A new report estimates the avionics market will be worth $82.33 billion in the next five years. Currently sitting at $56.22 billion, the MarketsandMarkets™ report sees this growth stemming from rising aircraft production, technological innovation, and demand for modernised aviation infrastructure.
Released yesterday, the report states:
“The avionics market is thriving due to rapid advancements in digital technologies, such as artificial intelligence and data analytics, which enhance efficiency and safety. The increased demand for connected and autonomous aircraft, along with a focus on sustainability, is driving innovation in avionics systems. Geopolitical shifts and the expansion of emerging markets are also contributing to a strong market outlook. Airlines and manufacturers are prioritizing cutting-edge solutions to meet evolving industry needs, making the avionics market dynamic and poised for sustained growth. This industry is at the forefront of shaping the future of aviation technology.”
In terms of regional leadership and the competitive landscape, Normal America is predicted to have the largest and most mature avionics market. It is home to key players including Honeywell, Collins Aerospace, Garmin, and RTX who are driving innovation and exports. More specifically, the region has displayed leadership with NextGen air traffic systems and cockpit upgrades.
Looking forward, the opportunities ahead include advanced connectivity, emerging markets, and retrofits for aging fleets. Read the full report for more.
For more like this see:
- Airbus: Three transformative tech breakthroughs to watch
- Avionics innovations: From GNSS to multicore processing
- Honeywell and NPX: “Creating autonomous avionics that can sense, think and act.”