Product ID: SQMIG20A2030
Global Avionics Market Size, Share, Growth Analysis, By System(Hardware, Software), By Platform(Commercial, Military) - Industry Forecast 2024-2031
Report ID:
SQMIG20A2030 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
63 |
Figures:
76
Global Avionics Market Dynamics
Avionics Market Driver
- The avionics systems market was profoundly impacted by technological advancements. Additionally, advancements in in-flight entertainment, glass cockpits, and health monitoring systems helped the market expand. The market is expanding primarily due to an increase in demand for data analytics in the aviation sector, especially in North America and Europe where the sector is sufficiently developed to support such improvements. Faster data processing speed made possible by real-time data analytics helps in industry decision-making. This component is anticipated to have a big impact in the future.
- It is projected that a significant increase in passenger traffic, particularly in commercial aircraft, will spur market expansion. The reason for this is that commercial aircrafts are outfitted with cutting-edge technologies including flight management systems, communication systems, navigation systems, surveillance systems, and electrical systems, all of which improve the trip experience for passengers and guarantee travel safety. This might raise demand for more aircraft, which would help the aerospace avionics industry grow by increasing the number of passengers in commercial aviation. For instance, the top global aerospace company Airbus SE delivered 566 commercial aircraft in 2021.
- The advancement of new and improved avionics necessitates the replacement of obsolete avionics systems in older generation military aircraft. These advanced avionics suites help aircraft satisfy newer generation battlefield requirements such as long-range target identification and tracking, stealth, and electronic warfare protection. As a result, in order to keep up with enemies, allied military forces are developing modernization programmes to upgrade the avionics suites in military aircraft.
Avionics Market Restraint
- The main concerns for the global avionics markets include rising raw material costs, reductions in defence funding that affect avionic system spending, avionic system complexity.
- The cost of producing and operating commercial aeroplanes is relatively high due to their sophistication. As a result, the entire price of the aircraft avionics system rises, and maintenance costs are also significant. The presence of navigation systems, flight management systems, engine health monitoring, surveillance systems, and other systems is primarily responsible for the rising cost. The size of the aerospace avionics market is also expected to be affected by other technical limitations like dependability, reliability, and reducing or eliminating processing interference.
Global Avionics Market Report Snapshots
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