Current and Future Industry Trends of Commercial Avionics Systems Market, 2016–2017
Commercial Avionics Systems Market Report, published by Allied Market Research, states that the commercial avionics systems market was valued at $16 billion in 2014 and is projected to reach $26 billion by 2022, growing at a CAGR of 7.1% from 2016 to 2022.
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Surge in the number of aircraft deliveries, increasing demand for real-time data, economic growth in emerging countries, and increasing demand for in-flight entertainment (IFE) services are expected to drive the growth of the global commercial avionics systems market. However, factors such as vulnerability to cyberattacks and high costs involved are expected to hamper the market growth during the forecast period. Growth of low cost carriers in emerging economies is expected to provide lucrative opportunities for the commercial avionics systems market growth.
In 2015, the communication, navigation, & surveillance (CNS) sub-system accounted for the maximum revenue share among the sub-system types in the commercial avionics systems market. This is due to the increasing demand for real-time data in the aviation industry. In addition, the health monitoring systems are expected to witness the fastest growth over the forecast period. Among the types of aircraft, the wide-body aircraft dominated the global commercial avionics systems market in 2015. However, the narrow-body aircraft are expected to grow at the fastest pace over the forecast period.
North America dominates the global commercial avionics systems market pertaining to the advancements in technologies particularly in the CNS and the flight control systems, paired with the presence of major aircraft manufacturers including The Boeing Company, Bombardier Inc., and others. Further, the investments in technological enhancements such as better in-flight entertainment systems and glass cockpits supplement the regions dominant position.
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The Asia-Pacific commercial avionics systems market is estimated to grow at the highest rate due to increasing requirements of aircraft from the aviation industry and increased government initiatives.
Commercial Avionics Systems Market Key Findings:
- The communication, navigation, and surveillance system is expected to exhibit a significant increase in the commercial avionics systems market growth.
- In 2015, wide-body aircraft generated the highest revenue among other aircraft types.
- Asia-Pacific is projected to exhibit a substantial growth during the forecast period.
The key players profiled in the report include United Technologies Corporation, Thales Group, GE Aviation, Garmin Ltd., Rockwell Collins, Honeywell International Inc., L-3 Communications Holdings, Inc., Panasonic Avionics Corporation, Universal Avionics Systems Corporation, and Teledyne Technologies, Inc.