Avionics Market worth $81.8 billion by 2030 – Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 6, 2024 /PRNewswire/ — The avionics market is estimated to be USD 43.4 billion in 2023 and is projected to reach USD 81.8 billion by 2030, at a CAGR of 9.5% from 2023 to 2030 according to a new report by MarketsandMarkets™. The avionics market is thriving due to rapid advancements in digital technologies, such as artificial intelligence and data analytics, enhancing efficiency and safety. The growing demand for connected and autonomous aircraft, coupled with a focus on sustainability, is driving innovation in avionics systems. Geopolitical shifts and the expansion of emerging markets further contribute to a robust market outlook. Airlines and manufacturers are prioritizing cutting-edge solutions to meet evolving industry needs, making the avionics market dynamic and poised for sustained growth. It stands at the forefront of shaping the future of aviation technology.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138098845

Browse in-depth TOC on “Avionics Market

200 – Tables

150 – Figures

320 – Pages

Avionics Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$ 43.4 billion

Estimated Value by 2030

$ 81.8 billion

Growth Rate

Poised to grow at a CAGR of 9.5%

Market Size Available for

2019–2030

Forecast Period

2023–2030

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Platform, Fit, Systems and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Cybersecurity Vulnerabilities

Key Market Opportunities

Advanced Connectivity Solutions

Key Market Drivers

Escalating Aircraft Production Driving Avionics Market

By fit, the retro fit segment is projected to grow at the second highest CAGR during the forecast period.

The retrofit segment in avionics is gaining momentum driven by the increasing need for upgrading existing aircraft with advanced avionic systems. Airlines and operators are prioritizing the integration of modern technologies to enhance performance, comply with evolving regulations, and extend the operational life of their fleets. The retrofit market responds to this demand by offering flexible and customizable solutions, allowing for the integration of cutting-edge avionics into older aircraft models. As the aviation industry seeks cost-effective ways to stay competitive and meet contemporary standards, the retrofit segment plays a pivotal role in ensuring that existing fleets remain technologically relevant and operationally efficient.

By platform, the avionics market for the special mission aircraft segment is projected to grow at the highest CAGR during the forecast period.

The special mission aircraft segment in avionics is thriving due to a surge in demand for customized, mission-specific solutions. Governments, defense forces, and private entities are investing in specialized aircraft for tasks such as surveillance, reconnaissance, and disaster response. Avionics plays a critical role in enhancing the capabilities of these aircraft, providing advanced communication, navigation, and sensor systems. As the need for versatile and technologically sophisticated special mission aircraft grows, the avionics market responds with tailored solutions to meet unique operational requirements. This segment’s expansion is driven by a continual focus on security, emergency response, and the evolving demands of specialized aerial missions.

By systems, power & data management segment for the avionics market is projected to grow at the second highest growth rate during the forecast period.

The power and data management systems segment in avionics is propelled by the increasing complexity and demand for efficient energy utilization in aircraft. Advanced avionics systems require sophisticated power and data management to optimize performance and ensure reliability. As aircraft become more technologically advanced, there is a growing need for integrated systems that can handle the diverse requirements of various avionic components. Power and data management solutions play a pivotal role in improving fuel efficiency, reducing operational costs, and enhancing overall system reliability.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=138098845

Middle East holds the second highest growth rate in the region for the avionics market.

The Middle East’s avionics sector is thriving, driven by a booming aviation industry, increasing air travel demand, and a strategic focus on technological innovation. The region’s robust economic growth and expanding airline fleets contribute to a sustained demand for cutting-edge avionic solutions. As Middle Eastern airlines prioritize modernization and compliance with evolving industry standards, the avionics industry experiences significant growth.

Major players in the avionics companies are Honeywell International, Inc. (US), L3Harris Technologies, Inc. (US), Raytheon Technologies Corporation (US), and others. These companies have well-equipped, strong distribution networks across North America, Europe, Asia Pacific, the Middle East, and the Rest of the World.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=138098845

Browse Adjacent Market: Aerospace and Defence Market Research Reports & Consulting

Related Reports: 

Connected Aircraft Market by Type (Hardware, Software), Platform (Commercial, Business & General Aviation, Military, UAV, AAM), Connectivity (In-Flight, Air-To-Air, Air-To-Ground) & Region (North America, Europe, APAC, MEA, ROW) – Global Forecast to 2028

Electronic Flight Bag (EFB) Market by Component (Hardware and Software), End User (OEM, Aftermarket), Application, Platform (Commercial Aviation, Business and General Aviation, and Military Aviation), and Region – 2026

Electronic Flight Instrument System (EFIS) Market by Application, Platform (General Aviation, Commercial Aviation, Military Aviation), Sub-System (Display Systems, Processing Systems, Control Panel), Fit and Region – Global Forecast to 2027

Flight Management Systems (FMS) Market by Hardware (Control Display Unit, Visual Display Unit, Flight Management Computer), Aircraft Type (NBA, WBA, VLA, RTA), Fit (Line Fit, Retrofit) and Region – Global Forecast to 2021

Aircraft Flight Control Systems Market by Component (Cockpit Controls, Flight Control Computer, Actuators, Sensors), Platform (Commercial Aviation, Military Aviation, Business & General Aviation),Fit, Technology and Region – Global Forecast to 2027

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra


MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com

Visit Our Web Site: https://www.marketsandmarkets.com/

Research Insight: https://www.marketsandmarkets.com/ResearchInsight/commercial-avionic-system-market.asp

Content Source: https://www.marketsandmarkets.com/PressReleases/commercial-avionic-system.asp

Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg 


Go to Source