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 Insights
Global Avionics Market size was valued at USD 43.92 billion in 2019 and is poised to grow from USD 47.18 billion in 2023 to USD 78.57 billion by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).
The flight computer system of the aircraft is composed of a variety of display units that can all execute flight operations. These systems include automatic flight management, communication, navigation, and surveillance (CNS) (AFMS). For instance, the performance of the fly-by-wire control system depends on digital computers. Equipment for communication, cockpit displays, control and monitoring, navigation, and other electromechanical systems are all included in the avionic systems. The demand for modern avionics has increased as a result of the increasing number of technological advancements since they provide improved functionality and reliability. Avionic systems use air data sensors, accelerometers, the pilot control stick sensor assembly, rate gyros, and other devices to give pilots crucial information such as aircraft height, airstream incidence, and airspeed. Avionics is utilized in a variety of applications, including commercial, defence, and unmanned aerial vehicles (UAVs).
An expansion of the retrofit aircraft market and modernization of aircraft with cutting-edge technology has led to the adoption of Avionics across the forecast period. The deployment of Next-Generation Flight Management Systems and the utilisation of advanced navigation and surveillance technologies are projected to boost market expansion over the course of the forecast period. The air transport industry is expanding and so is the future of avionics. According to ICAO’s preliminary compilation of annual global statistics, the total number of passengers carried on scheduled services rose to 4.5 billion in 2019, which is 3.6 percent higher than the previous year, while the number of departures reached 38.3 million in 2019. Rising geopolitical conflicts are a major element driving up demand for sophisticated military aircraft avionics for combat applications. Increased investments in the defence and military sectors are also supporting market expansion by upgrading current aircraft with advanced avionics systems to meet safety and integrity criteria.
US Avionics Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Avionics Market Report Snapshots
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