Avionics system is an electronics equipment deployed in the artificial satellites, aircrafts, and spacecraft for smooth functioning and operation. It has been observed that the demand for systems that make precise calculation of real time data is on the rise among the aviation industries. This is driving the manufacturers to come up with efficient Avionics Systems in order to meet the requirements of commercial as well as military applications. Taking into account the growth of the global Avionics Systems market, QYR Consulting has lately published a new report titled, “Global Avionics Systems Market Report: Company Analysis, History and Future Overview, Global Sales Trends by 2025.” According to the report, the global Avionics Systems market was US$ 26.8 Bn in 2018 and is expected to reach US$ 38.7 Bn by the end of 2025. The global Avionics Systems market is predicted to exhibit a moderate CAGR of around 4% during the forecast period of 6 years, i.e. between 2019 and 2025.
Demand for Avionics Systems to increase for commercial usage
The global Avionics Systems market has been segmented based on application as commercial use and military use. Surge in the air travel for business and leisure may increase the demand for commercial Avionics Systems in the years to come. The military sector use Avionics Systems to reduce the risk and raise the safety of the aircraft. The global Avionics Systems market has been segregated on the basis of product type as flight control system, flight management system, health monitoring system, and others. Demand for flight control and management systems are anticipated to witness a surge as compared to other product types.
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North America to emerge as a frontrunner in the market
Increasing adoption of advanced technology to enhance the efficiency of aircrafts and restructuring of parked aircrafts with improved Avionics Systems are the key factors driving the market in North America. The number of air travel is increasing in North America and Europe, which is having a positive impact on the market growth. Surge in the order and deliveries of aircrafts is also likely to support Avionics Systems market growth in Asia Pacific.
Key players operating in the Avionics Systems market are BAE Systems, Rockwell Collins, Northrop Grumman, Honeywell Aerospace, Cobham, GE Aviation, Lockheed Martin, Raytheon, Garmin Ltd., and Thales Group.
Need for precise real time data to boost the market growth
Increasing demand for real time data in the aviation industry is a key factor supporting the Avionics Systems market growth. Rise in the number of air travels is also driving the demand for Avionics Systems. Rapidly growing aviation industries in the developed regions is also opening up new avenues for the market players. Technological advancements have been playing a key role in driving the Avionics Systems market to a great extent. However, high maintenance cost of the system may restrain the market growth in the coming years. Increasing vulnerability to online and cyber-attacks is also likely to challenge the market players.
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