Yahoo Finance Global Aerospace Avionics Market Predicted to Garner $118,619.0 Million by 2028 at a CAGR of 6.7% from 2021 to 2028 – Exclusive [285 pages] Report by Research Dive
The global aerospace avionics market is anticipated to experience robust growth during the forecast period due to technological advancements and rising demand for aircrafts. The North America region is set to dominate in the global market during the analysis period.
New York, USA, Sept. 20, 2021 (GLOBE NEWSWIRE) -- As per the latest report by Research Dive, the global aerospace avionics market is predicted to witness a rise in revenue from $71,362.8 million in 2020 to over $118,619.0 million by 2028 at a stable CAGR of 6.7% from 2021-2028.
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Market Dynamics
Growth: The commercial aviation sector has been witnessing a significant increase in the number of passengers in the recent years. Most of these commercial aircrafts contain communication systems, surveillance systems, navigation systems, electrical systems as well as flight management systems, which are overall elements of the avionics system. The increase in passengers has also led to growing demand for more aircrafts, which is anticipated to assist in the growth of the market in the analysis period.
Restraints: Most of the commercial aircrafts are built to contain advanced features which tend to increase the price of production. Additionally, the presence of these features could also be a cause for a rise in the repair and maintenance costs. This high budget requirement is expected to hamper the growth of the global market in the forecast period.
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Opportunity: Commercial flights have been witnessing a tremendous increase in the number of passengers which has led to the need to add more commercial aircrafts to the industry. Additionally, the requirement for military aircrafts has also increased leading to an increase in the market’s growth rate. Also, a majority of developing nations such as India, Russia, South Africa, and Brazil have observed an increase in the per capita income of its citizens. This has also resulted in people opting for air travel over the past couple of years. These factors are set to provide an opportunity of growth for the market.
Segmental Analysis
The report segregates the market into different segments – by system, application, and distribution channel.
Flight Control System Sub-segment Set to Dominate the Market
By system, the flight control sub-segment is expected to dominate the market with a significant rise in revenue from $27,763.5 million in 2020 to over $44,541.4 million by 2028. This growth is credited to the advancements being implemented into both commercial and military aircrafts. These also include enhancing the fuel efficiency which has further resulted in profitability and improved functioning of the aircrafts. These factors have ensured the growth of the sub-segment in the analysis period.
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Commercial Aviation Sub-Segment Predicted to Gain Highest Market Share
By application, the commercial aviation sub-segment is expected to garner a revenue of $62,638.0 million by 2028 and is expected to rise further at a CAGR of 7.0% in the forecast period. This growth is primarily a result of the rise in frequency in transportation of both passengers and cargo. According to the International Air Transport Association, its “20 Year Air Passenger Forecast” which was published in 2018 there are expected to be over 8.2 billion air passengers by 2037. This is set to further boost the growth of the segment in the forecast period.
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Original Equipment Manufacturer (OEM) Sub-Segment Expected to Garner Highest Revenue
By distribution channel, the original equipment manufacturer (OEM) sub-segment is predicted to witness a significant surge in revenue from $41,429.5 million in 2020 to over $67,910.5 million by 2028. All three sectors of aviation - general, commercial, and military are set to work towards the growth of the sub-segment. Additionally, renowned aerospace (OEMs) such as Airbus S.A.S and Boeing are set to witness an increase in the orders for commercial aircrafts which is further set to propel the growth of the segment in the estimated timeframe.
Regional Analysis
The region is known for its widespread presence of strong infrastructure among the commercial and military aviation sector. The region has also been investing in the development and research of the aerospace avionics industry which is further anticipated to boost the growth of the segment in the region in the analysis period.
Key Market Players
The report also provides a list some renowned key players that have been working on helping the market grow further are:
1. Northrop Grumman Corporation
2. General Dynamics Corporation
3. Thales Group
4. Elbit Systems Ltd
5. General Electric
6. L3 Harris Technologies, Inc
7. BAE Systems
8. Leonardo S.P.A
9. Airbus
10. Boeing
These players are currently focusing on R&D activities, mergers &acquisitions, partnerships, and collaborations to sustain and attain a leading position in the market.
For instance, in February 2020, General Dynamics Corporation, a globally renowned aerospace organization announced the completion of the first Gulfstream 6700 flight. It is expected to be one of the most spacious yet fast range flights and also eco-friendly as it functioned on a sustainable aircraft duel.
Impact of COVID-19 on the Global Aerospace Avionics Market
The pandemic has been an extremely difficult phase for the economy as several businesses have faltered and as a result have shut down. The aerospace avionics market was also initially affected due to the lockdown guidelines and travel bans, which resulted in a drastic drop in the number of passengers. The International Air Transport Association provided an overview of how the demand for commercial airlines shifted from 2019 to 2020. According to the report, the demand for international passengers dropped from below 75.6% in 2020. Also the domestic demand reduced to below 48.8% in 2020 which also affected the demand for software and hardware meant for aircraft production. But the use of advanced technology including Industrial Internet of Things (IIoT) provided the industry with a means to keep an eye on the manufacturing process while also possessing a virtual control of the production. This is set to ensure the growth of the market in the post-pandemic era.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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