New York, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Avionics Global Market Report 2022" - https://www.reportlinker.com/p06351348/?utm_source=GNW
The global avionics market is expected to grow from $65.57 billion in 2021 to $71.19 billion in 2022 at a compound annual growth rate (CAGR) of 8.6%. The avionics market is expected to grow to $87.62 billion in 2026 at a CAGR of 5.3%.
The avionics market consists of sales of avionics by entities (organizations, sole traders, and partnerships) that are used in spacecraft, artificial satellites, and aircraft for communication, navigation, and managing multiple systems.Avionics refers to a combination of multiple display units which are equipped in the aircraft to perform the flight operation.
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.
The main types of avionics markets are commercial aviation, military aviation, business jets, general aviation, and helicopters.Commercial aviation refers to any usage of an aircraft for the purpose of transportation of passengers and cargo for non-military purposes.
The various sub systems include flight management and control, health monitoring, electrical and emergency, communication and navigation, and surveillance, which are distributed through various end-users such as original equipment manufacturers and aftermarket.
North America was the largest region in the avionics market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the avionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The avionics market research report is one of a series of new reports that provides avionics market statistics, including avionics industry global market size, regional shares, competitors with an avionics market share, detailed avionics market segments, market trends and opportunities, and any further data you may need to thrive in the avionics industry. This avionics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
Increasing 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.
Technological innovations have emerged as a key trend gaining popularity in the avionics market.Major companies operating in the avionics sector are focused on new innovations to strengthen their position in the market.
For instance, in March 2022, Genesys Aero Systems, a US-based manufacturer of flight systems, autopilot systems, and avionics components, launched HeliSAS, which is a helicopter autopilot system.This new system governs airspeed and allows the pilot to go hands-free to conduct cockpit tasks.
This works on stability augmentation technology, which can effectively control the helicopter by using sensors, including magnetometers.
In May 2022, Joby Aviation, a US-based aviation company, acquired Avionyx for an undisclosed amount.This acquisition will enable Joby Aviation to quickly take resources to support the company’s certification activities with the help of an experienced team with a proven track record.
Also, it will allow Joby to expand its business in the US. Avionyx is a Costa Rica-based aerospace company that provides software and hardware engineering services for the commercial aerospace industry.
The countries covered in the avionics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06351348/?utm_source=GNW
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