Innovation in Flight: Avionics Market Trends 2024

Avionics Market
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Overview and Scope
Avionics refers to a combination of multiple display units which are equipped in the aircraft to perform the flight operation. The avionics are used in spacecraft, artificial satellites, and aircraft for communication, navigation, and managing multiple systems. The avionics system includes various flight sub-systems, including health monitoring systems, flight management, flight control, navigation & surveillance systems, electrical & emergency, communication, and systems electronics.

Sizing and Forecast
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%. The growth in the forecast period can be attributed to digital transformation, increasing consumer disposable income, investment in aircraft fleet expansion, growing demand for unmanned aerial vehicles (uavs). Major trends in the forecast period include ai and machine learning, advanced cockpit displays, data analytics and predictive maintenance, remote and autonomous operations, integration of augmented reality (ar) and virtual reality (vr).

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Segmentation & Regional Insights
The avionics market covered in this report is segmented –
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

North America was the largest region in the avionics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the avionics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the avionics market include  Safran SA, Honeywell International Inc., Thales Group, L-3 Avionics Systems, Raytheon Technologies Ltd., GE Aviation Inc., BAE Systems plc, Meggitt plc, Rockwell Collins Inc., Panasonic Avionics Corporation, Garmin Ltd., Universal Avionics System Corporation, Airbus SE, The Boeing Company, Cobham Limited, Curtiss-Wright Corporation, Teledyne Technologies Inc., Raytheon Technologies Corp., L3Harris Technologies Inc., Leonardo S.p.A., Moog Inc., Esterline Technologies Corporation, Astronics Corporation, Elbit Systems Ltd., FLIR Systems Inc., Avidyne Corporation, Aspen Avionics Inc., FreeFlight Systems, Mid-Continent Instruments and Avionics, Bendix Aviation Corporation

The avionics market report table of contents includes:
1. Executive Summary
2. Avionics Market Characteristics
3. Avionics Market Trends And Strategies
4. Avionics Market – Macro Economic Scenario
5. Global Avionics Market Size and Growth
31. Global Avionics Market Competitive Benchmarking
32. Global Avionics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Avionics Market
34. Avionics Market Future Outlook and Potential Analysis
35. Appendix

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