Avionics Market Growth, Share, Industry Revenue Till 2034

[Latest Market Trends]

The avionics market is expected to witness significant growth in the coming years. It is projected to reach USD 54.9 Billion by 2024 and USD 117.0 Billion by 2034. The experts at Future Market Insights anticipate a steady growth trajectory during this period at a CAGR of 7.9%. This growth is attributed to increased demand for commercial aircraft, particularly in emerging economies, and technological advancements enhancing safety and efficiency. Modernizing existing aircraft with advanced avionics systems is imperative to improve operational efficiency and comply with regulations, further bolstering market growth.

Avionics play a critical role in ensuring flight safety and security. Investment in advanced systems to enhance situational awareness and communication capabilities drives the market's growth. Defense organizations globally are also modernizing their fleets with advanced avionics systems to bolster operational capabilities. The rising demand for uncrewed aerial vehicles (UAVs) further propels the need for avionics tailored for these platforms.

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The market growth may face stringent regulations, high development costs, and cybersecurity risks. Retrofitting has emerged as a cost-effective solution for operators to upgrade existing aircraft with the latest avionics technology, addressing the challenge of fleet modernization.

The United States and the United Kingdom lead in avionics innovation, supported by robust aerospace industries and strategic collaborations. On the other hand, emerging markets like China and South Korea present opportunities for expansion. Despite the challenges, advancements in avionics technology are shaping the future of aviation, driving efficiency, safety, and sustainability in air travel.

“The demand for next-generation avionics systems, rising adoption of uncrewed aerial vehicles, and advanced connectivity solutions are key factors driving market growth. Governments worldwide also implement regulations to improve aviation safety and environmental sustainability, boosting investments in innovative avionics technologies”, – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Key Takeaways from the Market Study:

Flight management systems dominate the avionics market with 7% CAGR through 2034.
Retrofit leads in the avionics industry, accounting for 5% of CAGR.
The avionics in Japan is projected to inflate at a CAGR of 3% through 2034.
The avionics market in South Korea has the potential to increase at 0% CAGR through 2034.
Avionics in the United Kingdom are predicted to rise by a remarkable 0% CAGR through 2034.
The avionics in China is anticipated to develop at a CAGR of 5% through 2034.
The avionics in the United States is estimated to rise at a whopping 0% CAGR through 2034.
Competitive Landscape:

Major players in the avionics industry are investing heavily in R&D to create innovative technologies that improve aircraft safety, efficiency, and connectivity. Companies are expanding their global reach by forming partnerships, joint ventures, and acquisitions to access new markets and customers. These companies are also focusing on improving their aftermarket services, including MRO, to support the growing number of aircraft worldwide and ensure customer satisfaction.

Manufacturers are adapting to changing regulations and customer demands, such as cybersecurity and environmental sustainability, to remain competitive and build trust in their products and services.

Key Companies Operating in the Market:

L3Harris Technologies Inc.
Honeywell International Inc.
Curtiss-Wright Corporation
Safran SA
BAE Systems PLC
General Electric Company
Raytheon Technologies
Meggitt PLC
Garmin Limited
Astronautics Corporation of America
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Recent Developments:

AMETEK Abaco Systems' FORCE2C mission computer meets DO-254 and DO-178C standards for crewed and uncrewed fixed-wing and rotary-wing aircraft.
Future Energy Global aims to attract over $1 trillion in investment to significantly scale sustainable aviation fuel production by 2050.
Boeing secures a $61 Million contract modification to upgrade the F-15 Advanced Display Core Processor II (ADCP II) system.
De Havilland Canada partners with Universal Avionics and acquires Mid-Canada Mod Centre to integrate NextGen systems into CL-215T and CL-415 firefighting aircraft.
Avionics Market Segmentation Analysis:

By System:

Flight Management
Communication
Navigation
Weather Detection
Traffic and Collision Management
Others
By Fit:

Retrofit
Line Fit
By Platform:

Commercial
Military
General
By Region:

Asia Pacific
Europe
North America
Middle East & Africa
Latin America
Read More: https://www.futuremarketinsights.com/reports/avionics-market