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Avionics Market Report 2024-2033: Market Size, Share, Analysis And Growth Report | Safran SA, Honeywell International Inc., Thales Group, L-3 Avionics Systems, Raytheon Technologies Ltd
Avionics Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Avionics industry. This report on Avionics market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The avionics market size has grown strongly in recent years. It will grow from $79.6 billion in 2023 to $86.11 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to strong economic growth, increased demand for commercial aircraft, expansion of the aerospace and defense industry, stringent environmental regulations, military modernization.The avionics market size is expected to see strong growth in the next few years. It will grow to $117.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
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Key Market Players:
Safran SA, Honeywell International Inc., Thales Group, L-3 Avionics Systems, Raytheon Technologies Ltd are prominent players in the Avionics industry.
Market Drivers:
According to the Avionics Market Report 2024 by The Business Research Company, The increase in demand for new commercial aircraft is expected to propel the growth of the avionics market going forward. Commercial aircraft refers to a plane that carries passengers or goods from one place to another. Avionics are used for the management of various systems in aircraft for controlling electronic systems and equipment. For instance, according to Airbus, a Netherlands-based aerospace corporation, in February 2022, the Asia-Pacific region required 17,620 new passenger and freighter aircraft. This includes the requirement of 13,660 aircraft in the small category and 2,470 and 1,490 aircraft in the medium and large category aircraft. Therefore, the increase in demand for new commercial aircraft is driving the demand for avionics markets.
More information about the Global Avionics Market Report -
https://www.thebusinessresearchcompany.com/report/avionics-global-market-report
Market segments for Avionics include:
1)By Platform: Commercial Aviation, Military Aviation, Business Jets, General Aviation, Helicopters
2)By Sub System: Flight Management and Control, Health Monitoring, Electrical and Emergency, Communication Navigation and Surveillance
3)By End User: Original Equipment Manufacturer (OEM), Aftermarket
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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