The Rising Global Aircraft Fleet Boosting Aircraft Avionics Market Growth
According to our latest market study on "Aircraft Avionics Market Forecast to 2030 – Global Analysis – by Avionics Type, Aircraft Type, and Geography," the market was valued at US$ 41.23 billion in 2022, and it is expected to reach US$ 69.60 billion by 2030; it is anticipated to register a CAGR of 6.8% from 2022 to 2030.
An aircraft has various electronic components that are referred as aircraft electronics or avionics. Some of the major operations of aircraft avionics includes flight management, engine controls, weather monitoring, lighting systems, visibility systems, fuel controls, flight recording, communications, and navigation. All these operations are important to operate any of the aircraft model. Moreover, the usage of aircraft avionics is not just limited to such operation, but hundreds of similar applications are performed for any aircraft operation.
Aircraft Avionics Market Share – by Region, 2022
Aircraft Avionics Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Avionics Type (Navigation Systems, Communication Systems, Power & Flight Management Systems, Weather Monitoring System, Electronic Flight Display, and Others); Aircraft Type (Commercial Aircraft and Military Aircraft)
Aircraft Avionics Market Size Report – Growth & Forecasts 2030
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Source: The Insight Partners Analysis
The majority of airlines across the world operate with fleets of aging aircraft. With an objective to cope with frequent replacement of avionics, commercial airlines, business jet owners, and military forces are seeking to upgrade or retrofit aging avionics with advanced avionics. Furthermore, navigation systems and communication systems are among the key areas requiring upgrades or retrofitting as these two systems define smoother aircraft travel. Airlines seek advanced systems for congestion reduction and pilot situational awareness, as well as communication and navigation (nav/comm) enhancement, to efficiently execute operations. Also, the future of the avionics market is prominent with the advancements of the Federal Aviation Administration’s (FAA) NextGen Air Transportation System and Eurocontrol’s Single European Sky ATM Research program (SESAR). These programs promote various digital technologies, which, in turn, are likely to create lucrative business opportunities for market players operating in the aircraft avionics market. For instance, in March 2023, Ashish Saraf, Vice President and Country Director of Thales India, stated that the company is planning to set up a new MRO center for avionics and in-flight entertainment systems in India in the coming years. Such developments are likely to generate new opportunities for aircraft avionics market players in thee coming years.
The aircraft avionics market is segmented based on avionics type, aircraft type, and geography. In terms of avionics type, the aircraft avionics market is categorized into navigation systems, communication systems, power & flight management systems, weather monitoring system, electronic flight display, and others. In 2022, power & flight management systems accounted for a larger market share by avionics type, and it is expected to retain its dominance during the forecast period as well. Based on aircraft type, the aircraft avionics market has been segmented into commercial aircraft and military aircraft. In 2022, commercial aircraft segment accounted for a major share in the global aircraft avionics market, and it is expected to retain its dominance during the forecast period as well. Based on geography, the aircraft avionics market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America regions. In addition, in 2022, North America region accounted for a major share in the global aircraft avionics market, however, Asia Pacific segment is likely to register highest CAGR during the forecast period.
L3Harris Technologies Inc, Raytheon Technologies Corporation, Curtiss-Wright Corporation, Honeywell International Inc, General Electric Company, Safran SA, BAE Systems Plc, Moog Inc, Meggitt Plc, and Garmin Ltd are among the major aircraft avionics market players operating globally. Manufacturers operating in the aircraft avionics market strongly collaborate with aircraft manufacturers, military forces, and government of different countries to understand their demands and offer them suitable resolutions. Such factors have been driving the aircraft avionics market growth across different regions.
The growth in number of aircraft fleet is one of the major factors supporting the growth for aircraft avionics market from the OEMs perspective across different regions. Moreover, the rising number of older generation aircraft fleet s another major factor supporting the aircraft avionics market growth from the aftermarket perspective. Further, the expected commercial aircraft deliveries across different regions is another factor likely to provide new opportunities for aircraft avionics market players in the coming years. For instance, according to two of the major aircraft OEMs, Boeing and Airbus, it is expected that more than 38,000 commercial aircraft are expected to be delivered during 2022-2040. Such factors are likely to provide new opportunities for market vendors during the forecast period.
The aircraft avionics market players are strongly focusing on collaborating with different aircraft OEMs, airlines, military forces, and government of different countries to understand their respective demands and offer them suitable resolutions. Moreover, several aviation associations and organizations of different nations are investing substantially for the development of advanced aircraft avionics products which is another major factor supporting the global aircraft avionics market growth across different regions.
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