Pune, India, April 27, 2023 (GLOBE NEWSWIRE) -- The global avionics market size was valued at USD 48.00 billion in 2019 and is estimated to reach USD 75.81 billion by 2027, exhibiting a CAGR of 9.25% during the forecast period. According to a report published by Fortune Business Insights, titled “Avionics Market Size, Share & Industry Analysis, and Regional Forecast, 2020-2027,” the market was worth USD 48 billion in 2019 and will exhibit a CAGR of 9.25% during the forecast period, 2020-2027.
Avionics is the development and production of electronic instruments that are used in aviation or astronautics. It involves all products that are associated with spacecraft, satellites, and other types of aircraft. Technological advancements will play a huge role in the growth of the overall market in the coming years. Variations in product offerings and the flexibility enabled through the integration of advanced concepts have led to wider product adoption in recent years. The increasing product applications have contributed to the increasing demand for products across the avionics industry across the world. The increasing investments in avionics are consequential to the rising applications. Additionally, the presence of several large-scale companies will bode well for the growth of the market in the foreseeable future.
Get a Free Sample Research Report:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/avionics-market-101819
List of Key Players Profiled in the Avionics Market Report:
- Avilution LLC (The U.S.)
- BAE Systems (The U.K.)
- CCX Technologies (Canada)
- Cobham PLC (The U.K.)
- Collins Aerospace (The U.S.)
- Garmin Ltd. (The U.S.)
- General Electric (The U.S.)
- Honeywell International Inc (The U.S.)
- L3Harris Technologies, Inc.(The U.S.)
- Meggitt (The U.K.)
- Search Results
- Web results
- Nucon Aerospace(India)
Report Scope & Segmentation:
| ATTRIBUTE | DETAILS |
| Forecast Period | 2019-2027 |
| Forecast CAGR | 9.25% |
| 2027 Value Projection | USD 75.81 billion |
| Market Size in 2019 | USD 48.00 billion |
| Historical Data | 2016-2018 |
| No. of Pages | 150 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Avionics Market Growth Drivers | Improving Aircraft Computing Capabilities are Propelling the Market Growth |
| Increasing Demand for Military Aircraft from Emerging Economies such as China and India Will Aid Growth |
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/avionics-market-101819
COVID-19 Impact:
The recent coronavirus outbreak has created a sense of panic across the world. The rapid spread of the disease has had an adverse effect on several businesses across diverse industries. The efforts taken by governments across several countries to curb the spread of the diseases have forced businesses to shut down completely. It has been a similar scenario in the avionics industry and the past few months have presented several challenges to the businesses in this sector. The rising cases of coronavirus have put people in a state of panic and hesitancy; a primary factor behind the economic downfall in the past few months.
Segments:
By System
- Hardware
- Software
- Others
By Platform
- Commercial
- Military
- Business Jets
- General Aviation
- Helicopters
By End-Use
- OEM
- Aftermarket
By Geography
- North America (The U.S. and Canada)
- Europe (The U.K., Germany, France, Italy, Russia, and Rest of Europe)
- Asia-Pacific (Japan, China, India, and Rest of Asia- Pacific)
- Rest of the World (Latin America, and the Middle East & Africa)
Market Driver
Company Mergers are an Increasing Trend Among Major Businesses across the World
The report encompasses several factors that have contributed to the growth of the overall avionics market in recent years. Among all factors, the increasing number of company mergers and acquisitions as well as collaborations among major businesses has made the highest impact on the growth of the market. Accounting to the increasing applications of avionics across the world, companies are looking to collaborate with other large scale businesses with a bid to maximizing the resources of both the companies. In June 2019, Pattonair announced that it has signed a contract with Safran Ventilation Systems. This collaboration is aimed at the development as well as distribution of advanced logistical support. This will cover a wide range of ventilation products that can be used for avionics, including interior fans. This collaboration will have a massive global impact on the growth of the market, primarily driven by the wide customer coverage of the company across the world.
North America to Emerge Dominant; Presence of Several Large Scale Companies Will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing demand for the product, driven by applications across divers industry verticals will have a huge impact on the growth of the regional market. The presence of several large scale companies will also bode well for the growth of the market in this region. As of 2019, the market in North America was worth 17.62 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years driven by the rising aviation industry in several countries across this region.
Get a Quote Now:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/avionics-market-101819
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Avionics Market
-
- Impact of COVID-19 Pandemic on Global Avionics Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
-
TOC Continued...!
Industry Developments:
April 2020 – Lockheed Martin Corporation announced that it has signed a contract with the U.S. Air Force. The contract is said to be worth USD 50 million and will be aimed at upgrading the advanced avionics suite, which is used to modernizes the U-2 combat aircraft’s onboard system.
Speak to Our Expert:
https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/avionics-market-101819
Read Related Insights:
With 6.71% CAGR, Aircraft Antenna Market Size Worth USD 631.1 Million by 2029 | Fortune Business Insights™
Military Communications Market Size to Reach USD 62.96 Billion by 2026; High Demand for SATCOM Technology to Boost Growth, Says Fortune Business Insights™
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner,
Mahalunge Road, Baner, Pune - 411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Follow Us: LinkedIn | Facebook | Twitter
