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.