According to a report published by Fortune Business Insights, titled “Avionics Market Size, Share & COVID-19 Impact Analysis, By System (Hardware and Software), Platform (Commercial, Military, Business Jets, General Aviation), End-Use (OEM and Aftermarket), and Regional Forecast, 2020-2027,” the market was worth USD 48 billion in 2019 and will exhibit a CAGR of 9.25% during the forecast period, 2020-2027.The global avionics market size is projected to reach USD 75.81 billion by the end of 2027. The increasing product applications will provide the platform for growth for the companies operating in the market. The increasing investments in the research and development of efficient products will have a direct impact on the growth of the market in recent years.
Avionics is the development and production of electronic instruments that are used in aviation or astronautics. It involves all products that are associated with spacecraft, satellites, and other types of aircraft. Technological advancements will play a huge role in the growth of the overall market in the coming years.
Variations in product offerings and the flexibility enabled through the integration of advanced concepts have led to a wider product adoption in recent years. The increasing product applications have contributed to the increasing demand or products across this industry across the world. The increasing investments in avionics are consequential to the rising applications. Additionally, the presence of several large scale companies will bode well for the growth of the market in the foreseeable future.
Covid-19 Pandemic to Present Serious Challenges to the Avionics Industry
The recent coronavirus outbreak has created a sense of panic across the world. The rapid spread of the disease has had an adverse effect on several businesses across diverse industries. The efforts taken by governments across several countries to curb the spread of the diseases have forced businesses to shut down completely. It has been a similar scenario in this industry and the past few months have presented several challenges to the businesses in this sector. The rising cases of coronavirus have put people in a state of panic and hesitancy; a primary factor behind the economic downfall in the past few months.
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Fortune Business Insights™ lists out the names of all the prominent manufacturers operating in the global avionics market. They are as follows:
- Avilution LLC (United States)
- BAE Systems (United Kingdom)
- CCX Technologies (Canada)
- Cobham PLC (United Kingdom)
- Collins Aerospace (United States)
- Garmin Ltd. (United States)
- General Electric (United States)
- Honeywell International Inc (United States)
- L3Harris Technologies, Inc. (United States)
- Meggitt (United Kingdom)
- Nucon Aerospace(India)
Company Mergers are an Increasing Trend Among Major Businesses across the World
The report encompasses several factors that have contributed to the growth of the overall avionics market in recent years. Among all factors, the increasing number of company mergers and acquisitions as well as collaborations among major businesses has made the highest impact on the growth of the market.
Accounting to the increasing applications of avionics across the world, companies are looking to collaborate with other large scale businesses with a bid to maximizing the resources of both the companies. In June 2019, Pattonair announced that it has signed a contract with Safran Ventilation Systems. This collaboration is aimed at the development as well as distribution of advanced logistical support. This will cover a wide range of ventilation products that can be used for avionics, including interior fans. This collaboration will have a massive global impact on the growth of the market, primarily driven by the wide customer coverage of the company across the world.
North America to Emerge Dominant; Presence of Several Large Scale Companies will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing demand for the product, driven by applications across divers industry verticals will have a huge impact on the growth of the regional market. The presence of several large scale companies will also bode well for the growth of the market in this region. As of 2019, the market in North America was worth 17.62 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years driven by the rising aviation industry in several countries across this region.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the Next-Generation Avionics market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Next-Generation Avionics market.
April 2020 – Lockheed Martin Corporation announced that it has signed a contract with the U.S. Air Force. The contract is said to be worth USD 50 million and will be aimed at upgrading the advanced avionics suite, which is used to modernizes the U-2 combat aircraft’s onboard system.
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