The Commercial Avionics Systems Global Market Report 2023 by The Business Research Company, provides commercial avionics systems market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Commercial Avionics Systems Global Market Report 2023, the market size is expected to grow from$26.96 billion in 2022 to $27.77 billion in 2023 at a compound annual growth rate (CAGR) of 3.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global commercial avionics systems is expected to grow to $32.03 billion in 2027 at a CAGR of 3.6%.
An increase in the number of airline passengers is expected to propel the growth of the commercial avionics systems market going forward. The avionic systems are the electronic systems used on aircraft that include communications, navigation, the display and management of multiple systems, and other functions. This helps in the better functioning of aircraft, which would result in increased passenger numbers.
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The commercial avionics systems market is segmented:
1) By Sub System: Flight Management And Control, Health Monitoring, Electrical And Emergency, Communication Navigation And Surveillance, Other Sub Systems
2) By Fit: Retrofit, Forward Fit
3) By Aircraft Type: Narrow Body, Wide Body, Regional and Business Jet, Freighter
The growing adoption of next-generation flight management systems (NGFMS) is a key trend gaining popularity in the commercial avionics systems market. NGFMS improves fuel efficiency, reduces direct operating costs, reduces pilot workload, and improves safety, which thus optimizes future air traffic management (ATM) functions. For instance, in July 2020, Thales, a France-based multinational company that designs and builds electrical systems and provides services for aerospace and other sectors, launched PureFlyt, a flight management system that enables enhanced safety and efficiency in the cockpit. This new flight management system (FMS) is specifically designed to efficiently manage aircraft in the connected aerospace ecosystem and in increasingly congested skies.
The commercial avionics systems market report table of contents includes:
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