Albany, NY -- (SBWIRE) -- 06/13/2017 -- Global Commercial Avionics Systems Market: Snapshot
The primary driver augmenting the global commercial avionics systems market is the growing demand for systems that can calculate real time data for the aviation industry. The overall impact of this demand is expected to be very high over the coming years and is expected to mold the market to its specific way. Another driver for the global commercial avionics systems market is the rate at which the aviation industry is evolving within the developed economies of North America and Europe. They are giving a much larger room for improvements and development to players from the global commercial avionics systems market than other regions. The market is also benefitting from other technological advancements in aviation such as the modern glass cockpit and the use of better in-flight entertainment systems. However, the global commercial avionics systems market is currently being restricted by the reluctance of players to engage in larger activities due to the high costs of system maintenance. The use of modern commercial avionics systems also makes aviation vehicles more susceptible to online hacks.
The global commercial avionics systems market is expected to reach US$31.07 bn by the end of 2024, by expanding at a CAGR of 3.5% within a forecast period from 2016 to 2024. At the end of 2016, the global commercial avionics systems market is expected to reach US$25.34 bn.
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Navigation a Key Sales Component of Commercial Avionics Systems
The global commercial avionics systems market is segmented on the basis of the common systems available, into cabin systems, integrated modular avionics, surveillance systems, avionics full duplex switched Ethernet, cockpit systems, navigation systems, flight control and emergency system, communication systems, electrical systems, and central maintenance systems. Of these, navigation systems are expected to lead the global commercial avionics systems market as a key component in terms of both demand and development value. Older ground and air systems tech is being upgraded and this is expected to become the prime driver for the global commercial avionics systems market.
Global navigation satellite systems are expected to slowly replace ground support systems and become a positive source of revenue and market influence on the global field. Additionally, an increase in the use of GPS, multi-mode receivers, and flight management systems is expected to propel the demand for refined navigation systems. The growth in the use of glass cockpit is the leading factor driving the cockpit systems segment of the global commercial avionics systems market. These cockpits allow pilots to focus on pertinent data, making operations easier.
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North America Demand for Commercial Avionics Systems to Surge
On the basis of geography, the global commercial avionics systems market is categorized into North America, Europe, Asia Pacific, and the rest of the world. In 2015, North America led the global commercial avionics systems market in terms of revenue generation and demand growth rate, followed by Europe. Both regions attribute a healthy market for commercial avionics systems to the recent rates of improvements in economy as well as a high level of acceptance for modern technology. In 2015, North America accounted for 42.4% of the global market, and is forecasted to maintain its lead till 2024. The introduction of the NextGen Avionics program by the U.S. FAA has also been another factor expected to drive global commercial avionics systems market over the coming years.
The leading players in the global commercial avionics systems market till 2015, include Honeywell Aerospace, Thales Group, Rockwell Collins Inc., L-3 Avionics System, United Technologies Corporation, Avidyne Corporation, GE Aviation, Panasonic Avionics Corporation, Garmin Ltd., and Universal Avionics System Corporation.