The global avionics market size is expected to reach USD 83.49 billion by 2030, according to a new study by Polaris Market Research. The report “Avionics Market Share, Size, Trends, Industry Analysis Report, By System; By Fit; By Platform (Commercial, Military, General); By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The continuous modernization of existing avionics with a next-generation integrated system and growing R&D spending by governments drives the market growth. Furthermore, the rising demand for fuel-efficient aircraft with the advanced aircraft computer system is a key driving factor of market growth.
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In addition, the rising demand for military aircraft in emerging economies such as China & India will spur the market. Governments in these nations are heavily invested in advanced aircraft systems. For instance, In September 2016, the Indian government signed a contract with the French government to supply 36 Rafale fighter jets.
The COVID-19 pandemic had a negative impact on the demand for the market owing to a high decline in passenger traffic with stringent government regulations across the globe. Moreover, a steep decrease in government investment also hampered the market.
Avionics Market Report Highlights
- The growing demand for navigation systems is due to the improvement of aircraft fleets by many airline players with the latest electronic equipment for safety and fuel efficiency.
- The line fit segment accounted for the highest revenue share in 2021 and is expected to continue its dominance because it is directly installed into aircraft cockpits by OEMs. It offers a new level of operability.
- North America is expected to dominate the market over the forecast period on account of high investments by domestic players, availability of raw materials, and advanced technologies in aerospace manufacturing facilities are collectively increasing the market demand.
- Major players operating in the industry include General Electric Company, Raytheon Technologies, L3Harris Technologies Inc., Honeywell International Inc., Curtiss-Wright Corporation, Safran SA, BAE Systems PLC, Meggitt PLC, and Garmin Limited.
Polaris Market Research has segmented the avionics market report based on system, fit, platform, and region:
Avionics, System Outlook (Revenue – USD Billion, 2018 – 2030)
- Flight Management
- Weather Detection
- Traffic and Collision Management
Avionics, Fit Outlook (Revenue – USD Billion, 2018 – 2030)
- Line Fit
Avionics, Platform Outlook (Revenue – USD Billion, 2018 – 2030)
Avionics, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa