Avionics Market Size Worth USD 81.50 Billion by 2026; Increasing Demand for Avionics MRO to Stimulate Augmented Growth, Says Fortune Business Insights™

Pune, May 22, 2020 (GLOBE NEWSWIRE) — The global avionics market size is anticipated to foresee promising development by reaching USD 81.50 Billion by 2026 and exhibiting a CAGR of 7.86% between 2019 and 2026. Additionally, the market was worth USD 57.71 Billion in 2018. Fortune Business Insights, in its latest report, titled “Avionics Market Size, Share & Industry Analysis, By System (Hardware Systems (Flight Management System (FMS), Communication, Navigation, and Surveillance (CNS), Electrical System, Emergency System, Health Monitoring System, Collision Avoidance System, Weather System) and Software Systems), Platform (Commercial, Military, Business Jets, General Aviation), End-Use (OEM and Aftermarket), and Regional Forecast, 2019-2026.”, mentions that technological advancements in electronic systems will be the driving factor for market growth during the forecast period.
COVID-19 Impact on Avionics Industry:The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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What does the Report Include?The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period.Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026. 
Drivers and Restraints:
Increasing Demand for MRO in Avionics to Augur GrowthAircraft maintenance, repair and overhaul (MRO) is a critical requirement in the aviation industry that ensures periodic inspection of the aircraft to maintain its airworthiness and safety of the travelers. Additionally, it involves supply of superior quality products and goods for the production process. It is estimated that after every 1000 flight hours the electronic instruments are replaced to ensure optimum level of working of an aircraft. With the increasing rate of air travel across the globe, the demand for MRO in aviation is anticipated to drive the growth of the market during the forecast period. MRO is witnessed as an important part of avionics that covers the inspection, repair, and overhaul service of all the avionic components. Furthermore, the advancement of technology has propelled the adoption of robots, drones, and artificial intelligence in MRO techniques that will contribute to the market growth in the forthcoming years.
Segmentation:High Demand for Hardware Systems to Promote GrowthThe segment hardware (By System) is likely to hold high market share owing to increasing demand for advanced systems for improving operational activities. The hardware system overlooks the primary navigation, complete flight planning, and route guidance of the aircraft and increasing demand for efficient operation will bode well for the market growth. Software systems, on the other hand, is likely to gain momentum backed by high demand for advanced software to maintain real-time data during the flight.Regional Analysis:North America worth USD 21.93 Billion; Increasing Demand for Aircraft in Commercial Application to Bolster GrowthAmong the regions, North America is expected to foresee massive growth and hold highest global avionics market revenue during the forecast period. In addition to this, the region of worth USD 21.93 Billion in 2018 and is anticipated to rise in the forthcoming years. This is ascribable to factors such as increasing demand for aircraft in commercial and defense application. Furthermore, presence of major aircraft manufacturers such as Curtis-Wright, Honeywell, and Esterline Technologies, among others will aid the market growth in the region. Asia-Pacific, on the other hand, is anticipated to witness growth during the projected horizon. This is attributable to factors such as steady growth of aviation industry in countries such as India and China. Moreover, high disposable income and increasing air travel in Asia-Pacific will contribute to the growth of the market between 2019 and 2026.Competitive Landscape:Contract Signings by the Companies to Drive the MarketIn March 2020, Aviage systems announced its three-year contract signing with Hainan Airlines. According to the contract, Aviage will provide avionics MRO services to the fleet of Boeing 787s that covers the inspection, total repair, and overhaul service for the integrated avionics components for the Boeing. Adoption of strategies such as contract signings, partnerships, and collaboration by the companies will positively affect the market growth during the forecast period. List of Top Companies Operating in the Avionics Market;AvilutionBAE SystemsCCX TechnologiesCobhamCollins AerospaceGarminGEHoneywell InternationalL3Harris TechnologiesMeggittNUCON AEROSPACESafranTeledyne TechnologiesThales GroupTransdigm GroupuAvionix
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Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsRecent Industry Developments – Mergers & AcquisitionsOverview of Avionics Market by Key Countries, 2018Technological Advancements in Avionics SystemsPorter Five Forces of the Global Avionics MarketSupply Chain/ Value Chain AnalysisGlobal Avionics Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Analysis, Insights and Forecast – By SystemHardwareFlight Management System (FMS)Communication, Navigation, Surveillance (CNS)Electrical SystemEmergency SystemMission &Tactical SystemInflight Entertainment SystemHealth Monitoring SystemCollision Avoidance SystemWeather SystemSoftwareSafety-Critical Airborne SoftwareMission Flight Management SoftwareFlight Management SoftwareAircraft Health Diagnostic SoftwareTraining & Simulation SoftwareOthersMarket Analysis, Insights and Forecast – By PlatformCommercialMilitaryBusiness JetsGeneral AviationHelicoptersMarket Analysis, Insights and Forecast – By End-UseOEMAftermarketMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificRest of the WorldTOC Continued…!5G in Aviation Market Size, Share & Industry Analysis, By Platform (5G Airport and 5G Aircraft), Technology (FWA, URLLC/MMTC, and eMBB), Communication Infrastructure (Small Cell, Radio Access Network (RAN) and Distributed Antenna Systems (DAS)), 5G Services (Airport Operations, and Aircraft Operations), and Regional Forecast 2019-2026Business Jet Market Size, Share & Industry Analysis, By Aircraft Type (Light, Mid-sized, Large, and Airliner), Point of Sale (OEMs, and Aftermarket), Systems (Aerostructures, Avionics, Propulsion Systems, Aircraft Systems, Cabin Interiors, Landing Gears and others), By End User (Private and Operator), and Regional Forecast 2019-2026Small Caliber Ammunition Market Size, Share and Industry Analysis, By Caliber (223 Remington, 308 Winchester, 9mm Luger, 45 Auto/ACP, 380 ACP, 357 Magnum, 10 Gauge, 12 Gauge, 40 S&W, 20 Gauge, 22LR, 50 BMG, 6.5 Grendel, 7.62*39/54r, and Others), By Application (Commercial (Shooting Sports & Hunting, and Self-defense), Military & Homeland Security), By Bullet Type (Lead, Copper, Brass, and Others), and Regional Forecast, 2019-2026  Military Aircraft Market Size, Share & Industry Analysis, By Type (Fixed-Wing, and Rotary-Blade), By Application (Combat, Multirole Aircraft, Military Transport, Maritime Patrol, Tanker, Reconnaissance & Surveillance, and Others), By System (Airframe, Engine, Avionics, Landing Gear System, and Weapon System), and Regional Forecast, 2019-2026About UsFortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™ we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand current competitive challenges.
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