Emerging Technologies Transforming the Avionics Market: A Look into the Future
According to a report titled "Avionics Market Size, Share & Industry Analysis" published by Fortune Business Insights, the global avionics market is projected to reach USD 75.81 billion by the end of 2027.
The report highlights the increasing applications of avionics products as a key driver for market growth. Investments in research and development to develop efficient avionics products are also expected to contribute to market expansion. In 2019, the market was valued at USD 48 billion, and it is anticipated to grow at a CAGR of 9.25% during the forecast period from 2020 to 2027. The report provides comprehensive insights into the avionics market, including system types (hardware and software), platforms (commercial, military, business jets, general aviation), end-use (OEM and aftermarket), and regional analysis.
List of companies profiled in the 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)
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/industry-reports/avionics-market-101819
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 provides an analysis of the latest market trends in five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, North America is expected to dominate the avionics market in the coming years. The increasing demand for avionics products across various industry verticals will drive the growth of the market in this region. Additionally, the presence of several large-scale companies in North America will contribute to market expansion. In 2019, the avionics market in North America was valued at USD 17.62 billion, and it is projected to grow significantly in the future.
Covid-19 Pandemic to Present Serious Challenges to the Avionics Industry
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.
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.
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