Global Commercial Avionics Market is Estimated to Reach $27 Billion by 2024, Says Accurize Market Research
Global commercial avionics market report published byAccurize Market Research forecast that the global market is expected to reach $27 billion by 2024; growing at a CAGR of 4.1% 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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Increasing technological developments in navigation systems, emerging economies in developing nations, and implementation of next-generation aircraftsacross the globe to drive the growth of the market
Increasing technological developments in navigation systems, emerging economies in developing nations, and implementation of next-generation aircraftsfuels the demand for the global commercial avionics market. Moreover,requirement for real time data and arrival of new players also boosts the growth of the market.
The global commercial avionics market has been bifurcated on the basis of 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 the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (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 aircraft accounted for the largest market share in the aircraft type segment ", says Accurize
By aircraft type, fixed wing aircraft accounted the highest market share of 79.2% in the year 2017. Moreover, by systems type, navigation, flight control & emergency system and surveillance hold the share of 15%, 19.9% and 14.7% respectively in 2017.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America accounts the largest market share with 42.1% followed by Europe with 29.6%. Asia-Pacific is the fastest growing region in the global commercial avionics market and is estimated to continue this trend due to increasing investment in the development of new airports, which would open a massive opportunity for the aircraft industry.
Top players in the market
The key market players include Diehl Aerospace GmbH, Panasonic Avionics Corporation, Honeywell Aerospace, Universal Avionics System Corporation, L-3 Communications, Rockwell Collins, United Technologies Corporation, General Electronics, Astronautics Corporation of America, and Curtiss-Wright Corporationamong others.
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