The global aerospace avionics market is expected to see striking growth by 2030, due to the strong growth in commercial aviation for passenger travel. Regionally, the Asia-Pacific region is expected to have wide growth opportunities.
NEW YORK, June 14, 2022 /PRNewswire/ — Research Dive has added a new report to its offering titled, ‘Aerospace Avionics Market by Systems (Flight Control System, Communication System, Navigation System, Monitoring System, and Others), Application (Commercial Aviation, Military Aviation, and Business Jets & General Aviation), Distribution Channel (OEM and Aftermarket), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030.’
According to the report, the global aerospace avionics market is anticipated to generate a revenue of $110,605.5 million and rise at a CAGR of 4.6% throughout the analysis period from 2022 to 2030.
Dynamics of the Aerospace Avionics Market
With the rising growth in commercial aviation for passenger travel, the aerospace avionics market is projected to experience remarkable growth during the estimated period. Moreover, the increasing demand for commercial and military aircraft from developing countries is further expected to bolster the growth of the market over the forecast period. However, the higher cost involved in the manufacturing and operation of commercial aircraft may hinder the growth of the market over the analysis period.
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Covid-19 Impact on the Aerospace Avionics Market
The outbreak of the Covid-19 pandemic has moderately impacted the growth of the aerospace avionics market. To control the spread of the coronavirus, the governments of many nations have imposed international and domestic travel restrictions. This has decreased the demand for avionics hardware and software in the commercial avionics sector, which further restricted the growth of the market during the peak pandemic period. However, the implementation of advanced technologies, such as the industrial internet of things (IIOT) to facilitate the virtual control of the production processes of aerospace avionics products is expected to drive the growth of the market post-pandemic period.
Specific Requirements on Post COVID-19 Impact on Aerospace Avionics Market? Ask to Our Industry Expert at https://www.researchdive.com/connect-to-analyst/2838
Segments of the Aerospace Avionics Market
The report has divided the market into segments based on systems, applications, distribution channels, and region.
- By systems, the flight control system sub-segment is expected to be the most productive and is projected to generate a revenue of $39,930.8 million during the analysis timeframe. The growing advancements in the flight control systems, such as fluidic thrust vectoring technologies are expected to propel the growth of the sub-segment during the forecast period.
- By application, the commercial aviation sub-segment is predicted to be the most profitable and is expected to garner a revenue of $60,068.3 million over the estimated timeframe. The rising number of passengers and cargo all across the globe is predicted to upsurge the growth of the market’s sub-segment during the analysis period.
- By distribution channel, the original equipment manufacturer (OEM) sub-segment is predicted to have a dominating share in the market and is projected to generate a revenue of $63,139.4 million throughout the forecast period. The rapidly increasing growth of major aviation sectors including commercial aviation, military aviation, and general aviation, is expected to augment the growth of the market sub-segment over the analysis period.
- By region, the Asia-Pacific region of the aerospace avionics market is expected to have expansive growth opportunities during the estimated timeframe. The rise in military aviation modernization programs and expansion of commercial aviation in this region is expected to drive the regional growth of the market over the forecast period.
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Key Players of the Aerospace Avionics Market
The major players of the global market include
- Thales Group
- General Dynamics Corporation
- Elbit Systems Ltd.
- BAE Systems
- Leonardo S.P.A
- Airbus
- L3Harris Technologies, Inc.
- General Electric
- Northrop Grumman Corporation
- Boeing, and many more.
These players are widely working on the development of new business tactics to attain a leading position in the global industry. – Inquire here to buy Full Report at https://www.researchdive.com/purchase-enquiry/2838
For instance, in May 2022, Boeing, a leading American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide, announced its collaboration with Air Works, a leading diversified aviation services provider with presence in 4 continents across the globe. With this collaboration, the companies aimed to increase the scope and scale of maintenance, repair, and overhaul (MRO) capabilities for Indian Navy P-8I maritime aircraft.
In addition, the report also presents other important aspects such as product portfolio, the financial performance of the key players, SWOT analysis, and the latest strategic development.
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