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Avionics Market Anticipated To Grow USD 66.3 Billion by 2027

The report "Avionics Market by System (Navigation, Payload & Mission Management, Traffic & Collision Management, Communication, Power & Data Management, Weather Detection, Flight Management, Electronic Flight Display), Fit, Platform & Region - Global Forecast to 2027" The avionics market size is projected to grow from USD 46.7 Billion in 2022 to USD 66.3 Billion by 2027, at a CAGR of 7.3% from 2022 to 2027.

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Avionics Market Anticipated To Grow USD 66.3 Billion by 2027

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  1. Thereport"AvionicsMarketbySystem(Navigation,Payload&MissionManagement, Traffic & Collision Management, Communication, Power & Data Management, Weather Detection, Flight Management, Electronic Flight Display), Fit, Platform & Region - Global Forecastto 2027" The avionics market size is projected to grow from USD46.7Billionin2022to USD 66.3 Billion by 2027, at a CAGR of 7.3% from 2022to 2027. The deployment of avionics is driven rising demand for modernizationto by the aircraft improve operatingsafetyandfuel economy,consequently lowering operational costs. Advance digital avionics are already present in newer generation aircraft. To improve operational efficiency and safety, airlineoperators are rapidly updating their aircraft outdated electronicssystems. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138098845 Key MarketPlayers Major players operating in the avionics market include Raytheon Technologies Corporation (US), Curtiss-Wright Corporation (US), Honeywell International Inc. (US), L3Harris Technologies Inc. (US), General Electric Company (US), Safran SA (France), BAE Systems PLC (UK), Astronautics Corporation of America (US), and Garmin Limited(US). TheNavigationsegmentisestimatedtodominatemarketshareintheavionics market during the forecastperiod. Based on system, the navigation segment is projected to lead the market during the forecast period. It is projected that demand for components like air data computers and altimeters would increase at the rapid pace. The major airline is also expanding its fleet in order to meet demand; the fleet which is outfitted will be updated with advanced inertial reference systems and air data computers that are connected with other avionics systems to increase operational efficacy. The technological development of navigational tools has significantly fuelled the marketsgrowth. The Military Aviation segment is estimated to account for the largest share of the avionics market during forecastperiod.

  2. Based on Platform, military aviation segment is projected to lead the avionic market during the forecast period. Over the last ten years, the demand for military aircraft isexpandingasaresultofthemilitarysuperpowersincreasingmilitaryexpenditure, including the US, China, and Russia. It will help the market for military avionics to grow. The market for military aircraft will be strengthened by new developments in aircraft, such as the use of stealth technology, sophisticated composite materials, and fifth-generationtechnology. The line fit segment is estimated to dominate market share in the avionics market during the forecastperiod. Based on Fit, the line fit segment is projected to lead the avionics market during the forecast period. More aircraft deliveries are being done to effectively service the steadily increasing passenger demand. Strategies for fleet modernization are anticipated to be influenced by rising laws that aim to enhance the safety features provided by aircraft and standardize the features provided by different types of aircraft. North America is projected to lead the market during the forecast period. North America dominated market share in 2022, and Latin America is projected to witness growth at the highest CAGR during the forecast period. The avionics market forthecommercialandbusinessaviationsectorsintheseregionsisexpectedtogrow onaccountofthegrowingdemandforairtravel,whilethedemandforavionicsinthe military aviation sector is driven by the modernization of aircraftfleet. News Also Covered: https://www.prnewswire.com/news-releases/avionics- market-worth-66-3-billion-by-2027---exclusive-report-by-marketsandmarkets- 301632870.html AboutMarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth forclients. TheB2Beconomyiswitnessingtheemergenceof$25trillionofnewrevenuestreams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Contact: Mr. Aashish Mehra MarketsandMarkets™INC. 630 DundeeRoad Suite 430 Northbrook, IL60062 USA:1-888-600-6441

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