Commercial Avionics Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021
Albany, NY -- (SBWIRE) -- 10/19/2016 -- The increasing assistance of real-time data in making flights safe and on schedule is driving the commercial avionics systems market. The shifting focus of aviation companies and authorities to upgrade data acquisition technology, troubleshooting of aircraft components, and monitoring aircraft maintenance is also expected to boost the sales of commercial avionics systems. The accelerating trade and tourism across Europe and North America are also responsible for the evolution of the commercial aviation industry that is aiming to make their networks well connected.
The growing demand for in-flight entertainment (IFE) services to keep passengers engaged during flights is expected to have a direct impact on the IFE systems that permit passengers to use their personal gadgets with the in-flight intranet to access multimedia. As leading airlines invest in this infrastructure to add value to their services, it will have a positive influence on the commercial avionics systems.
TMR states that Companies are working on developing improved navigational technologies that will enable efficient routing for airlines in the near future for effective management of air traffic and reduce operational costs. A case in point is the recent launch of a new navigational technology by Honeywell Aerospace for A320 and A330 that helps eliminate delays in harsh weather conditions. Currently, Honeywell Aerospace, Rockwell Collins, and Thales Avionics are leading the global commercial avionics systems market.
The chief author of TMR's report says, "Initiatives to develop lead-free electronics for commercial airlines will be the next big move of commercial avionics systems supplier to rise above the competition in the market." Companies will also focus on strategic partnerships and lucrative joint ventures to increase their reach in uncharted markets adding to their knowledge resources
High Maintenance Costs Could Cause Airline Companies to Defer Investments
The skyrocketing maintenance costs of these systems in times when airlines are struggling to make profits with fluctuating oil prices has created a huge dilemma for top management. Additionally, the growing terrorism activities also make these systems vulnerable to the potential risk of cyber attacks. These factors are negatively impacting the overall commercial avionics systems market, which is expected to hamper its growth in the coming years.
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However, the increasing investments in NextGen avionics program in the U.S. are expected to open up several growth opportunities of the commercial avionics systems market. The program is aimed at changing the air traffic control (ATC) system in the country by making it satellite-based. Furthermore, the increasing traffic in developing countries of China, Singapore, Malaysia, UAE, and South Africa amongst others is expected to offer lucrative opportunities to this market in the forecast period.
Technological Developments in North America to Increase Demand for Commercial Avionics Systems
The report suggests that the opportunity in the global commercial avionics systems market will be worth US$29.27 bn by 2021, growing steadily from US$23.40 bn in 2014. Between 2015 and 2021 the market is expected to progress at a CAGR of 3.1%. Out of the types of aircrafts, the fixed wing aircraft held a share of 70% in the total market revenue in 2014. This segment is expected to reach a valuation of US$23.25 bn by 2021. Geographically, the North America commercial avionics systems market is expected to surpass all other geographical segments to reach US$12.26 bn by 2021.
This analysis is based on a Transparency Market Research report, titled "Commercial Avionics Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021."
-Revenue from commercial avionics systems to soar to US $29.27 bn globally by 2021
-In-flight entertainment and connectivity to segment expand at 3.6% in the forecast period
-Technological advancements to peg North America commercial avionics systems market at US$12.26 bn by 2021