Asia Pacific aerospace avionics market will witness substantial growth owing to rising investments in military & defense sector coupled with growth in overall aerospace industry in the region.
Sellbyville, DE -- (SBWIRE) -- 12/21/2018 -- Aerospace Avionics Market share is segmented into communication, navigation & surveillance, flight & control management, inflight entertainment, mission/tactical, monitoring/glass cockpit, and electrical & emergency systems. Flight & control management system is expected to dominate the revenue share till 2024 owing to high demand for information sharing of real time flight planning. Extensive usage of avionics in flight management will further support the industry dominance.
Based on fit, the industry is segmented into retrofit and line-fit. Line-fit is likely to capture highest revenue share over the forecast timeframe owing to its high usage by prominent aerospace leaders including Airbus and Boeing. Retrofit avionics will exhibit steady growth owing to permissive policies regarding installation of non-certified equipment in certified aircrafts. Moreover, aging aircrafts require regular upgradation of these retrofit avionics, further propelling the industry growth.
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Aerospace avionics market is segmented based on platform into commercial, UAVs, and defense. Defense platform is anticipated to exhibit highest aerospace avionics market share over the next eight years owing to rising deployment of avionics in military aircrafts. Increasing expenditure on defense sector across the globe will further strengthen the product penetration. UAV will grow considerably owing to technological advancements and rising demand from commercial applications.
North America aerospace avionics market will exhibit maximum revenue share till 2024. Substantial investments from component manufacturers and OEMs in R&D for development of advanced products will primarily drive the region's growth. Moreover, presence of major aerospace industry leaders across the region will support the regional dominance.
Asia Pacific will witness substantial growth owing to rising investments in military & defense sector coupled with growth in overall aerospace industry in the region.
Prolonged product development durations may hamper the aerospace avionics market share over the forecast timeframe. Excessive costs of these products result in greater capital investments, further posing a challenge before the industry participants. Bringing the emerging technologies associated to these products to the industry is a lengthy process, which in turn will restraint the growth over the coming years.
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The aircrafts are increasingly being equipped with the advanced avionics system including GPS, controls with touch screen panels, and glass cockpits. These components are anticipated to eliminate the need for manual avionics. Increasing commercialization of Unmanned Aerial Vehicles (UAVs) is another opportunity for the industry as it will make them more accessible & attractive for delivery purposes and their increased production, thereby significantly contributing towards revenue generation.
Emergence of Automatic Dependent Surveillance (ADS-B) and Enhanced Vision Systems have resulted in increased demand for avionics across the globe. Installation of these systems are becoming mandatory in regions including North America and Europe, opening opportunistic ways for the industry participants over the forecast timeframe.
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United Technologies Corporation, Rockwell Collins, Inc., Honeywell International Inc., Thales Group, Cobham Plc, Eaton Corporation, Bae Systems, and ITT Corporation are among the prominent participants in the aerospace avionics market. The industry players are continuously focusing on strengthening their distribution network to gain competitive edge and enhance their visibility.
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