Demand for real-time data driving commercial avionics systems market growth through 2020
DALLAS, 8 May 2015. The commercial avionics systems market is on track to reach $23.7 million by 2020, growing at a high compound annual growth rate (CAGR) of 7.06 percent, from $15.7 million in 2014, according to the latest report from MarketsandMarkets.
The growing need for real-time data is a catalyst boosting the avionics systems market, as is the demand for NextGen avionics in the United States, according to MarketsandMarkets analysts. The narrow-body aircraft segment is expected to have a high growth due to deliveries and orders during the forecast period.
The ADS-B technology in avionics systems is an opportunity for manufacturers; however, adherence to mandatory certifications laid down by the aviation industry and training for pilots are the challenges faced by the commercial avionics systems market, according to the new report.
The North American region is estimated to account for the largest market share till 2020 followed by the European region. The APAC region is projected to witness the highest number of aircraft deliveries than any other region during the forecast period. The increase in aircraft deliveries will eventually lead to the growth of the avionics systems market. Key markets such as France, the U.S., Russia, China, and India would drive the growth of the market.
The commercial avionics systems market is highly competitive, with a significant number of market players, says a MarketsandMarkets representative. This report studies the growth strategies adopted by these market players. The strategies adopted by players to expand their global presence and increase their market share include partnerships, agreements, collaborations, joint ventures, mergers, acquisitions, and new product launches.
The report provides a detailed analysis of the market and technology trends to gain competitive market intelligence. The impact of drivers and restraints and their impact on this market have been listed to provide an in-depth insight of the market.
Key players in this market include Honeywell (U.S.), Thales Group (France), Rockwell Collins (U.S.), Universal Avionics Systems Corporation (U.S.), and Garmin Ltd. (Switzerland), among others. The other prominent players in the market are Universal Avionics Systems Corporation (U.S.), Gramin Ltd. (Switzerland), Zodiac Aerospace SA (France), Meggitt Plc. (U.K.), Cobham Plc. (U.K.), Esterline Technologies Corporation (U.S.), Teledyne Technologies, Inc. (U.S.), L-3 Communications Holdings, Inc. (U.S.), and Panasonic Avionics Corporation (U.S.).
The new market research report, "Commercial Avionics Systems Market - Forecast 2014 to 2020,” provides information and analysis by Sub-segment (FMS, EFB, Flight Control Systems, Navigation, Communication & Surveillance Systems, HMS, and Aircraft Electrical & Emergency Systems), by Platform (Fixed Wing and Rotary Wing), and by Geography.
The commercial avionics systems market considers all the systems fitted in the cockpit of the aircraft, such as control, navigation, monitoring, communication, weather, and anti-collision systems. Increase in aircraft orders and deliveries across the globe are the major growth factors for the avionics systems market. The market is also driven by the need for modern avionic systems. The increase in concern for flight safety and operational & maintenance costs have led to the need for modern avionics systems.
Scope of the report
This report analyzes the commercial avionics systems market based on:
The basis of avionics systems
Flight Control Systems
Electrical & Emergency Systems
Flight Management Systems
Health Monitoring Systems
Communication, Navigation & Surveillance Systems
The basis of platforms
Fixed Wing Platform
Narrow Body Aircraft
Wide Body Aircraft
Very Large Aircraft
The basis of geographies and countries
Rest of the World
The Middle East