The global avionics market size is projected to reach USD 75.81 billion by the end of 2027. The increasing product applications will provide the platform for growth for the companies operating in the market. The increasing investments in the research and development of efficient products will have a direct impact on the growth of the market in recent years. According to a report published by Fortune Business Insights, titled “Avionics Market Size, Share & Industry Analysis, By System (Hardware and Software), Platform (Commercial, Military, Business Jets, General Aviation), End-Use (OEM and Aftermarket), and Regional Forecast, 2020-2027,” the market was worth USD 48 billion in 2019 and will exhibit a CAGR of 9.25% during the forecast period, 2020-2027.
Avionics is the development and production of electronic instruments that are used in aviation or astronautics. It involves all products that are associated with spacecraft, satellites, and other types of aircraft. Technological advancements will play a huge role in the growth of the overall market in the coming years. Variations in product offerings and the flexibility enabled through the integration of advanced concepts have led to a wider product adoption in recent years. The increasing product applications have contributed to the increasing demand or products across the avionics industry across the world. The increasing investments in avionics are consequential to the rising applications. Additionally, the presence of several large scale companies will bode well for the growth of the market in the foreseeable future.
List of companies profiled in the report:
- Avilution LLC (The U.S.)
- BAE Systems (The U.K.)
- CCX Technologies (Canada)
- Cobham PLC (The U.K.)
- Collins Aerospace (The U.S.)
Browse Summary
https://www.fortunebusinessinsights.com/industry-reports/avionics-market-101819
North America to Emerge Dominant; Presence of Several Large Scale Companies will Aid Market Growth
The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing demand for the product, driven by applications across divers industry verticals will have a huge impact on the growth of the regional market. The presence of several large scale companies will also bode well for the growth of the market in this region. As of 2019, the market in North America was worth 17.62 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years driven by the rising aviation industry in several countries across this region.
