Northbrook, IL 60062 -- (SBWIRE) -- 09/28/2022 -- The avionics market size is projected to grow from USD 46.7 Billion in 2022 to USD 66.3 Billion by 2027, at a CAGR of 7.3% from 2022 to 2027.
The need for aircraft modernization to improve operating safety and fuel economy is the factor propelling the adoption of avionics, that will ultimately lower operational costs. Modern avionics systems are factory installed in new generation aircraft. The airlines and other end users are undertaking a fleet modernization initiative to upgrade the older aircraft fleet with modern avionics systems to match the service capabilities of the next generation aircraft.
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Based on the System, the navigation segment of the market is projected to dominate market share as the demand for associated components such as altimeter, air data computer is anticipated to grow at a rapid pace. Additionally, to fulfill demand, the major airline is increasing the size of their fleet, which is equipped with modern inertial reference units and air data computers that are integrated with other avionics systems to increase operational efficiency. The development of navigational tools through technology has greatly fueled this market's expansion.
Based on Platform, the military aviation segment is projected to dominate market share due to the increasing defence spending of military superpowers like the US, China, and Russia is anticipated to result in increased demand for military aircraft, which will support the expansion of the military avionics market. Furthermore, new developments in military aircraft, such as the incorporation of fifth-generation technology, stealth technology, and advanced composite materials, will strengthen the market for military aircraft.
Based on Fit, the line fit aspect of the market dominates market share on account of the increasing number of deliveries to effectively cater to the rapidly growing passenger traffic. The fleet modernization plans are expected to be driven by the growing regulations that seek to improve the safety features given by aircraft and standardize the functions offered by certain types of aircraft.
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Based on Region, North America accounted for the largest market share in 2022, and Latin America is projected to witness the highest CAGR during the forecast period. The market for avionic in the commercial and business aviation sectors in these regions is expected to benefit from the rising demand for air travel while the escalation of global geopolitical rift is driving the race for superiority in terms of military capabilities, evident from enhanced defence expenditure and investments in the modernization of various defence equipment of countries such as the US. Additionally, the increased investment in the R&D sector by the major OEMs to develop the technologically advanced avionics systems to meet the future aviation industry demand.