Pune, May 22, 2020 (GLOBE NEWSWIRE) -- The global avionics market size is anticipated to foresee promising development by reaching USD 81.50 Billion by 2026 and exhibiting a CAGR of 7.86% between 2019 and 2026. Additionally, the market was worth USD 57.71 Billion in 2018. Fortune Business Insights, in its latest report, titled “Avionics Market Size, Share & Industry Analysis, By System (Hardware Systems (Flight Management System (FMS), Communication, Navigation, and Surveillance (CNS), Electrical System, Emergency System, Health Monitoring System, Collision Avoidance System, Weather System) and Software Systems), Platform (Commercial, Military, Business Jets, General Aviation), End-Use (OEM and Aftermarket), and Regional Forecast, 2019-2026.”, mentions that technological advancements in electronic systems will be the driving factor for market growth during the forecast period.


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Avionics is termed as the science of electronics in aviation sector adopted to design and manufacture aircrafts. An electronic system, avionics involves several devices that are used to control the primary functioning of an aircraft. In addition to this, it involves control of navigation, communication, weather, and collision avoidance functions within the aircraft. Furthermore, advancement in avionics has resulted in increased safety and efficiency in aircraft industry by facilitating better situational awareness during emergency. Moreover, they furnish location-based displays that allow real-time pictures of flight routes along with required flight instrument data at the disposal of the pilots.


What does the Report Include?

The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period.

Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026. 


Drivers and Restraints:


Increasing Demand for MRO in Avionics to Augur Growth

Aircraft maintenance, repair and overhaul (MRO) is a critical requirement in the aviation industry that ensures periodic inspection of the aircraft to maintain its airworthiness and safety of the travelers. Additionally, it involves supply of superior quality products and goods for the production process. It is estimated that after every 1000 flight hours the electronic instruments are replaced to ensure optimum level of working of an aircraft. With the increasing rate of air travel across the globe, the demand for MRO in aviation is anticipated to drive the growth of the market during the forecast period. MRO is witnessed as an important part of avionics that covers the inspection, repair, and overhaul service of all the avionic components. Furthermore, the advancement of technology has propelled the adoption of robots, drones, and artificial intelligence in MRO techniques that will contribute to the market growth in the forthcoming years.



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Segmentation:

High Demand for Hardware Systems to Promote Growth

The segment hardware (By System) is likely to hold high market share owing to increasing demand for advanced systems for improving operational activities. The hardware system overlooks the primary navigation, complete flight planning, and route guidance of the aircraft and increasing demand for efficient operation will bode well for the market growth. Software systems, on the other hand, is likely to gain momentum backed by high demand for advanced software to maintain real-time data during the flight.

Regional Analysis:

North America worth USD 21.93 Billion; Increasing Demand for Aircraft in Commercial Application to Bolster Growth

Among the regions, North America is expected to foresee massive growth and hold highest global avionics market revenue during the forecast period. In addition to this, the region of worth USD 21.93 Billion in 2018 and is anticipated to rise in the forthcoming years. This is ascribable to factors such as increasing demand for aircraft in commercial and defense application. Furthermore, presence of major aircraft manufacturers such as Curtis-Wright, Honeywell, and Esterline Technologies, among others will aid the market growth in the region. Asia-Pacific, on the other hand, is anticipated to witness growth during the projected horizon. This is attributable to factors such as steady growth of aviation industry in countries such as India and China. Moreover, high disposable income and increasing air travel in Asia-Pacific will contribute to the growth of the market between 2019 and 2026.

Competitive Landscape:

Contract Signings by the Companies to Drive the Market

In March 2020, Aviage systems announced its three-year contract signing with Hainan Airlines. According to the contract, Aviage will provide avionics MRO services to the fleet of Boeing 787s that covers the inspection, total repair, and overhaul service for the integrated avionics components for the Boeing. Adoption of strategies such as contract signings, partnerships, and collaboration by the companies will positively affect the market growth during the forecast period. 

List of Top Companies Operating in the Avionics Market;

  • Avilution
  • BAE Systems
  • CCX Technologies
  • Cobham
  • Collins Aerospace
  • Garmin
  • GE
  • Honeywell International
  • L3Harris Technologies
  • Meggitt
  • NUCON AEROSPACE
  • Safran
  • Teledyne Technologies
  • Thales Group
  • Transdigm Group
  • uAvionix


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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Recent Industry Developments - Mergers & Acquisitions
    • Overview of Avionics Market by Key Countries, 2018
    • Technological Advancements in Avionics Systems
    • Porter Five Forces of the Global Avionics Market
    • Supply Chain/ Value Chain Analysis
  • Global Avionics Market Analysis, Insights and Forecast, 2015-2026
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By System
      • Hardware
        • Flight Management System (FMS)
        • Communication, Navigation, Surveillance (CNS)
        • Electrical System
        • Emergency System
        • Mission &Tactical System
        • Inflight Entertainment System
        • Health Monitoring System
        • Collision Avoidance System
        • Weather System
      • Software
        • Safety-Critical Airborne Software
        • Mission Flight Management Software
        • Flight Management Software
        • Aircraft Health Diagnostic Software
        • Training & Simulation Software
        • Others
    • Market Analysis, Insights and Forecast – By Platform
      • Commercial
      • Military
      • Business Jets
      • General Aviation
      • Helicopters
    • Market Analysis, Insights and Forecast – By End-Use
      • OEM
      • Aftermarket
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia pacific
      • Rest of the World

TOC Continued…!



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