The Avionics Market is projected to grow from $68.5 billion in 2019 to $86.9 billion by 2024, at a CAGR of 4.86% during the forecast period. Growth in the retrofit aircraft market is a major factor driving the growth of the avionics market. Upgradation of aircraft with new technologies, scheduled maintenance operations of aircraft, and significant fuel saving are expected to drive the growth of the avionics market.
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By platform, the commercial aviation segment is expected to be the largest contributor to the avionics market during the forecast period.
The commercial aviation sector has witnessed strong growth over the past few years. This growth can be attributed to factors such as increasing air travel, the rise in disposable income of the middle-class population, and increased international trade and tourism across the globe. Strong growth in this sector has resulted in an increased number of aircraft orders to address the increasing air passenger traffic. Manufacturers are currently focusing on avionics components to develop products that are more reliable, accurate, and efficient. Continuous improvements in software have modified the human-machine interface of avionics.
By system, the hardware segment is projected to lead the avionics market during the forecast period.
Hardware performs as an individual unit providing a computing platform and various interfaces to other avionics. It can also be integrated as a function on various platforms such as integrated modular avionics cabinets (IMA). The control display unit (CDU or MCDU) provides the primary human/machine interface for data entry and information display. Hardware offers primary navigation, flight planning, and optimized route determination and en route guidance to the aircraft. It carries out functions such as navigation, flight planning, trajectory prediction, performance computations, and guidance. To accomplish these functions, the flight management system interfaces with several other avionics systems.
North America is expected to lead the market for avionics during the forecast period.
North America is expected to be the largest market for avionics during the forecast period. The growing demand for aircraft for commercial applications and their increasing utility in the defense sector to carry out transport and surveillance activities are additional factors influencing the growth of the avionics market in the North American region.
Key Market Players
Major vendors in the avionics market include Safran (France), Curtiss-Wright (US), Esterline Technologies (US), Honeywell (US), Meggitt (UK), Thales Group (France), and United Technologies Corporation (Collins Aerospace) (US). Honeywell, which specializes in avionics, has developed a new communication technology, the Aspire 200 satellite communications system, for use on the Bell B429 helicopter.
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