Market To Witness Remarkable Growth On Account Of Adoption Of Internet Of Things

The global Avionics Market size is likely to gain impetus from the advent of IoT in the aviation industry worldwide. Fortune Business Insights, in their report titled, "Global Avionics Market Size, Share & Industry Analysis, By System (Hardware Systems (Flight Management System (FMS), Communication, Navigation, and Surveillance (CNS), Electrical System, Emergency System, Mission & Tactical System, Health Monitoring System, Inflight Entertainment System, Collision Avoidance System, Weather System) and Software Systems), Platform (Commercial, Military, Business Jets, General Aviation, and Helicopters), End-Use (OEM and Aftermarket), and Regional Forecast, 2019-2026," elaborately discusses the market and its major growth trajectories in details.

According to the current Avionics Market trends, the global Avionics Market size is projected to rise from $57.71 bBillion in 2018 to reach a value of $81.50 billion by 2026. The forecast period is set from 2019 to 2026, and the market is anticipated to rise at a Compound Annual Growth Rate (CAGR) of 7.86%.

The adoption of next-generation flight management system providing mission planning capabilities with improved air traffic management functionality and reduction in operation cost is a major factor promoting the Avionics Market growth. Additionally, the advancement of IoT in aviation technology, the rise in the number of up-gradation programs from leading OEMs, is further prognosticated to promote the Avionics Market growth in the coming years.

From a geographical perspective, North America is anticipated to hold the leading global Avionics Market share on account of the rising demand for aircraft for both commercial and defense purposes. Besides this, there is a surge in demand for advanced helicopters and fighter aircraft from the US defense sector will help to augment the regional Avionics Market size in the coming years. Furthermore, the presence of major manufacturers such as Honeywell, Esterline Technologies, and United Technologies Corporation, I further expected to help North America continue its dominance in the coming years as well. However, there is a huge decline in the aircraft market due to production cutting, especially in North America.  In 2019, Boeing have shut down the production of 737 max aircraft models, which has affected the overall demand for avionics systems in the region.

On the other side, Asia Pacific Avionics Market growth rate is likely to rise at a rapid pace during the forecast period on account of the increase in the number of passengers traveling by air, rise in disposable incomes of people and rapid urbanization especially in the developing nations such as China and India. Furthermore, the rise in investments made in the aviation sector from countries such as Australia, South Korea, Singapore, and others is likely to help this region attract high Avionics Market revenues at a rapid pace in the future.

Players are adopting strong strategies such as the adoption of IoT, geographical expansion, and others to gain a competitive edge in the market. Market vendors are also investing in research and development, joint development, long terms agreements and contracts, and other strategies to attract high Avionics Market revenue in the forecast period.

(Source: Fortune Business Insights news release. Image provided)

FMI: www.fortunebusinessinsights.com