Avionics Market value expected to reach $86.9 billion by 2024

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The report "Avionics Market by End User (OEM,
Aftermarket), System (FMS, CNS, Health
Monitoring, Electrical Emergency and Software),
Platform (Commercial, Military, Business Jets
General Aviation, Helicopters), and Region -
Global Forecast to 2024", The avionics market is
projected to grow from USD 68.5 billion in 2019
to USD 86.9 billion by 2024, at a CAGR of
4.86 during the forecast period. Growth in the
retrofit aircraft market is expected to be a
major factor driving the market. Download PDF
Brochure _at_ https//www.marketsandmarkets.com/pdfdo
wnloadNew.asp?id138098845 The commercial
aviation segment is projected to grow at the
highest CAGR during the forecast period. By
platform, the avionics market has been segmented
into commercial aviation, military aviation,
business jets general aviation, and
helicopters. Among these, the commercial
aviation segment is projected to be the
fastest-growing during the forecast period.
Manufacturers are currently focusing on avionics
components to develop products that are more
reliable, accurate, and efficient. Continuous
improvements in software technology have modified
the human-machine interface of avionics systems.
It has become more user-friendly and can automate
a wide variety of in-flight tasks, thereby
reducing the workload of the flight crew to a
large extent. The software segment is projected
to grow at the highest growth rate during the
forecast period. By system, the avionics market
has been segmented into hardware and software.
Among these, the software segment is projected to
witness the highest growth rate during the
forecast period. In software, a real-time
operating system (RTOS) has a central role in
safety and security. Safety-critical systems go
through a rigorous development, testing, and
verification process before being certified for
use. For avionics software and other airborne
systems, the de-facto standard for software
development is RTCA/DO-178C Software
Considerations in Airborne Systems. North America
is expected to lead the market for avionics
during the forecast period. North America is
estimated to account for the largest share of the
avionics market in 2019. The growth of the
avionics market in the North American region is
expected to be fueled by the increase in the
number of deliveries of wide-body and narrow-body
aircraft. The growing demand for aircraft in
commercial applications and their increasing
utility in the defense sector to carry out
transport and surveillance
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activities are additional factors influencing the
growth of the North America avionics market. Key
Market Players Some of the major vendors in the
avionics market include Honeywell (US), Esterline
Technologies (US), Curtiss-Wright (US), L3
Communications (US), and UTC (Collins Aerospace)
(US). Ask for Sample Report _at_ https//www.marketsa
ndmarkets.com/requestsampleNew.asp?id138098845
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