According to a new report published by Allied Market Research, titled, “Commercial Avionics Systems Market,” by Sub System, by Aircraft Type, by Fit, Global Opportunity Analysis and Industry Forecast, 2020-2030″ The commercial avionics systems market was valued at $32.9 billion in 2020, and is estimated to reach $54.4 billion by 2030, growing at a CAGR of 5.31% from 2021 to 2030.
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Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. The U.S. dominated the global commercial avionics systems market share in North America in 2020, owing to increase in R&D activities; technological developments by key players; rapid adoption of innovative technologies in making reliable, precise, and efficient commercial avionics systems. Asia-Pacific is expected to grow at significant rate during the forecast period, owing to rise air-traffic across several countries in Asia, including, China, India, Japan, and South Korea.
The aviation industry is governed by strict laws that control every aspect of aircraft design, including structures and electronics. Important aviation regulatory bodies, including the Federal Aviation Administration (FAA), published stringent rules for aircraft, original equipment manufacturers (OEMs), and third-party service providers to follow while installing and repairing avionics systems.
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Rapid advancement of aviation industry, particularly in the developed countries, including North America and Europe, is setting the pace for commercial avionics system growth. Various technical developments in aviation industry benefited the global commercial avionics systems market. The growth of global market for commercial avionics systems is driven by technological advancements, including better in-flight entertainment systems and sophisticated glass cockpits.
On the basis aircraft type, the market has been categorized into narrow body, wide body, regional & business jet, and freighter. The narrow body segment accounted for the highest revenue in 2020, owing to high demand for narrow body aircraft throughout the world.
Depending on sub-system, the commercial avionics systems market is segregated into flight management and control, health monitoring, electrical and emergency, communication navigation and surveillance, and others. The flight management and control segment accounted for the highest revenue in 2020, owing to high demand for commercial avionics systems that are being deployed for flight management and control application globally.
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As per the fit, the market is segmented into retrofit and forward fit. The retrofit segment garnered the highest revenue in 2020, owing to high demand for retrofit commercial avionics components worldwide.
COVID-19 Impact Analysis
- The COVID-19 impact on commercial avionics systems market is unpredictable and is expected to remain in force for a few years.
- The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of raw materials for most of 2020 & few months in 2021. This led to decline in availability of important raw materials required for manufacturing commercial avionics systems.
- Moreover, nationwide lockdown forced drone manufacturing facilities to partially or completely shut their operations.
- Adverse impacts of the COVID-19 pandemic resulted in delays in activities and initiatives regarding development of advanced commercial avionics systems across the globe.
KEY FINDINGS OF THE STUDY Commercial Avionics Systems Market
- By aircraft type, the freighter segment is expected to register a significant growth during the forecast period.
- Depending on sub-system, the others segment is anticipated to exhibit significant growth in future.
- Depending on fit, the forward fit segment is anticipated to exhibit significant growth in future.
- Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players that operate in the global commercial avionics systems market include BAE Systems Plc., General Electric, Honeywell International Inc., L-3 Harris Technologies, Meggitt PLC., Panasonic Corporation, Raytheon Technologies Corporation, Teledyne Technologies, Inc., Thales Group, and Universal Avionics Systems Corporation
