The avionics market is projected to grow from USD 68.5 billion in 2019 to USD 86.9 billion by 2024, at a CAGR of 4.86% during the forecast period. Growth in the retrofit aircraft market is expected to be a major factor driving the market.
The commercial aviation segment is projected to grow at the highest CAGR during the forecast period.
By platform, the avionics market has been segmented into commercial aviation, military aviation, business jets & general aviation, and helicopters. Among these, the commercial aviation segment is projected to be the fastest-growing during the forecast period. Manufacturers are currently focusing on avionics components to develop products that are more reliable, accurate, and efficient. Continuous improvements in software technology have modified the human-machine interface of avionics systems. It has become more user-friendly and can automate a wide variety of in-flight tasks, thereby reducing the workload of the flight crew to a large extent.
The software segment is projected to grow at the highest growth rate during the forecast period.
By system, the avionics market has been segmented into hardware and software. Among these, the software segment is projected to witness the highest growth rate during the forecast period. In software, a real-time operating system (RTOS) has a central role in safety and security. Safety-critical systems go through a rigorous development, testing, and verification process before being certified for use. For avionics software and other airborne systems, the de-facto standard for software development is RTCA/DO-178C Software Considerations in Airborne Systems.
North America is expected to lead the market for avionics during the forecast period.
North America is estimated to account for the largest share of the avionics market in 2019. The growth of the avionics market in the North American region is expected to be fueled by the increase in the number of deliveries of wide-body and narrow-body aircraft. The growing demand for aircraft in commercial applications and their increasing utility in the defense sector to carry out transport and surveillance activities are additional factors influencing the growth of the North America avionics market.
Some of the major vendors in the avionics market include Honeywell (US), Esterline Technologies (US), Curtiss-Wright (US), L3 Communications (US), and UTC (Collins Aerospace) (US).
Source: ASDReports - Market Research
Date: May 20, 2019