Aerospace avionics market share from business jet & general aviation applications is slated to record growth of more than 4% by 2025

Ocean View, DE -- (SBWire) -- 05/13/2020 --Aerospace avionics market share from business jet & general aviation applications is slated to record growth of more than 4% by 2025. Surge in charter companies and growing air taxi services will further encourage the demand through this segment. As per a world wealth 2018 report, the number of ultra-wealthy people with a net worth over USD 500 million will rise by 39% by the year 2022.

Key Companies in Aerospace Avionics Market: - Airbus S.A.S, Aviation Industry Corporation of China Ltd. (AVIC), Astronics Corporation, Boeing, Ball Corporation, BAE Systems, Cobham plc, Curtiss Wright, Elbit System, Gramin Ltd, GE Aviation, Harris Corporation, Honeywell International Inc., Lockheed Martin Corporation, L3 Harris Corporation, Meggitt PLC, Northrop Grumman Corporation, Nucon Aerospace, Panasonic Corporation, Rolls Royce, Raytheon Company, Saab AB, Safran, Thales Group, Teledyne Technologies Inc., Transdigm Group Inc.

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Improving global economy has resulted in the increase in passenger traffic that will help foster aerospace avionics market share during the forecast timeframe. According to IATA, the passenger traffic is slated to rise by 4.7% annually. As per the Boeing Outlook 2019 to 2038, Asia Pacific region has been anticipated to have over 17,000 aircraft deliveries in order to cater to the growth of passengers.

Increasing air traffic in the Asia Pacific region will drive aerospace avionics industry trends over the study period. Aerospace avionics is essentially a combination of different systems that aids the management of several aircraft operations both on-ground and in-flight. Avionics happens to be the most important aircraft system as it receives information from other systems as well as offers operational information to the pilot who is on board.

Introduction of neural-sensing, communication networks based on satellite and motion planning will fuel the demand for advanced aerospace avionics systems. Government authorities like the U.S Federal Aviation Administration (FAA) monitor the regulations of applications and usage of aircraft avionics in the region. This regulatory body has laid down particular rules and regulations pertaining to the installation as well as the operation of avionics for the new aircraft and in the aftermarket.

The authorities have put an emphasis on providing the customers with enhanced avionics systems for safe and smooth aircraft operations. Regions such as Asia Pacific and the Middle East have been experiencing rising passenger traffic and cargo movements which has developed a demand for new aircraft, accelerating aerospace avionics market.

OEM end-user segment in aerospace avionics market is anticipated to garner significant growth prospects with the increasing number of aircraft orders from charter companies and airline service providers. There has been a rise in the number of low-cost-carriers in countries like India and China. For instance, Air China presented a contract in August 2019 to a Chinese manufacturer known as COMAC to offer 35 ARJ21-700 aircraft. The contract was signed with a value of USD 1.33 billion and will deliver its first aircraft in 2020.

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North America aerospace avionics market trends will dominate the market owing to the rising number of aircraft deliveries as well as the presence of key avionics and aircraft manufacturers across the region. For instance, Boeing had announced agreements with HK Bellawings and Jet Aviation in May 2019 for the delivery of Jeppesen JetPlanner Pro and Jeppesen Operator digital solutions. These aerospace avionics systems shall improve safety, conveyance of operators and efficiency, influencing the business outlook.

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