DUBLIN , June 16, 2022 /PRNewswire/ -- The "Global Commercial Avionics Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.
The total market was worth $34.90 billion in 2020 and, considering the impact of the COVID-19 pandemic, a compound annual growth rate (CAGR) of 6.1% is forecast through to 2030.
The global commercial avionics market is focusing on the improvement of flight operations, which will boost the safety and the efficiency offered by airlines. This study analyzes the global market and provides a 10-year forecast from 2020 to 2030.
The study covers the avionics systems used for communication, navigation, and surveillance. The market is segmented into linefit, retrofit, and aftermarket. Linefit accounts for 94.3% of the market share, and it is driven by the delivery of new aircraft to airlines. Demand for retrofit and aftermarket services comes from existing aircraft utilization by airlines.
The pandemic has drastically reduced passenger traffic and decreased aircraft utilization; however, US FAA and EASA regulatory mandates will drive the retrofit market. The FAA has mandated the use of ADS-B on aircraft operating in airspace defined in CFR 91.225, and the EASA has mandated CPDLC for IFR General Air Traffic (GAT) flights above FL285 within the space defined by the regulation before 5 February 2020 .
Several other countries are implementing similar mandates, including Brazil , China , Russia , and India . The demand for new aircraft, which led to peak production levels in 2018 (pre COVID-19), came from emerging economies, particularly from China . Although it could take until 2024 to return to pre-pandemic levels, China and other Asian countries will continue to be the largest consumers of new aircraft.
The United States and Europe are restructuring their aircraft fleets - they are replacing their old aircraft with more efficient ones. This will help airlines control OPEX and maintenance costs.
However, aircraft upgradation is a time-consuming process that involves high costs, and advanced avionics systems such as flight management systems and area navigation systems require significant downtime, which challenges the retrofit market for avionics systems.
Leading market participants are focusing on integrated modular avionics and new entrants are innovating and utilizing new technologies to facilitate enhanced flight operations efficiency.
What is the current and the future market size? To what extent has the COVID-19 pandemic affected the market?
Which factors are acting as important market growth drivers and restraints?
What is the impact of the latest trends on the market?
Who are the key market participants and how well are they are positioned with respect to their peers?
What are the major growth opportunities for commercial avionics suppliers?
Key Topics Covered: 1. Growth Environment
Highlights of the Global Commercial Avionics Market
Challenges Faced by the Global Commercial Avionics Market
Why Is It Increasingly Difficult to Grow?
The Impact of the Top 3 Strategic Imperatives on the Avionics Industry
Growth Opportunities Fuel the Growth Pipeline Engine
Key Questions This Study Will Answer
A/C Platforms Considered in the Study
IMA - Advantages and Challenges
Revenue Forecast by Industry Vertical
Revenue Forecast Analysis by Product
Revenue Forecast Analysis by Region
Revenue Forecast by Industry Vertical
Revenue Forecast Analysis by Product
7. Growth Opportunity Analysis, North America
9. Growth Opportunity Analysis, Latin America
10. Growth Opportunity Analysis, The Middle East and Africa
Growth Opportunity 1 - Increased R&D Investment to Develop the Latest Integrated Modular Avionics Systems
Growth Opportunity 2 - Leading Avionics Suppliers to Partner with Chinese Avionics Suppliers to Increase their Footprint in Local Aircraft Platforms
Growth Opportunity 3 - Offer Hardware Solutions that are Apt for LEO Capacities
For more information about this report visit https://www.researchandmarkets.com/r/39e5a1
Research and Markets Laura Wood , Senior Manager press@researchandmarkets.com
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