Commercial Avionics Market is Estimated to Reach $27 Billion by 2024, Says Accurize Market Research
Commercial Avionics Market report published by Accurize Market Research forecast that the global market is expected to reach $27 billion by 2024; growing at a CAGR of 4% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Upgradation of aircrafts to drive the market
Advanced navigation systems, emerging economies and the constant modification of aircrafts are the major drivers of the market. Furthermore, necessity of real time data and emergency of new players due to low barriers to entry would also support the growth of the market.
MarketSegmentation
The commercial avionics market is segmented based on the aircraft type, systems type and geography. Aircraft type is further segmented into fixed wing aircraft (very large aircraft, wide body aircraft and narrow aircraft) and rotary wing aircraft. Furthermore, systems type is segmented into integrated modular avionics, avionics full duplex switched Ethernet, cockpit systems, cabin systems, flight control & emergency, navigation, surveillance, electrical systems, communication systems, central maintenance systems and others.
By geography commercial avionics market is segmented into North America, Europe, Asia-Pacific and RoW. The U.S., Mexico and Canada are covered under North America wherein Europe covers France, Germany, United Kingdom and others. Asia-Pacific covers China, India, Japan, Australia, Singapore and others. Rest of the world (RoW) covers South America, Middle East and Africa.
"Fixed wing accounted for the largest market share in the aircraft type segment", says Accurize
By aircraft type, fixed wing aircraft accounted the maximum share of 79% in the year 2017. Similarly in the systems type segment, navigation, flight control & emergency system and surveillance hold the share of 15%, 20% and 15% respectively in 2017.
"North America dominated the global market with the highest market share over the forecast period", says Accurize
North America accounts the largest share of the market with 42% followed by Europe in the year 2017. Asia-Pacific is the fastest growing region in the global commercial avionics market, and is projected to continue this trend due to increasing investment in enhancing airports, which would open a huge opportunity for the aircraft industry.
Major players in the market
Major players in the market include Panasonic Avionics Corporation, Honeywell Aerospace, Universal Avionics System Corporation, United Technologies Corporation, General Electronics, L-3 Communications, Rockwell Collins, Diehl Aerospace GmbH, Astronautics Corporation of America and Curtiss-Wright Corporation, among others.
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