Press release
Aircraft Computers Market Size, Share Analysis And Forecast Report 2033
Aircraft Computers Market Size
According to The Business Research Company's, The aircraft computers market size has grown strongly in recent years. It will grow from $5.82 billion in 2023 to $6.21 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to avionics evolution, safety regulations, rise of digital cockpits, increased automation, military applications.
The aircraft computers market size is expected to see strong growth in the next few years. It will grow to $7.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to advanced avionics requirements, ai and machine learning integration, increased connectivity needs, autonomous flight development, cybersecurity measures. Major trends in the forecast period include compliance with green initiatives, adaptive and autonomous systems, efficiency and performance improvements, edge computing adoption, rise of artificial intelligence.
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Market Drivers and Trends:
An increase in air traffic is expected to propel the growth of the aircraft computers market going forward. Air traffic refers to the movement and operation of aircraft both in the air and on airport surfaces, but does not include loading ramps and parking areas. Aircraft computers are required for controlling aircraft traffic by processing heavy data. As a result, more advanced flight control and communication systems are needed in the air traffic control system, which relies on aircraft computers for their operation. Additionally, growing tourism activities have favored increased air traffic. For instance April 2023, according to the International Air Transport Association, a Canada-based global trade association for airlines, total air traffic increased by 55.5% and domestic traffic increased by 25.2% compared to the previous year. Furthermore, international traffic increased by 89.7% compared to February 2022. Therefore, the increase in air traffic is driving the growth of the aircraft computer market.
Technological advancements are a key trend gaining popularity in the aircraft computer market. Major market players are concentrating their efforts on creating innovative technologies such as automation technology, IoT and cloud technology, and blockchain technologies to sustain their position in the market. For instance, in July 2021, Collins Aerospace, a US-based manufacturer of technologically advanced and intelligent solutions for the aerospace and defense industries, launched Perigon, a computer for a broad range of commercial and defense platforms. It is equipped with Intel's Atom x6400E software, advanced computing power, and an open-system architecture with various complex software applications such as autonomous and fly-by-wire flight control, cybersecurity, predictive health maintenance, and vehicle management. Perigon, with its unique mix of power and flexibility, is poised to assist clients in meeting tomorrow's flight computing requirements.
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Major Key Players of the Market:
BAE Systems plc; Cobham plc; Curtiss-Wright Corporation; Honeywell International Inc.; Rockwell Collins- RTX Corporation; Saab AB; Safran S.A.; Thales Group; TransDigm Group; Garmin Ltd.; General Electric Co.; General Dynamics Mission Systems Inc.; Lockheed Martin Corporation; Thommen Aircraft Equipment Ltd.; Air Data Inc.; Airbus SE; Sagetech Avionics Inc.; Advanced Aircraft Company; Xwing Inc.; Scientific Systems Company Inc.; Formic Technologies Inc.; Anduril Industries Inc.; Seoul Robotics; Starship Technologies; Voliro Airborne Robotics Company; Attabotics; Kongsberg Defence & Aerospace AS; Elbit Systems Ltd.; General Atomics Aeronautical Systems Inc.; AeroVironment Inc.; Northrop Grumman Corporation; Boeing Company
Aircraft Computers Market 2024 Key Insights:
• The aircraft computers market will grow to $7.92 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Aircraft Computers Riding The Wave Of Increasing Air Traffic
• Innovative Flight Computing Pioneering Technological Advancements In The Aircraft Computer Market
• North America was the largest region in the aircraft computers market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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