Global Avionics Component Market was valued at USD 8 Billion in 2022 and is projected to reach USD 12 Billion by 2030, growing at a CAGR of 6.0% from 2024 to 2030.
The avionics component market is experiencing significant growth, driven by technological advancements and increasing demand for modernized aircraft systems. In 2023, the global market size was estimated at approximately USD 44.68 billion, with projections indicating a compound annual growth rate (CAGR) of 9.7% from 2024 to 2030.
Several factors contribute to this upward trajectory:
Technological Innovations: The integration of advanced flight management systems, touchscreen interfaces, and enhanced connectivity solutions has improved aircraft operations' safety and efficiency.
Rising Air Travel Demand: The surge in domestic and international air travel, especially in developing countries, has led to increased orders for new commercial aircraft equipped with state-of-the-art avionics systems.
Regulatory Mandates: Aviation authorities like the FAA and EASA have implemented stringent safety regulations, compelling airlines to adopt advanced avionics to ensure compliance and enhance passenger safety.
Military Investments: Growing geopolitical tensions have resulted in increased defense spending, particularly in upgrading military aircraft with sophisticated avionics for improved surveillance and communication capabilities.
Unmanned Aerial Vehicles (UAVs): The expanding use of UAVs in sectors such as agriculture, logistics, and defense necessitates advanced avionics for effective navigation and control.
In my experience working within the aviation industry, I've observed firsthand how airlines prioritize upgrading their fleets with the latest avionics to remain competitive. The emphasis on fuel efficiency, operational cost reduction, and passenger comfort drives continuous investments in modern avionics systems.
Regionally, North America leads the market due to the presence of major aircraft manufacturers and substantial investments in research and development. Europe and Asia Pacific are also witnessing significant growth, propelled by increasing aircraft deliveries and the expansion of the aviation sector in countries like China and India.
As the aviation industry continues to evolve, the demand for advanced avionics components is expected to remain robust, shaping the future of air travel and aircraft operations.
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Rockwell Collins
Honeywell Aerospace
Thales Group
Garmin Ltd
Cobham
GE Aviation
BAE Systems
Lockheed Martin
Northrop Grumman
Raytheon
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Avionics Component Market
Commercial Use
Military Use
Based on Types the Market is categorized into Below types that held the largest Avionics Component market share In 2023.
Flight Control Component
Flight Management Component
Health Monitoring Component
Others
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Global, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Avionics Component Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Avionics Component Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Avionics Component Market, By Type
6. Global Avionics Component Market, By Application
7. Global Avionics Component Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Avionics Component Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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