The global commercial aircraft nextgen avionics market was valued at $4.42 billion in 2020, and is projected to reach $ 9.15 billion by 2030, registering a CAGR of 8.3% From 2021-2030.
According to a recent report published by Allied Market Research, titled, “Commercial Aircraft NextGen Avionics Market Size, Share, Competitive Landscape and Trend Analysis Report, by Systems, Installation Stage and Aircraft Type : Global Opportunity Analysis and Industry Forecast, 2021-2030.” The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
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The transition to the next generation of aviation infrastructure (nextgen) is aided by the adoption of miniaturized, satellite-based, and digital machinery as well as new procedures, all of which join forces to make air travel more convenient, environment-friendly, and predictable in the face of ever-growing congested airspace in the U.S. and across the world.
In April 2021, the U.S. government invested $25 billion in the aviation sector as part of its efforts to enhance aircraft infrastructure. Aviation experts are demanding more money to put into the improved aviation infrastructure setup, which is in urgent need of an upgrade. Such developments are anticipated to bolster the growth of the global commercial aircraft nextgen avionics market during the forecast timeframe.
By system, the market is categorized into flight management system, communication system, electric and navigation system, surveillance system, emergency system, collision avoidance system, weather system, and others. The communication system segment accounted for the highest revenue in 2020, owing to high demand for superior data communication systems across the globe. The growing demand for improved communication systems is expected to result in a higher demand for communication systems in future.
By aircraft type, the commercial aircraft nextgen avionics market is bifurcated into narrow body and wide body. The narrow body segment accounted for the highest revenue in 2020, owing to higher range and efficiency of next-generation narrow body aircraft manufactured by big players such as Boeing and Airbus.
Rise in dependency on avionics to make critical flying decisions and increase in initiatives by government administrations to make aerospace safer and more efficient are expected to drive the commercial aircraft nextgen avionics market during the forecast period. However, cybersecurity issues with nextgen avionics systems and complex challenges in nextgen avionics are anticipated to hamper the growth of the market.
Key players operating in the global commercial aircraft nextgen avionics market include BAE Systems PLC, Cobham Limited, Curtiss-Wright, General Electric Company, Honeywell International Inc., L3Harris Technologies Inc., Raytheon Technologies Corporation, Safran, Teledyne Technologies Incorporated, and Thales Group.
Analyst Review:
The global commercial aircraft nextgen avionics market is expected to witness significant growth due to rising development of next-generation aircraft computer globally.
Rise in dependency on avionics to make critical flying decisions and initiatives by government administrations to make aerospace safer and more efficient are expected to drive the commercial aircraft nextgen avionics market during the forecast period. However, cybersecurity issues with nextgen avionics systems and complex challenges in nextgen avionics are anticipated to hamper the growth of the market. Moreover, increase in air passenger traffic across the globe and use of artificial intelligence (AI)/machine learning (ML) in nextgen avionics are expected to offer lucrative opportunities in future.
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Key Findings of The Study:
• By system, the surveillance and emergency system segment is expected to register a significant growth during the forecast period.
• By installation stage, the retrofit segment is anticipated to exhibit significant growth in future.
• By aircraft type, the wide body segment is projected to lead the global commercial aircraft nextgen avionics market, owing to higher CAGR as compared to the narrow body segment.
• By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key Benefits For Stakeholders:
• This study presents analytical depiction of the global commercial aircraft nextgen avionics market analysis along with current trends and future estimations to depict imminent investment pockets.
• The overall commercial aircraft nextgen avionics market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to key drivers, restraints, and opportunities of the global commercial aircraft nextgen avionics market with a detailed impact analysis.
• The current commercial aircraft nextgen avionics market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Reasons to Buy This Commercial Aircraft NextGen Avionics Market Report:
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