Commercial Avionic System Market worth $86.9 Billion by 2024 - PowerPoint PPT Presentation

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Commercial Avionic System Market worth $86.9 Billion by 2024

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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. – PowerPoint PPT presentation

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Title: Commercial Avionic System Market worth $86.9 Billion by 2024


1
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. Browse 118
market data Tables and 51 Figures spread through
192 Pages and in-depth TOC on "Avionics Market -
Global Forecast to 2024" Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.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,
2
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 activities are
additional factors influencing the growth of the
North America avionics market. 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). Dont miss out on
business opportunities in Avionics Market. Speak
to our analyst and gain crucial industry
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