Commercial Avionics Systems Market to Garner $54.4 Billion
Portland, OR, June 20, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global commercial avionics systems market was estimated at $32.9 billion in 2020 and is expected to hit $54.4 billion by 2030, registering a CAGR of 5.31% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in number of aircraft deliveries, growth in emerging economies, surge in demand for in-flight entertainment (IFE) services, and growing inclination toward real-time data drive the global commercial avionics systems market. On the other hand, regulatory framework and vulnerability to cyber-attacks hinder the growth to some extent. However, development of advanced avionics systems for Nextgen aircraft, growth in adoption of low-cost carriers (LCC) in developing countries, and improvement in commercial aviation networks are expected to create lucrative opportunities in the industry.
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- Stringent lockdown measures and ban on import-export gave way to shortage in the procurement of raw materials required for manufacturing commercial avionics systems, which impacted the market negatively.
- Also, nationwide lockdowns compelled drone manufacturing facilities to completely or partially shut their operations.
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The global commercial avionics systems market is analyzed across aircraft type, subsystem, fit, and region. Based on aircraft type, the narrow body segment accounted for nearly two-thirds of the total market share in 2020, and is expected to rule the roost by 2030. The freighter segment, on the other hand, would garner the fastest CAGR of 6.9% throughout the forecast period.
Based on fit, the retrofit segment contributed to nearly three-fifths of the total market revenue each in 2020, and is projected to lead the trail by 2030. The forward fit segment, however, would exhibit the fastest CAGR of 5.93% during the forecast period.
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Based on region, the market across Asia-Pacific held the major share in 2020, garnering nearly one-third of the global market. The same region would also manifest the fastest CAGR of 6.35% throughout the forecast period.
The key market players analyzed in the global commercial avionics systems market report include General Electric, Honeywell International Inc., Universal Avionics Systems Corporation, Meggitt PLC., Panasonic Corporation, Raytheon Technologies Corporation, BAE Systems Plc., Teledyne Technologies, Inc., L-3 Harris Technologies, and Thales Group. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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