Aerospace Avionics Market size is set to cross USD 94 billion by 2025; according to a new research report by Global Market Insights, Inc. Avionics constitutes a vital component of all aviation systems, given its ability to gather information from other aircraft systems and deliver accurate operational data to the pilot. In light of the recent introduction of various technologies like neural sensing, satellite-based communication systems and motion planning, the demand for sophisticated aerospace avionics has witnessed a substantial increase.
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Upsurge of air traffic and the subsequent rise in demand for advanced aircrafts are the key drivers that will fuel the global aerospace avionics market size over the forecast period. Aerospace avionics is an amalgamation of systems designed to work in harmony to manage numerous aircraft operations, both on-ground and in-flight.
Several regions across the globe, especially the APAC and Middle East regions are witnessing a considerable rise in passenger and cargo traffic in the current scenario, thereby adding significant impetus to the aerospace avionics market demand. This surge has given rise to proliferation in demand for newer travel routes and cost-effective aviation services, resulting in an increase in the production of Low-Cost Carriers (LCC).
Furthermore, aerospace avionics industry from the OEM segment is poised to observe tremendous growth over the predicted spell owing to the burgeoning amount of orders from charter firms and airline service providers. Emerging economies like India and China are the pivotal drivers fueling the demand for new aircrafts with higher production of low-cost carriers in the regions. To give an example, Chinese aircraft producer COMAC was awarded a $1.33 billion contract by Air China in August 2019, to develop the 35-ARJ21-700 aircraft, with the delivery of the first aircraft expected by 2020.
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With regards to the application spectrum, the business jet & general aviation sector is projected to depict a commendable growth rate of over 4% through 2025, attributing to abundance of air taxis and the rising prevalence of charter companies.
Apparently, the 2018 world wealth report suggests that the ultra-wealthy (over $50 million net worth) population and the demi-wealthy (over $500 million net worth) population are likely to surge by 43% and 39% respectively, over 2022, which may foster aerospace avionics market expansion in the foreseeable future.
APAC aerospace avionics industry share is expected to register growth of over 4% through 2025, owing to the rampant proliferation of tourism activities across the region, particularly from prominent nations including China and India, among others.
Escalating passenger air traffic coupled with rapid economical advancements in the region are anticipated to facilitate aerospace avionics market growth over the projected timeline. In fact, the International Air Transport Association or IATA has reportedly suggested that the passenger traffic is expected to record annual growth of over 4.7%.
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As per the 2019-2038 Boeing outlook, the APAC region is expected to deliver over 17,000 aircrafts in order to support the rapid increase in passengers.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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