CHICAGO, Feb. 6, 2024 /PRNewswire/ -- The avionics market is estimated to be USD 43.4 billion in 2023 and is projected to reach USD 81.8 billion by 2030, at a CAGR of 9.5% from 2023 to 2030 according to a new report by MarketsandMarkets. The avionics market is thriving due to rapid advancements in digital technologies, such as artificial intelligence and data analytics, enhancing efficiency and safety. The growing demand for connected and autonomous aircraft, coupled with a focus on sustainability, is driving innovation in avionics systems. Geopolitical shifts and the expansion of emerging markets further contribute to a robust market outlook. Airlines and manufacturers are prioritizing cutting-edge solutions to meet evolving industry needs, making the avionics market dynamic and poised for sustained growth. It stands at the forefront of shaping the future of aviation technology.
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Browse in-depth TOC on "Avionics Market"
200 - Tables
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320 - Pages
Avionics Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 43.4 billion |
Estimated Value by 2030 | $ 81.8 billion |
Growth Rate | Poised to grow at a CAGR of 9.5% |
Market Size Available for | 2019-2030 |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Platform, Fit, Systems and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Cybersecurity Vulnerabilities |
Key Market Opportunities | Advanced Connectivity Solutions |
Key Market Drivers | Escalating Aircraft Production Driving Avionics Market |
By fit, the retro fit segment is projected to grow at the second highest CAGR during the forecast period.
The retrofit segment in avionics is gaining momentum driven by the increasing need for upgrading existing aircraft with advanced avionic systems. Airlines and operators are prioritizing the integration of modern technologies to enhance performance, comply with evolving regulations, and extend the operational life of their fleets. The retrofit market responds to this demand by offering flexible and customizable solutions, allowing for the integration of cutting-edge avionics into older aircraft models. As the aviation industry seeks cost-effective ways to stay competitive and meet contemporary standards, the retrofit segment plays a pivotal role in ensuring that existing fleets remain technologically relevant and operationally efficient.
By platform, the avionics market for the special mission aircraft segment is projected to grow at the highest CAGR during the forecast period.
The special mission aircraft segment in avionics is thriving due to a surge in demand for customized, mission-specific solutions. Governments, defense forces, and private entities are investing in specialized aircraft for tasks such as surveillance, reconnaissance, and disaster response. Avionics plays a critical role in enhancing the capabilities of these aircraft, providing advanced communication, navigation, and sensor systems. As the need for versatile and technologically sophisticated special mission aircraft grows, the avionics market responds with tailored solutions to meet unique operational requirements. This segment's expansion is driven by a continual focus on security, emergency response, and the evolving demands of specialized aerial missions.
By systems, power & data management segment for the avionics market is projected to grow at the second highest growth rate during the forecast period.
The power and data management systems segment in avionics is propelled by the increasing complexity and demand for efficient energy utilization in aircraft. Advanced avionics systems require sophisticated power and data management to optimize performance and ensure reliability. As aircraft become more technologically advanced, there is a growing need for integrated systems that can handle the diverse requirements of various avionic components. Power and data management solutions play a pivotal role in improving fuel efficiency, reducing operational costs, and enhancing overall system reliability.
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Middle East holds the second highest growth rate in the region for the avionics market.
The Middle East's avionics sector is thriving, driven by a booming aviation industry, increasing air travel demand, and a strategic focus on technological innovation. The region's robust economic growth and expanding airline fleets contribute to a sustained demand for cutting-edge avionic solutions. As Middle Eastern airlines prioritize modernization and compliance with evolving industry standards, the avionics industry experiences significant growth.
Major players in the avionics companies are Honeywell International, Inc. (US), L3Harris Technologies, Inc. (US), Raytheon Technologies Corporation (US), and others. These companies have well-equipped, strong distribution networks across North America, Europe, Asia Pacific, the Middle East, and the Rest of the World.
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