Categories: Aerospace & Defence

Avionics Market Commodities, High Growth Opportunities, Segmentation, Market Trends By 2024-2033|Safran SA, Honeywell International Inc., Thales Group, L-3 Avionics Systems, Raytheon Technologies Ltd., GE Aviation Inc.

The Avionics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Avionics Global Market Report 2024, The avionics market size has grown strongly in recent years. It will grow from $79.6 billion in 2023 to $86.11 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to strong economic growth, increased demand for commercial aircraft, expansion of the aerospace and defense industry, stringent environmental regulations, military modernization.

The avionics market size is expected to see strong growth in the next few years. It will grow to $117.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to digital transformation, increasing consumer disposable income, investment in aircraft fleet expansion, growing demand for unmanned aerial vehicles (uavs). Major trends in the forecast period include ai and machine learning, advanced cockpit displays, data analytics and predictive maintenance, remote and autonomous operations, integration of augmented reality (ar) and virtual reality (vr).

The increase in demand for new commercial aircraft is expected to propel the growth of the avionics market going forward. Commercial aircraft refers to a plane that carries passengers or goods from one place to another. Avionics are used for the management of various systems in aircraft for controlling electronic systems and equipment. For instance, according to Airbus, a Netherlands-based aerospace corporation, in February 2022, the Asia-Pacific region required 17,620 new passenger and freighter aircraft. This includes the requirement of 13,660 aircraft in the small category and 2,470 and 1,490 aircraft in the medium and large category aircraft. Therefore, the increase in demand for new commercial aircraft is driving the demand for avionics markets.

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The avionics market covered in this report is segmented –

1) By Platform: Commercial Aviation, Military Aviation, Business Jets, General Aviation, Helicopters

2) By Sub System: Flight Management and Control, Health Monitoring, Electrical and Emergency, Communication Navigation and Surveillance

3) By End User: Original Equipment Manufacturer (OEM), Aftermarket

Technological innovations have emerged as a key trend gaining popularity in the avionics market. Major companies operating in the avionics sector are focused on new innovations to strengthen their position in the market. For instance, in March 2022, Genesys Aero Systems, a US-based manufacturer of flight systems, autopilot systems, and avionics components, launched HeliSAS, which is a helicopter autopilot system. This new system governs airspeed and allows the pilot to go hands-free to conduct cockpit tasks. This works on stability augmentation technology, which can effectively control the helicopter by using sensors, including magnetometers.

The avionics market report table of contents includes: