The global commercial avionics market is focusing on the improvement of flight operations, which will boost the safety and the efficiency offered by airlines. This study analyzes the global market and provides a 10-year forecast from 2020 to 2030.
New York, Sept. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Commercial Avionics Growth Opportunities" - https://www.reportlinker.com/p06151204/?utm_source=GNW
The total market was worth $34.90 billion in 2020 and, considering the impact of the COVID-19 pandemic, a compound annual growth rate (CAGR) of 6.1% is forecast through to 2030. The study covers the avionics systems used for communication, navigation, and surveillance. The market is segmented into linefit, retrofit, and aftermarket. Linefit accounts for 94.3% of the market share, and it is driven by the delivery of new aircraft to airlines. Demand for retrofit and aftermarket services comes from existing aircraft utilization by airlines. The pandemic has drastically reduced passenger traffic and decreased aircraft utilization; however, US FAA and EASA regulatory mandates will drive the retrofit market. The FAA has mandated the use of ADS-B on aircraft operating in airspace defined in CFR 91.225, and the EASA has mandated CPDLC for IFR General Air Traffic (GAT) flights above FL285 within the space defined by the regulation before 5 February 2020. Several other countries are implementing similar mandates, including Brazil, China, Russia, and India. The demand for new aircraft, which led to peak production levels in 2018 (pre COVID-19), came from emerging economies, particularly from China. Although it could take until 2024 to return to pre-pandemic levels, China and other Asian countries will continue to be the largest consumers of new aircraft. The United States and Europe are restructuring their aircraft fleets—they are replacing their old aircraft with more efficient ones. This will help airlines control OPEX and maintenance costs. However, aircraft upgradation is a time-consuming process that involves high costs, and advanced avionics systems such as flight management systems and area navigation systems require significant downtime, which challenges the retrofit market for avionics systems.Leading market participants are focusing on integrated modular avionics and new entrants are innovating and utilizing new technologies to facilitate enhanced flight operations efficiency.
Read the full report: https://www.reportlinker.com/p06151204/?utm_source=GNW
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