The aviation industry is constantly evolving and is known as a driving force for global technology developments and innovations. The major objective for the industry is to enhance aircraft operations through digitalization and the incorporation of emerging technologies, such as artificial intelligence (AI) and machine learning (ML). The substantial investment in AI and Big Data could be seen as a promising way of increasing safety, efficiency, and sustainability.
Technological developments of aircraft systems by several companies are among the major factors driving the aviation industry, particularly for avionics. For instance, there have been rapid advances in the avionics area wherein companies such as Thales, Garmin, and Honeywell are developing wearable head-up displays (HUDs) and connected flight management systems (FMS). In addition to this, the increasing development of UAVs and air taxis or electric vertical takeoff and landing (eVTOLs) is expected to contribute to the growth of the avionics market.
Read Report Overview: Next-Generation Avionics Market
The next-generation avionics industry analysis by BIS Research projects the market to grow at a significant CAGR of 6.53% on the basis of value during the forecast period from 2020 to 2025. North America is expected to dominate the market in 2025 with a share of 38.62%. The North America region includes the U.S. and Canada. The U.S. is expected to acquire a major share in 2025 with a presence of major avionics provider, such as Collins Aerospace, Honeywell, L3Harris Technologies, GE Aviation, and Curtiss-Wright Corporation. These companies offer a wide range of avionic products and are continuously engaged in inorganic strategies so as to provide next-generation avionics.
Hardware Segment to Lead Next-Generation Avionics Market
Hardware includes flight control computers such as flight management computers, flight control computers, flight director computers, air data computers autopilot computers, receivers, and mission management computers. Hardware components are highly crucial for smooth aircraft operations. Although the numbers of aircraft orders has decreased due to the pandemic, it is expected to increase with the increasing number of air passenger traffic across the globe, particularly Asia-Pacific and the Middle East region.
Competitive Landscape
The competitive landscape of the next-generation avionics market consists of different strategies undertaken by major players across the industry to gain market presence. Some of the strategies adopted by nextgeneration avionics providers are contracts, agreements, new product launches, business expansions, and partnerships, and collaborations. Among all the strategies adopted, contracts, agreements, partnerships, and collaborations have been most prominent.
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Innovation and development have been the key factors for large-scale growth in this market. To increase their overall global footprint, the next-generation avionics providers are expanding their businesses and are also entering strategic partnerships to increase their customer base.
Key Questions Answered in this Report:
- What are the underlying structures resulting in the emerging trends within the global next-generation avionics market?
- What is the scope in the market for new OEMs and other players to enter?
- What are the driving and challenging factors attributing to the growth of the global next-generation avionics market?
- Which operation type is expected to lead the global next-generation avionics market by 2025?
- What was the market value of the next-generation avionics market in different regions in 2019, and how is the market estimated to grow during the forecast period 2020-2025?
- How is the industry expected to evolve during the forecast period 2020-2025?
- What are the key developmental strategies that are implemented by the key players to sustain the competitive market?
