecast period of 2021-2028.
Avionics entails a type of electronic system and equipment that can perform an extensive function associated and designed specifically for aviation purposes and missions. It is critical that aircraft systems incorporate avionics to help provide in-flight and on the ground operational and virtual information. Aerospace Avionics system has a vital role when it comes to feeding information to the aircraft’s pilot because it can provide navigation, communication, surveillance system as well as electrical systems.
The growth of this market is mainly attributed to factors such as, increasing growth in the retrofit aircraft market, aircraft upgradation along with new technologies, operations of aircraft regarding scheduled maintenance, fuel saving significance, high demand for travelling via air thereby resulting to increasing passenger traffic, growing economies in the Asia Pacific and Middle East, and high demand for system upgradation in developing regions.
The Impact of COVID-19 on the Aerospace Avionics Market
Majority of the industries will have to adapt to the changes that will be imposed upon them by their governments and adopt strategic ways to elevate their game in the market. Containing the widespread of the virus is a difficult challenge to all of the countries because many sectors will have to compromise and deal with the effects in the most advantageous way possible. A solid pull back on the growth of the Aerospace Avionics market is the disruption of supply chain since manufacturing and distribution of key players or companies are being limited, if not, controlled by governments through imposing lock downs and halting travels across borders.
The real challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Suppliers of raw materials in making Aerospace Avionics equipment have also experienced repercussion because imports and exports in almost all countries have been restricted. The lock downs have caused a delay in the operations and facility shutdowns became a real challenge that these key players needed to face. Some raw materials needed for the production can only actually be acquired through importing and suppliers in turn, were having a hard time exporting these supplies due to border restrictions and hold up.
Moreover, since the pandemic has caused governments to impose lock downs and border restrictions, air travel are also limited, if not, banned. This is to prevent the continuous spread of the virus through air transportation. With this occurrence, the aerospace avionics market has slowed down and still trying to cope up with the decrease in sales and production. Positively, with the improvements on handling the outbreak, regions are slowly opening up its territories and began lifting up restrictions in terms of air travels.
Key Findings in the Aerospace Avionics Market
In terms of platform, the commercial aviation segment is projected to have the largest share in the market during the forecast period. This growth is mainly attributed to factors such as growing number of air travels, increasing disposable income in the middle-class tier, growing international trading, as well as development in the global tourism.
In terms of system, the hardware segment is expected to dominate the avionics market during the forecast period of 2021-2028. The reason for this dominance is that hardware carry through like an independent unit providing a platform for computation, analysis ans several interfaces that is significant to avionics. Hardware segment can also be incorporated on other platforms as an additional function like integrated modular avionics cabinets (IMA).
Regional Market Analysis
In terms of regional segmentation, North America is projected to have the largest market accounted for during the forecast period. The growth is mainly attributed to factors such as, increasing demand for commercial application of aircraft, and the high demand in utilizing it in the defense department in enforcement of transport and surveillance exercises.
Based on an extensive assessment, these major key players on the aerospace avionics market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Cobham Plc, Thales Group, Honeywell, L3 Harris Corporation, Safran S.A., and Raytheon, Airbus S.A.S, Boeing, Northrop Grumman, BAE systems, Saab AB, Honeywell International.
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
System Analysis (Revenue, USD Million, 2021 - 2028)
• Flight management system
• Communication system
• Navigation system
• Surveillance system
• Electric system
• Emergency system
• Collision avoidance system
• Weather system
• Health monitoring system
• Tactical system
• In-flight entertainment system
• Safety-critical Airborne Software
• Mission Flight Management Software
• Flight Management Software
• Aircraft Health Diagnostic Software
• Training & Simulation Software
• Others (avoidance re-routers and flight situational awareness solutions)
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Commercial aviation
• Military aviation
• Business jet & general aviation
End-Use Analysis (Revenue, USD Million, 2021 - 2028)
Region Analysis (Revenue, USD Million, 2020 – 2028)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Aerospace Avionics Industry Research Report
• Europe Aerospace Avionics Industry Research Report
• Asia Pacific Aerospace Avionics Industry Research Report
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