Rising Demand for Air Travel Expected to Surge the Growth of the Global Aerospace Avionics Market in Upcoming Years, 2021-2028 - Exclusive Report [285 pages] by Research Dive
Flight control system sub-segment is estimated to be the most profitable segment. Commercial aviation sub-segment is expected to be the most lucrative.
The original equipment manufacturer (OEM) sub-segment expected to be the most dominating. North America is expected to lead the market.
NEW YORK, Sept. 13, 2021 /PRNewswire/ -- Research Dive has published a report titled, "Aerospace Avionics Market by Systems (Flight Control System, Communication System, Navigation System, Monitoring System, and Others), Application (Commercial Aviation, Military Aviation, and Business Jets & General Aviation), Distribution Channel (OEM and Aftermarket), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028"
The Global Aerospace Avionics Market is predicted to garner a revenue of $1,18,619.0 million at a CAGR of 6.7% during the forecast period, rising from $71,362.8 million in 2020.
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Regional Analysis
North America Aerospace Avionics Market accounted for $24,192.0 million in 2020 and is further predicted to generate a revenue of $38,990.1 million by the end of 2028. The countries such as the U.S. and Canada have the most advanced infrastructure in the commercial and military aviation industry. Apart from this, the leading players of the industry are focusing on the research and development of aerospace avionics which has increased the chances of growth and sustainability of the market. These factors are expected to enhance the market growth during the forecast period.
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Key Segments of the Market
The report has divided the market into different segments based on system, application, distribution channel, and regional analysis.
- Systems: The flight control system sub-segment is predicted to garner a dominating revenue of $44,541.4 million in 2028, surging from $ 27,763.5 million in 2020. Demand of advanced aircraft operations in the military and commercial aviation is expected to be one of the main factors behind the growth of the market segment.
- Application: The commercial aviation sub-segment is expected to register the highest revenue of $62,638.0 by the end of 2028, at a healthy CAGR of 7.0% during the forecast period.
The rising number of air travelers across the world is going to enhance the growth of the market segment during the forecast period.
- Distribution Channel: The original equipment manufacturer (OEM) sub-segment is forecasted to garner a revenue of $67,910.5 million by 2028, increasing from $41,429.5 million in 2020. The growth of commercial, general, and military aviation in recent years is the main factor enhancing the growth of the market segment in upcoming years.
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Dynamics of the Market
Driver: The increasing number of air travelers has surged the demand of commercial aviation, propelling the growth of the global aerospace avionics market during the forecast period. Avionics systems such as communication systems, flight management system, navigation system, electrical, and surveillance systems are used in commercial systems. These factors are expected to enhance the growth of the market during the forecast period.
Restraint: Being highly sophisticated, the costs of commercial aircrafts are highly expensive. They require a huge investment for manufacturing, maintenance, and operations. This is expected to be the main restraining factor of the industry during the forecast period.
Opportunity: The increasing demand of military and commercial aircrafts is expected to create many opportunities for the market in upcoming years.
Key Market Players & Strategies
- NORTHROP GRUMMAN CORPORATION
- L3Harris Technologies, Inc.
- General Dynamics Corporation
- BAE Systems
- Thales Group
- Leonardo S.P.A
- Elbit Systems Ltd.
- Airbus
- General Electric
- Boeing
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These players are working on developing strategies such as product development, mergers and acquisitions, partnerships and collaborations to sustain the market growth.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments.
Recent Development
In April 2021, Elbit Systems Ltd announced that its U.S. subsidiary, Elbit Systems of America, LLC, completed the acquisition of Sparton Corporation, a premier producer, developer, and supplier of systems helping Undersea Warfare for the U.S. Navy and allied military forces.
Elbit Systems expects that this acquisition will enhance its portfolio by the addition of the technological strength of Sparton to the long term strategy of the company.
Impact of COVID-19 on the Global Aerospace Avionics Market
The coronavirus outbreak has impacted the Global Aerospace Avionics Market in a negative way. Due to the restrictions imposed on the travel and tourism industry during the pandemic, the passenger demand of aircrafts has been declined. This factor resulted in the decreased demand of avionics hardware and software in the commercial aviation sector. However, with the revised and restructured business models of the industry, the global market is expected to growth after the end of the pandemic.
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