Overview and Scope
Aerospace avionics refers to the electronic equipment and systems that are designed for use in aerospace. They are used in aircraft, spacecraft, and satellites.
Sizing and Forecast
The aerospace avionics market size has grown steadily in recent years. It will grow from $79.41 billion in 2023 to $83.06 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to evolution of aircraft, military sector demand, transition to digital cockpits, safety enhancements, surveillance and air traffic control..
The aerospace avionics market size is expected to see steady growth in the next few years. It will grow to $99.9 billion in 2028 at a compound annual growth rate (CAGR) of 4.7%. The growth in the forecast period can be attributed to emerging market expansion, electrical aircraft systems, defense sector growth, modernization of legacy aircraft, artificial intelligence integration.. Major trends in the forecast period include advanced flight management systems, rising demand for next-generation aircraft, autonomous systems and uavs, digital cockpit innovations, communication and connectivity..
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Segmentation & Regional Insights
The aerospace avionics market covered in this report is segmented –
1) By Systems: Flight Control System, Communication System, Navigation System, Monitoring System, Others Systems
2) By Application: Commercial Aviation, Military Aviation, Business Jets And General Aviation
3) By Distribution Channel: OEM, Aftermarket
North America was the largest region in the aerospace avionics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aerospace avionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising demand for air travel is expected to propel the aerospace avionics market going forward. Air travel refers to a type of travel that involves air vehicles like airplanes, jets, and helicopters. It includes both local and foreign passengers carried by airlines with national registrations. An increase in air travel across the globe creates the demand for aerospace avionics. For instance, in June 2022, the International Air Transport Association, a trade association of the world's airlines, reported that international air traffic increased by 229.5% in 2022 compared to 2021. Therefore, the rising demand for air travel is driving the aerospace avionics market.
Key Industry Players
Major companies operating in the aerospace avionics market report are Thales Group, L3Harris Technologies Inc., Airbus SAS, Boeing Co., BAE Systems Inc., Northrop Grumman Corporation, Saab AB, Leonardo S.p.A., Elbit Systems Ltd., General Dynamics Corporation, General Electric Company, Cobham plc, Honeywell International Inc., Raytheon Technologies, Safran S.A., Lockheed Martin Corporation, RTX Corporation, Garmin Ltd., Harris Corporation, Meggitt plc, Advent International Corp., Curtiss-Wright Corporation, Teledyne Technologies Incorporated, Moog Inc., Astronics Corporation, TransDigm Group Incorporated, Kratos Defense & Security Solutions Inc., Universal Weather and Aviation Inc., Avidyne Corporation, FreeFlight Systems, Becker Avionics International Group, Flight Data Systems Pty. Ltd., Innovative Solutions & Support Inc.
The aerospace avionics market report table of contents includes:
1. Executive Summary
2.Aerospace Avionics Market Characteristics
3.Aerospace Avionics Market Trends And Strategies
4.Aerospace Avionics market analysis
5.Aerospace Avionics Market Size And Growth
6.Aerospace Avionics Segmentation
7.Aerospace Avionics Regional And Country Analysis
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27. Aerospace Avionics Competitive Landscape And Company Profiles
28. Aerospace Avionics Key Mergers And Acquisitions
29.Aerospace Avionics Future Outlook and Potential Analysis
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