The Commercial Aircraft Nextgen 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 Commercial Aircraft Nextgen Avionics Global Market Report 2024, The commercial aircraft nextgen avionics market size has grown rapidly in recent years. It will grow from $3.08 billion in 2023 to $3.46 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to increased air traffic, increased travel and tourism, population growth, rise in disposable income, growth of the aviation industry.
The commercial aircraft nextgen avionics market size is expected to see rapid growth in the next few years. It will grow to $5.37 billion in 2028 at a compound annual growth rate (CAGR) of 11.6%. The growth in the forecast period can be attributed to emerging market demand, fuel-efficient airframe designs, sustainable aviation materials, market entry of new players, and growing need for commercial aircrafts. Major trends in the forecast period include digital cockpit modernization, advancements in connectivity and communication, autonomous flight technologies, ai and machine learning, and advancements in human-machine interface (hmi).
An increase in air passenger traffic is expected to propel the growth of the commercial aircraft NextGen avionics market going forward. Air passenger traffic refers to both local and foreign passengers carried by airlines with national registrations. An increase in air passenger traffic across the globe creates the need to effectively manage air traffic, which is being made available to air traffic controllers and pilots through commercial aircraft NextGen avionics by proactively identifying and resolving weather and other hazards. For instance, in May 2022, according to a report published by the International Civil Aviation Organization (ICAO), a United Nations agency whose duties include developing and disseminating international civil aviation regulations as well as monitoring and assessing their application, between January and April 2022, there were 65% more air travelers than there were during the same time in 2021, and there were 30% more aircraft departures. Therefore, an increase in air passenger traffic across the globe is driving the commercial aircraft NextGen avionics market growth.
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The commercial aircraft nextgen avionics market covered in this report is segmented –
1) By Systems: Flight Management System, Communication System, Electric and Navigation System, Surveillance and Emergency System, Collision Avoidance System, Weather System, Others Systems
2) By Installation Stage: Forward Fit, Retrofit
3) By End User: Regional, Narrow Body, Wide Body
Technological advancement is a key trend gaining popularity in the commercial aircraft next-gen avionics market. Major players operating in the market are leveraging new technologies to sustain their position in the commercial aircraft nextgen avionics market. For instance, in September 2021, Panasonic Avionics Corporation, a US-based manufacturer of in-flight entertainment and communications devices launched a new, next-generation Ku-band antenna with ThinKom’s VICTS (Variable Inclination Continuous Transverse Stub) technology. The antenna would link airplanes to Panasonic Avionics’ global network of high-speed, high-bandwidth Ku-band satellites, placing capacity where it is most required to satisfy the expanding needs of airlines and their customers. Airlines can benefit from a variety of features such as gate-to-gate operations, increased speed throughput, improved aerodynamic efficiency, support for both LEO (low earth orbit) and GEO (geostationary orbit) satellite networks, and lower operational costs.
The commercial aircraft nextgen avionics market report table of contents includes:
- Executive Summary
- Commercial Aircraft Nextgen Avionics Market Characteristics
- Commercial Aircraft Nextgen Avionics Market Trends And Strategies
- Commercial Aircraft Nextgen Avionics Market – Macro Economic Scenario
- Global Commercial Aircraft Nextgen Avionics Market Size and Growth
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- Global Commercial Aircraft Nextgen Avionics Market Competitive Benchmarking
- Global Commercial Aircraft Nextgen Avionics Market Competitive Dashboard
- Key Mergers And Acquisitions In The Commercial Aircraft Nextgen Avionics Market
- Commercial Aircraft Nextgen Avionics Market Future Outlook and Potential Analysis
- Appendix
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