Ocean View, DE -- (SBWire) -- 06/19/2020 --Upsurge of air traffic and the subsequent rise in demand for advanced aircrafts are the key drivers that will fuel the global aerospace avionics market over the forecast period. Aerospace avionics is an amalgamation of systems designed to work in harmony to manage numerous aircraft operations, both on-ground and in-flight.
Avionics constitutes a vital component of all aviation systems, given its ability to gather information from other aircraft systems and deliver accurate operational data to the pilot. In light of the recent introduction of various technologies like neural sensing, satellite-based communication systems and motion planning, the demand for sophisticated aerospace avionics has witnessed a substantial increase.
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Furthermore, the establishment of new routes and economical air travel solutions in the region has led to a significant rise in the production of low-cost carriers (LLC) over the last decade.
The Major Key Players in the Market are as follows:
1. Boeing
2. Ball Corporation
3. BAE Systems
4. Cobham
5. Curtiss-Wright Corporation
6. Elbit Systems Ltd
7. Garmin
8. GE Aviation
9. Harris Corporation
10. Honeywell
11. Lockheed Martin
12. L3Harris Technologies
13. Meggitt
14. Northrop Grumman
15. Rolls-Royce
16. Raytheon
17. Saab
18. Safran
19. Thales
20. Teledyne Technologies Incorporated
Aerospace avionics is an amalgamation of myriad systems designed to optimize in-flight and on-ground aircraft functions. Avionics is a vital component in aircraft systems owing to its ability to accumulate relevant information from all the other systems and subsequently provide the pilot with crucial operational data. Global aerospace avionics market demand has seen a considerable upsurge following the advent of neural sensing, motion planning and satellite-powered communication systems.
According to the International Air Transport Association (IATA), the APAC passenger traffic is set to witness annual growth of over 4.7%. This growth is attributed to the rising air traffic levels in the region coupled with the steady advancement of the global economy, which will in turn fuel aerospace avionics market trends over the projected timeline.
The booming tourism industry is asserting a positive influence on the expansion of commercial aviation. According to the Boeing Outlook of 2019-2038, the APAC region is anticipated to generate over 17,000 aircraft deliveries in order to accommodate passenger growth.
As per the 2018 World Wealth report, the number of people with a net worth of over $50 million, aka ultra-wealthy individuals is set to witness an increase of over 43% by 2022 and those with over $500 million net worth, aka demi-wealthy individuals will rise by over 39% by 2022, thereby stimulating the aerospace avionics market forecast.
This massive upsurge in wealth levels will boost the business jet & general aviation market segment with an appreciable expected growth rate of over 4% by 2025. Industry demand will be further impelled by the growing number of air taxis and air charter firms across the world.
As per the 2018 World Wealth report, the number of people with a net worth of over $50 million, aka ultra-wealthy individuals is set to witness an increase of over 43% by 2022 and those with over $500 million net worth, aka demi-wealthy individuals will rise by over 39% by 2022, thereby stimulating the aerospace avionics market forecast.
This massive upsurge in wealth levels will boost the business jet & general aviation market segment with an appreciable expected growth rate of over 4% by 2025. Industry demand will be further impelled by the growing number of air taxis and air charter firms across the world.
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Burgeoning production of low-cost aircrafts in emerging nations like China and India will significantly spur the demand for new air carriers. With regards to the end-use application landscape, the OEM segment of the overall aerospace avionics industry outlook is poised to amass substantial gains over the forecast timeline owing to the mounting number of orders from several airline charter companies and service providers. In fact, in August 2019, Air China awarded Chinese production firm COMAC a $1.33 billion contract to supply the 35 ARJ21-700 aircraft, the first of which is expected to be delivered by 2020.
Some Points From Table Of Content: -
Chapter 5. Aerospace Avionics Market, By System
5.1. Key trends, by system
5.2. Flight Management System
5.2.1. Market estimates and forecast, 2014-2025
5.3. Communication System
5.3.1. Market estimates and forecast, 2014-2025
5.4. Navigation System
5.4.1. Market estimates and forecast, 2014-2025
5.5. Surveillance System
5.5.1. Market estimates and forecast, 2014-2025
5.6. Electric System
5.6.1. Market estimates and forecast, 2014-2025
5.7. Emergency System
5.7.1. Market estimates and forecast, 2014-2025
5.8. Collision Avoidance System
5.8.1. Market estimates and forecast, 2014-2025
5.9. Weather System
5.9.1. Market estimates and forecast, 2014-2025
5.10. Health Monitoring System
5.10.1. Market estimates and forecast, 2014-2025
5.11. Tactical System
5.11.1. Market estimates and forecast, 2014-2025
5.12. In-Flight Entertainment System
5.12.1. Market estimates and forecast, 2014-2025
Chapter 6. Aerospace Avionics Market, By Application
6.1. Key trends, by system
6.2. Commercial Aviation
6.2.1. Market estimates and forecast, 2014-2025
6.3. Military Aviation
6.3.1. Market estimates and forecast, 2014-2025
6.4. Business Jet & General Aviation
6.4.1. Market estimates and forecast, 2014-2025
6.5. Helicopter
6.5.1. Market estimates and forecast, 2014-2025
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Aerospace Avionics Market 2020: Industry Growth Analysis by Key Companies Boeing, BAE Systems, GE Aviation, Lockheed Martin, Northrop Grumman, Rolls-Royce, Raytheon
Upsurge of air traffic and the subsequent rise in demand for advanced aircrafts are the key drivers that will fuel the global aerospace avionics market over the forecast period