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Avionics Market Global Trends and Industry Analysis

The global avionics market size is projected to reach USD 75.81 billion by the end of 2027. The increasing product applications will provide the platform for growth for the companies operating in the market. The increasing investments in the research and development of efficient products will have a direct impact on the growth of the market in recent years. According to a report published by Fortune Business Insights, titled “Avionics Market Size, Share & Industry Analysis, By System (Hardware and Software), Platform (Commercial, Military, Business Jets, General Aviation), End-Use (OEM and Aftermarket), and Regional Forecast, 2020-2027,” the market was worth USD 48 billion in 2019 and will exhibit a CAGR of 9.25% during the forecast period, 2020-2027.

The avionics market refers to the technological systems and equipment used in the aviation industry for communication, navigation, flight management, and other critical operations. It is a rapidly growing market that is driven by factors such as increasing air traffic, rising demand for automation and digitalization in the aviation sector, and the need for more efficient and safe aircraft.

List of companies profiled in the report:

  • Avilution LLC (The U.S.)
  • BAE Systems (The U.K.)
  • CCX Technologies (Canada)
  • Cobham PLC (The U.K.)
  • Collins Aerospace (The U.S.)
  • Garmin Ltd. (The U.S.)
  • General Electric (The U.S.)
  • Honeywell International Inc (The U.S.)
  • L3Harris Technologies, Inc.(The U.S.)
  • Meggitt (The U.K.)
  • Search Results
  • Web results
  • Nucon Aerospace(India)

Covid-19 Pandemic to Present Serious Challenges to the Avionics Industry

The recent coronavirus outbreak has created a sense of panic across the world. The rapid spread of the disease has had an adverse effect on several businesses across diverse industries. The efforts taken by governments across several countries to curb the spread of the diseases have forced businesses to shut down completely. It has been a similar scenario in the avionics industry and the past few months have presented several challenges to the businesses in this sector. The rising cases of coronavirus have put people in a state of panic and hesitancy; a primary factor behind the economic downfall in the past few months.

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/industry-reports/avionics-market-101819

Company Mergers are an Increasing Trend Among Major Businesses across the World

The report encompasses several factors that have contributed to the growth of the overall avionics market in recent years. Among all factors, the increasing number of company mergers and acquisitions as well as collaborations among major businesses has made the highest impact on the growth of the market. Accounting to the increasing applications of avionics across the world, companies are looking to collaborate with other large scale businesses with a bid to maximizing the resources of both the companies. In June 2019, Pattonair announced that it has signed a contract with Safran Ventilation Systems. This collaboration is aimed at the development as well as distribution of advanced logistical support. This will cover a wide range of ventilation products that can be used for avionics, including interior fans. This collaboration will have a massive global impact on the growth of the market, primarily driven by the wide customer coverage of the company across the world.

North America to Emerge Dominant; Presence of Several Large Scale Companies will Aid Market Growth

The report analyses the latest market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years. The increasing demand for the product, driven by applications across divers industry verticals will have a huge impact on the growth of the regional market. The presence of several large scale companies will also bode well for the growth of the market in this region. As of 2019, the market in North America was worth 17.62 billion and this value is projected to increase at a considerable pace in the coming years. The market in Asia Pacific will also witness considerable growth in the coming years driven by the rising aviation industry in several countries across this region.

Industry Developments:

April 2020 – Lockheed Martin Corporation announced that it has signed a contract with the U.S. Air Force. The contract is said to be worth USD 50 million and will be aimed at upgrading the advanced avionics suite, which is used to modernizes the U-2 combat aircraft’s onboard system.

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